Larry Summers withdrew from possible candidacy as Fed Chairman, USD reacts with losses

Proposed by President Obama for the office of Fed Chairman, the former Treasury Secretary Larry Summers has now surprisingly declared that he will renounce his candidacy. As the name of Summers was mentioned as a possible successor of Ben S. Bernanke, he was quickly a favorite for the post among investors. Summers is regarded as less open to a loose monetary policy, as the second potential candidate, Janet Yellen. The prospect, the next Fed Chairman could not stand for a tightening of monetary policy, the dollar was starting the trading week in almost all pairs with losses.

The pair EUR/USD rises currently 0.47% at 1.3359 and the GBP/USD shows a current increase of 0.39% at 1.5936. Against the JPY and the USD losing 0.30% at a current price of 99.05. The strongest loss the USD currently registered against the AUD. The pair AUD/USD rises to 0.87% currently at 0.9326.

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