USD gains continued on Friday as rumours circulated that Joe Biden would withdraw from the presidential race. Those rumours were founded over the weekend when Biden did indeed announce he will drop out of the race. Attention will now shift to Kamala Harris, the current favourite to run for the Democrats.
*Daily move - against G10 rates at 7:30am, 22.07.24
** Indicative rates - interbank rates at 7:30am, 22.07.24
Market reaction to events in the US have been subdued given that we had several reports around this matter over the last week. Quiet day ahead on the economic calendar as well, with the bulk of the data out later in the week. On Wednesday we have PMI numbers from the UK, EU and the US, Thursday sees the release of advanced Q2 GDP numbers from the US and then on Friday the core PCE inflation from the US.
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