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Following the earlier rumours that US troops would be pulled from Iraq, a piece of subsequent news is now circulating that a top US general says Iraq letter was a poorly worded, unsigned draft meant to underscore increased levels of troop movements – Reuters news

Earlier news

  • US army tells Iraq it is preparing to “move out” – AFP

FX implications

Risk-off remains the preferred approach to the FX space while conflicting headlines swirl around the Twitter feeds and trading rooms. Markets will likely prefer to sit back and wait to see whether this news unfolds one way or another and also whether Iran and proxies in Iraq (such as the Shia militias) will follow through with their retaliation threats.