US Dollar Outlook: Experts Weigh in on Effects of Biden’s Withdrawal and Trump’s Lead
Amid President Joe Biden’s decision to withdraw from re-election, the U.S. dollar saw a slight decline against a basket of currencies, including a notable drop against the yen.
Analysts are weighing the impact of political shifts on the dollar’s performance. Bank of America’s Athanasios Vamvakidis suggested that the dollar might strengthen under a potential Trump presidency due to expected tax cuts and tariffs, though Trump’s preference for a weaker dollar complicates predictions.
Neil Roarty of Stocklytics noted that while the dollar weakened slightly following Biden’s announcement, it might signal a trend as Trump, who favors a weaker dollar to benefit domestic manufacturers, leads in polls.
Clever Robot News Desk 24th July 2024
