A week is a long time in US politics, and for USD too
July 8 (Reuters) - Foreign exchange traders will keep a close eye on U.S. political events this week, as these could impact the outlook for the dollar through November's presidential election.
Calls for Joe Biden to end his reelection bid are growing, with Kamala Harris widely expected to replace him as the Democratic candidate if he does step aside.
The safe-haven dollar might weaken if Biden exits the race and it lessens the perceived probability of a Nov. 5 win for Republican candidate Donald Trump, the clear favourite in betting markets since Biden's halting performance in their June 27 debate.
Harris last week moved ahead of Biden in the PredicIt politics betting marketplace on who is more likely to win the presidential election.
Biden is preparing to host dozens of world leaders at a NATO summit in Washington this week and hold a rare solo news conference.
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(Robert Howard is a Reuters market analyst. The views expressed are his own)
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