Geopolitical developments in Afghanistan over the weekend are dominating the world’s headlines but it is probably too early to assess what could be the fall-out in the FX market. Normally, geopolitical tensions fuel runs for safety and benefit the safe-haven USD, JPY and CHF. For now, those developments are likely exacerbating an already fragile risk appetite, and indeed the JPY and USD have started the week on the front foot. Away from geopolitics, it will be a week (as discussed in our “G10 FX Week Ahead”) where markets will keep a close eye on the minutes from the 28 July FOMC meeting, scanning for hints about how ... (full story)