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.:: 16.09.2013

Summers will not be the next chairman of the Federal Reserve

The U.S. dollar has started the new trading week with price falling against 13 of 16 major currencies. The pressure on the U.S. currency was put by the fact that the former Treasury secretary under President Clinton, Larry Summers withdrew his candidacy to become the Federal Reserve chairman.

The validity period of the current head of the Federal Reserve Ben Bernanke will expire on January 31. The main candidates for this post were Larry Summers and Federal Reserve Vice Chairman Janet Yellen. U.S. President Barack Obama said he had accepted Mr Summers' decision.

According to the market, Ms. Yellen is more enthusiastic about quantitative easing than Mr. Summers, who on Friday was considered a far more preferable candidate. Therefore, these news caused a falling of quotations of U.S dollar.

According to forex.lv

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