Bernanke expected to return
President Obama is expected to announce that chairman of the Federal Reserve Ben Bernanke, will be reappointed for another four-year term in January. As the architect of the Federal Reserve's USD700 billion bail out, Bernanke is widely regarded as having prevented America from falling further into recession, and the economy is now beginning to show signs of recovery.
This news is expected to be received positively by markets, with US dollar exchange rates strengthening this morning on speculation. This is despite the US home price index and consumer confidence figures due to be released later in the day. Senate approval is still required for the reappointment to be confirmed and Bernanke next big task will be to devise an exit strategy from the largest stimulus package in history.
US dollar exchange rates are currently valued at EUR0.6979 and GBP0.6102.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.