Summers withdraws from the consideration for the FED chairmanship, having seemed like he was the favourite to replace Ben Bernanke last week, this has sent the USD falling and risk on trades up in most markets 70–100 points higher on the open, this adds to the unknown Tapering question this week at the FOMC meeting. Summers was seen as having a Hawkish view on the Tapering and now leaves the market wondering who will be appointed to take the reins and the decision to Taper or not to Taper.
EURO CPI out this morning has come in as expected at 1.3% and Empire State manufacturing expected higher at 9.2%. But the main focus of the week will be on who will be the next FED chairman and what will the current FED chairman do at the FOMC this coming Wednesday, then Non-farm payrolls this Friday, big week for the USD.
EUR/USD
Supports 1.3340 1.3300 | Resistance 1.3380 1.3450
USD/JPY
Supports 98.50 98.00 | Resistance 99.20 99.50
GBP/USD
Supports 1.5920 1.5880 1.5830 | Resistance 1.5975 1.6000 1.6015
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Summers Withdraws, Dollar Falls
ByFX Solutions
AuthorJames Chen
Published 09/16/2013, 06:44 AM
Updated 01/01/2017, 02:20 AM
Summers Withdraws, Dollar Falls
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