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Forex Today: Mixed Opening to Week as Markets Assess US Political Developments
The US Dollar (USD) struggles to find demand at the beginning of the week, while US stock index futures trade in positive territory. Federal Reserve Bank of Chicago's National Activity Index for June will be the only data featured in the US economic calendar on Monday. Meanwhile, investors will keep a close eye on political developments in the US after President Joe Biden announced on Sunday that he is withdrawing from the 2024 Presidential election.
Sentiment On The USD Fluctuates Amid Political Uncertainties
Recent developments in financial markets have significantly impacted the outlook for the USD.
President Biden Dropping Out Unlikely to Materially Shift Markets -- Market Talk
In the near term, President Biden's not seeking re-election and endorsing Vice President Kamala Harris is unlikely to shift markets materially, says Piers Bolger, CIO at Infinity Asset Management.
Gold Price Sticks to US Politics-inspired Modest Intraday Gains Above $2,400 Mark
Gold price (XAU/USD) gains some positive traction during the Asian session on Monday and for now, seems to have stalled a three-day-old corrective decline from the all-time peak touched last week.
Biden's withdrawal boosts safe-haven demand, and gold breaks through $2410.
As US President Biden decides not to run for re-election, markets are worried about whether this move will help or hinder Trump's return to the White House, causing gold prices to rise on Monday.
"Rate cut trade" and "Trump trade" led the entire market, small-cap stocks rose strongly and csi commodity equity index fell across the board. | Overseas major asset weekly report
The U.S. stock market continues to witness a "big shift" in the market, as investors accelerate their exit from large technology stocks. The "Trump trade" has raised concerns about inflation and pushed up the yield on U.S. long-term bonds, putting pressure on the dollar, and most commodity prices have fallen.