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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The opinions of the author to market behavior do not constitute a solicitation to buy or sell any financial products, but are merely a personal opinion. When you go into the trade in leveraged financial products, you must be aware that a loss up to the amount of your deposit and in addition, can also be an obligation to arise. Make yourself familiar with the active trade or get independent advice before you invest your own money and use only invest money that you can get over the worst case.

 

 

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