News Headline Summary

USD weakness is being observed in the FX markets following reports that Lawrence Summers withdrew his name for the Fed chairman job, citing a possible acrimonious confirmation process

Update details:

- Summers and Yellen had been seen as the front-runners for the Fed Chairman position following Bernanke's initial signal that he was to step down in 2014. The majority of analysts see Summers as having a hawkish stance, citing speeches and comments made earlier in 2013, wherein Summers was quick to indicate the negative effects of Quantitative Easing and the threats of having ZIRP policy for an extended period of time.

Print 21:09, 15 Sep 2013 - Asian News - Source: RANsquawk