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Summers for Fed chief report moves dollar

Lawrence Summers
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Lawrence Summers

A report in a Japanese newspaper that ex-U.S. Treasury Secretary Larry Summers will be named as Ben Bernanke's replacement as chairman of the U.S. Federal Reserve sent the dollar up Friday morning.

The newspaper Nikkei reported that the announcement by U.S.President Barack Obama could come as early as next week, after the Fed's Wednesday meeting.

The White House responded Friday by saying it hasn't made any decision about the new Fed chairman.

Summers has already been tipped as one of the front-runners for the post, along with Janet Yellen, the current Fed Vice Chairman.

(Read more: Why Yellen should be next Fed chief)

He is best known for serving at the Treasury under former U.S. President Bill Clinton's administration, where he helped deregulate several key areas of financial services, and has also worked as President of Harvard University.

The dollar rose against the yen, Korean won and Australian dollar after the report appeared on Friday.

By CNBC's Catherine Boyle. Twitter: @cboylecnbc


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