Larry Summers has withdrawn his name for the job of the Chairman of the Federal Reserve

This will be bearish for the USD as Summers was perceived in the markets to be in favour of a slightly faster ‘taper’ than the other prime contender for the job, Janet Yellen

Wall Street Journal: Summers Withdraws Name of Fed Chairmanship

USD is weaker on the news:

  • EUR/USD 1.3337
  • USD/JPY 98.94
  • AUD/USD 0.9312
  • GBP/USD 1.5910
  • USD/CHF 0.9276
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