A second session of stagnation on the FOREX: currencies were just as volatile on the eve of, and then the day after, the announcement of Joe Biden's withdrawal from the race for a second term in the White House.
Rumors were rife last Friday, but the Dollar had not moved: it is not moving any further this Monday, despite the nomination of Kamala Harris as the official candidate for the November 5 presidential election, even though she is not a favorite in the polls, even though she seems capable of capturing the youth vote... and retaining a majority in the House of Representatives.
It would seem that all bets are not completely off: the Democratic convention, which begins on August 18, could see other contenders position themselves in the race.

Michael Brown, strategist at Pepperstone, expects this news to lead to higher volatility in assets, as 'the race for the White House is probably much more open than it was a day or two ago'.
But the Dollar Index remains completely extinguished with -0.03% at 104.35 after -0.08% on Friday at 104.25... and nothing has moved since July 12 (104.10).

The Euro grabs +0.03% at 108.8 (this is insignificant) after -0.15% on Friday (from 1.0895 to 1.0875). The Dollar climbed +0.07% against the Pound and +0.1% against the Swiss Franc... but gave up -0.25% against the Yen to 157.1.

The Yuan was absolutely unchanged against the Dollar (-0.03% to 7.2680) as the PBOC cut rates again this morning... the parity having been stuck below 7.27 since July 17.

On the statistics front, no major macroeconomic data was expected this Monday.
On the other hand, the following days will see the release of preliminary PMI indices, business climate indices in France and Germany, second-quarter US growth and the PCE price index (based on US household income and spending).


Copyright (c) 2024 CercleFinance.com. All rights reserved.