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Operation Epic Fury fallout and Beijing nuclear test cloud NATO summit as geopolitical risk builds

7/8/2026

The geopolitical risk setup heading into this week's NATO summit is in focus for cross-border flows.

Operation Epic Fury's fallout is shaping Trump's private talks with alliance partners, and Beijing has separately conducted an underwater nuclear test that is already rattling Indo-Pacific allies on the eve of the meeting.

For currencies desks, the convergence of both developments sharpens the question of how safe-haven positioning resolves once the closed-door talks conclude.

Alliance pressure at the summit Trump's conversations with NATO partners carry the Operation Epic Fury overhang directly into the room. That complicates the diplomatic runway on both sides.

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