FX Daily: Rare Earth Exports Now the Lightning Rod for Trade
China's rare earth export controls will significantly influence risk appetite over the next four weeks.
The FX markets are currently calm, but attention is focused on China's export controls on rare earths, which has sparked concern in the US and G7 nations.
According to the Global Head of Markets and Regional Head of Research for UK & CEE, the ability or failure to negotiate these controls will be a crucial topic for financial markets over the next four weeks.
The dollar has weakened slightly, with short-dated US rates at their lowest for the year. The Fed's Beige Book release suggests that the Fed will have sufficient evidence to cut rates by the end of the month, despite suspended official data releases due to the government shutdown.
Betting markets expect the government to remain closed into November.
The most pressing issue for financial markets is currently US-China relations, with key dates approaching. Author's summary: Rare earth exports impact trade relations.
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