The big news overnight is that the Japanese newspaper Nikkei said that Obama will name Larry Summers Fed Chair (according to its sources) and that the announcement could be as early as next week.
Remarkably, the report moved markets.
From Potomac Research Group:
LARRY SUMMERS, MARKET MOVER: Every breathless media report on the Fed Chairmanship apparently will move the markets. A report overnight from the Nikkei business daily asserted that Larry Summers will be nominated soon (our friends at Nikkei apparently have overlooked the enormous challenges to his nomination that would arise in the Senate). Amazingly, this report has rallied the dollar, based on a view that Summers would be less dovish than Janet Yellen. Good grief . . .
Here’s the overnight chart of gold.
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