FX Daily: Rare Earth Exports and Trade Tensions
China's rare earth export controls have become a key factor in determining risk appetite in FX markets over the next four weeks.
The decision to impose export controls on rare earths has sparked concern in the US and among G7 nations, making it a highly debated topic in financial markets.
The ability or failure to get those controls negotiated away will be one of the hottest topics for financial markets over the next four weeks.
According to the Global Head of Markets and Regional Head of Research for UK & CEE, the dollar is slightly softer due to low short-dated US rates.
- The Fed's Beige Book release suggests a potential rate cut at the end of the month.
- Betting markets expect the US government shutdown to continue into November.
The US-China relations remain the most critical issue for financial markets ahead of key upcoming dates.
Author's summary: Rare earth exports spark trade tensions.
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