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RaboResearch highlights that US rare earths inventories may cover only about two months after depletion from the Iran conflict, potentially giving China significant leverage.

The EUR/USD tumbles for the second straight day after clashing with the 200-day Simple Moving Average (SMA) at 1.1672 on Tuesday, due to overall US Dollar strength.

Naval drones have been used in at least two attacks on oil tankers in the Gulf region since war erupted between the United States (US), Israel and Iran, suggesting ‌a dangerous new threat in the key shipping lane, Reuters reported on Wednesday.

Commerzbank’s Moses Lim notes that higher Oil prices and heavy reliance on Middle Eastern crude have kept KRW volatile, with USD/KRW trading between 1,420 and 1,500 and the won down year-to-date.

USD/CHF posted back-to-back bullish days on Wednesday, rising by over 0.25% after the latest US inflation report and as high energy prices pushed US Treasury yields higher, consequently the US Dollar (USD). At the time of writing, the pair trades near 0.7800.

The Australian Dollar (AUD) extends its gains on Wednesday amid growing speculation that the Reserve Bank of Australia (RBA) will raise rates at next week’s meeting. At the time of writing, AUD/USD trades at 0.7152, up 0.47%.

The conflict between the United States (US), Israel and Iran continues apace after Iran's military commented that the world should be prepared for Oil to hit $200 a barrel. Iran has kept the Strait of Hormuz closed and attacked three vessels near it on Wednesday.

ABN AMRO analysts argue China is exposed to Iran-related Oil and LNG disruptions but cushioned by large reserves, diversified imports and rising renewables.

The AUD/NZD cross is trading near the 1.2100 price region on Wednesday, touching its highest level in 13 years amid market chaos due to the Middle East war between Israel, the US and Iran.

ABN AMRO economists see the Dutch economy broadly mirroring Eurozone dynamics under Iran conflict scenarios, with transmission mainly via higher inflation rather than deep growth damage.