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 G7 nations, making it a highly debated topic in financial markets.
The ability or failure to negotiate those controls away will be one of the hottest topics for financial markets over the next four weeks.
The dollar has weakened slightly, with short-dated US rates at their lowest for the year, following the release of the Fed's Beige Book, which suggests a potential rate cut at the end of the month.
- Key dates ahead will impact US-China relations and FX markets.
- Betting markets expect the US government shutdown to continue into November.
Author's summary: Rare earth exports spark trade tensions.
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