US completes withdrawal of forces from Afghanistan after 20-year war

Late Monday in the US, the White House confirms the complete withdrawal of the US forces from Afghanistan. Reuters covered the news while saying, “The United States completed the withdrawal of its forces from Afghanistan, the Pentagon said on Monday, after a chaotic evacuation of thousands of Americans and Afghan allies to close out US involvement there after 20 years of conflict”

“The operation came to an end before the Tuesday deadline set by President Joe Biden, who has drawn heavy criticism from both Democrats and Republicans for his handling of Afghanistan since the Taliban made rapid advances and took over Kabul earlier this month,” added Reuters.

The news also states that the departure took place after U.S. anti-missile defenses intercepted rockets fired at Kabul's airport.

Reuters mentions further, “Now in full control of the country, the Taliban must revive a war-shattered economy but without being able to count on the billions of dollars in foreign aid that flowed to the previous ruling elite and fed systemic corruption.”

FX implications

The news poses challenges for the market sentiment and also backs the oil prices, recently heading towards the $70.00 threshold, amid a likely supply shortage.

Read: WTI eyes the psychological $70 level