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JP Morgan's leading analyst has predicted US President Joe Biden will pull out of the 2024 election amid his declining health and approval ratings.

Michael Cembalest, Chairman of Market and Investment Strategy for J.P. Morgan Asset & Wealth Management, made a raft of predictions in the firm's ‘Eye on the Market Outlook 2024’ report.

Cembalest expects Biden to pull out of the race sometime between Super Tuesday, the day many US states hold primary elections, and the election in November.

President Biden’s approval rating is currently sitting at 38.8 per cent, according to FiveThirtyEight, lower than Donald Trump’s rating during his toughest period as president.

Cembalest also predicts that the US dollar will continue to be the currency of choice, the Russia-Ukraine war will continue through 2024, and a new COVID-19 vaccine will be rolled out.