FX Daily: Rare Earth Exports Now the Lightning Rod for Trade
China's rare earth export controls will be a key determinant of risk appetite over the next four weeks.
FX markets are reasonably calm as attention builds on China's export controls on rare earths. The decision to impose such controls has clearly touched a nerve in the US and across G7 nations.
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 a little softer as short-dated US rates sit at their lows for the year. Last night's release of the Fed's Beige Book suggests the Fed will have enough evidence to cut rates at the end of the month.
Betting markets expect the government to remain closed into November, with the government shutdown suspending official data releases.
The hottest topic for financial markets right now is US-China relations ahead of some key dates.
No specific quotes available in the text.
Author's summary: China's rare earth export controls impact FX markets.
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