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The euro recovered from 22-month lows against the dollar, lifted by expectations of higher euro zone fiscal spending to offset the Russia-Ukraine shock. Brent crude fell back from a 14-year high near $140 but was still up sharply on the day at about $131.
Expected euro zone fiscal stimulus strengthens the euro and weakens the dollar index, which tends to support dollar-denominated commodity prices. Brent's volatility feeds through to diesel, freight and biofuel costs for feed producers.
rte.ieRTÉ NewsMar 8, 2022After 388 past bullish macro events, Euro (USD per EUR) moved a median +0.3% over 5 sessions (62% higher; middle half -0.4% to +1.1%), and +0.1% over 20.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Euro rebounded from 22-month lows on 03-08 on expectations of higher euro zone fiscal spending and Brent retreating from its peak, setting up the 03-09 follow-through.
