FX Daily: Rare Earth Exports and Trade
China's rare earth export controls have become a key factor in determining 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 have sparked concern in the US and G7 nations.
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 as short-dated US rates have reached their lowest point this year.
The release of the Fed's Beige Book suggests that the Fed will have sufficient evidence to cut rates by the end of the month, despite the government shutdown.
- The government shutdown is expected to continue into November, according to betting markets.
- US-China relations are currently the hottest topic for financial markets, with key dates approaching.
Author's summary: Rare earth exports impact trade.
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