Asian Open: The US dollar catches a bid on China’s ‘rare earth’ move

The move would restrict vital parts for US weaponry and F-35 fighter jets, and plans have been drawn to limit up to 17 rare earth materials. China currently controls around 80% of global supply, so this is likely to be an interesting twist in US-Sino saga as we head into a new round of the trade war. The US dollar index (DXY) printed a bullish engulfing and bullish outside day, regaining as much as 0.6% by its intraday high although closed below the 20 and 50-day eMA’s. USD/JPY broke to a 4-mont high and stopped just shy of 106 during its most bullish session in 6-weeks. USD/CNH, which will likely be closely … (full story)

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