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Dollar plunged on Larry Summer’s decision

Today Dollar opened little lower against EUR and GBP mainly because of the economic data and Larry Summer’s decision to withdraw his candidacy for Fed Post. According to the economic data released today industrial production increased last month but the increase is less than the expectation of the analyst. Also the Empire state index fell to 6.29 indicating the weak manufacturing sector. After Summer withdrew his name for Fed post Yellen is now the front runner. Generally Summer is considered as a friend for Dollar whereas on the other hand Yellen is not considered as Dollar friendly therefore today currency traded lower against major currencies. However Dollar recovered after sometimes by gaining a bit. Now important news this week is FOMC Economic projections and FOMC statement in which fed will decide when to start tapering. This news is definitely going to affect the Forex market largely.