FX Daily: Rare Earth Exports Now a Key Issue in Trade
China's rare earth export controls have become a crucial factor in determining risk appetite over the next four weeks.
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 these controls away will be a major 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 suggests that the Fed will have sufficient evidence to cut rates by the end of the month.
- Key dates are approaching in US-China relations.
- Betting markets expect the US government to remain closed into November.
Author's summary: Rare earth exports impact US-China trade relations.
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