Analyst: Biden's withdrawal may prompt investors to seek safe havens

On July 22nd, Jinshi Data reported that Thiago Duarte, an analyst at online broker Axi, said that the market may react both fluctuation and cautiously to the news of President Biden's withdrawal from the U.S. presidential race, and investors may seek safe havens. 'Biden's withdrawal from the presidential race will increase political uncertainty and have a significant impact on the market. As a safe-haven asset, the U.S. dollar may initially strengthen, but with long-term instability, the dollar may weaken,' Duarte pointed out in a market commentary. He said that gold may benefit from investors' safe-haven behavior. At the same time, uncertainty may affect the immediate reaction of major U.S. stock indices, and it is expected that the S&P 500 and the Dow Jones Index will fall.