Bernanke gets approval
Global investors are in overwhelming favour of Federal Reserve chairman Ben S. Bernanke's reappointment as he has dealt with the worst financial crisis since the Great Depression. Bernanke's positive view is welcomed as he faces congressional criticism that the Fed overstepped its authority by helping to rescue failing financial institutions during the crisis. Despite the criticism, Barack Obama has applauded Bernanke's performance at the central bank reigns and has yet to comment whether or not he wants him to stay.
Many speculators are worried that if Bernanke is not re-nominated there could be very serious and severe repercussions on the stock market and economy. The Fed chairman has earned top marks against his counterparts at other central banks and US Treasury Secretary Timothy Geithner as he countered the crisis by cutting the benchmark lending rate as low as zero and by expanding over USD1.1 trillion in credit to the economy.
The US dollar's exchange rate is currently at GBP0.6094 and EUR0.7047.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.