July 23, 2024

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Buckle Up, Buttercup: US Election Race Heats Up with Tonight’s Biden-Trump Debate, Yen Finds Temporary Relief

2 min read
Tonight's Biden-Trump debate ignites US election race! Global stocks hold steady, but the yen weakens. Get the latest market news and economic updates you need to know.
US Election 2024

Buckle Up, Buttercup: US Election Race Heats Up with Tonight's Biden-Trump Debate, Yen Finds Temporary Relief

Hold onto your hats, folks, because this week is shaping up to be a wild ride for global politics and financial markets! With the US presidential election just months away, tonight’s televised debate between President Biden and former President Trump is sure to be a firecracker. This faceoff marks the official kick-off of campaign season, and investors are nervously watching every move.

But the US isn’t the only country feeling the election jitters. France heads to the polls on Sunday for their parliamentary election, and Britain follows suit next Thursday. Talk about a global game of thrones!

Despite the political frenzy, stock markets are holding steady for now. The S&P 500, a key benchmark for US stocks, managed to stay afloat despite some wild swings for individual companies. Sovereign bonds, however, are a bit more on edge, reflecting the underlying uncertainty.

Meanwhile, the US dollar continues its reign of strength. Buckle up, yen, because you’re not out of the woods yet. The Japanese currency took a nosedive earlier this week, reaching its weakest point since 1986 against the greenback. Talk about a historic low! Despite warnings from Japanese officials about potential intervention to prop up the yen, it only managed a temporary reprieve this morning.

The big economic news this week comes on Friday with the release of the US PCE inflation gauge. This data point is a favorite among investors because it helps gauge how much prices are rising for consumers. But before we get there, all eyes are on today’s jobless claims report and the revision of US first-quarter GDP data.

So, what does this all mean for the average American? Well, tonight’s debate could be a market mover, so stay tuned for any major shifts. The dollar’s strength could make imported goods a bit cheaper, but it also means US exports become less competitive. As for the elections, well, buckle up and get ready for a season of political ads and heated rhetoric!


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