AUD Strong At The Close In Sydney On Summers

The Aussie dollar has been strong in trade on Monday with news over the weekend that Larry Summers has withdrawn from the race to succeed Ben Bernanke at the Fed.

With Summers gone it leaves Professor Janet Yellen as the front-runner for the top job.

Summers was widely expected to be in favour of tapering QE and certainly more so than Yellen.

With Summers gone it leaves the door open for a longer period of low rates in the US and more strength (for now at least) in the AUD.