United States President Joe Biden has announced his decision to end his reelection bid after facing pressure from members within the Democratic party. Former President Barack Obama and House Speaker Nancy Pelosi expressed doubts about Biden’s ability to win, leading to his decision to focus on his duties as President for the remainder of his term. Biden posted a letter on his official account stating his belief that stepping down would be in the best interest of the party and the country.
Following his announcement, Biden expressed his support for Vice President Kamala Harris to be the party’s nominee in the upcoming election, urging Democrats to come together and defeat Donald Trump. With Biden out of the race, the odds of Trump’s victory have increased, leading to a potential positive reaction from financial markets and investors looking for high-yielding assets at the start of the week.
In response to the political news, the US Dollar Index is experiencing a slight decline, trading near 104.23 while the Gold price is up to $2,410. Investors will be closely monitoring the situation and the potential impact on financial markets in the coming days.
Overall, Biden’s decision to step aside and endorse Kamala Harris as the party’s nominee marks a significant shift in the upcoming election dynamics. With Trump’s victory odds potentially on the rise, the political landscape in the US is set for further twists and turns in the coming weeks. Investors will be watching closely to see how the markets react to these developments and how they can position themselves to navigate the uncertainty ahead.
