Dollar eases as Biden withdraws reelection bid meanwhile yuan remains steady after rate cut

The dollar eased following U.S. President Joe Biden’s decision to end his re-election campaign, which opens the door for another Democrat to challenge Donald Trump. China’s yuan remained stable despite the central bank’s decision to cut a key interest rate. The U.S. currency slipped, while the euro gained.

Biden announced his exit from the race and endorsed Vice President Kamala Harris as the Democratic candidate for the November election. Former President Trump, the Republican nominee, leads betting markets after Biden’s poor debate performance last month and rising concerns about his mental competence.

Find out more about the dollar market trend here.