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The dollar index hit its highest level since the 2025 tariff shock after its biggest two-day rise in five months, with the euro falling to 19-month lows and the yen to two-month lows. The rally followed a hot U.S. CPI report and a repricing of Fed policy, with futures pricing a 12% chance of a half-point hike and about another quarter-point over the year ahead.
Two-year yield spreads against the euro zone and Japan widened by up to 15 basis points.
A sharply stronger dollar and widening rate gaps pressure dollar-denominated grain, oilseed and meal prices by making US supplies more expensive abroad, while weakening currencies in importing countries can curb their purchasing power. Buyers may see US feed ingredients soften relative to competitors.
theglobeandmail.comMike DolanNov 12, 2026After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
After 533 past bearish macro events, Euro (USD per EUR) moved a median -0.3% over 5 sessions (33% higher; middle half -1.2% to +0.2%), and -0.5% 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.
