USA dollar edges up on euro woes, capped by White House drama


Financial analysts worry that a decision by Cohn to leave the White House could open the door for other, less business savvy advisers to fill the vacuum, further roiling the increasingly nervous stock markets.

Asked whether Mr. Cohn had discussed his concerns with the president, the official said, "We're not going to comment on internal conversations". He is seen as a key force behind Mr Trump's tax reform programme. The White House, however, announced that Cohn will stay and continue to focus on advancing the administration's economic agenda. Bloomberg reported that while she was also displeased at the president's comments, she is has no plans to quit her position.

Chairman of the Joint Chiefs of Staff Joseph Dunford has strongly endorsed the statements by the leaders of the four major USA military services, who spoke out against racism and extremism after last weekend's violence in Charlottesville, Virginia. At least 13 people were killed and 50 injured.

A registered Democrat and member of the Jewish Federation of Palm Beach County, Cohn, who in 2009 donated the Cohn Jewish Student Center at the Kent State University Hillel International, was offended by Trump's remarks, according to Reuters' Breakingviews, and his former colleagues at Sachs are pushing him to walk away from his White House job before his own reputation sinks with the ship. JPMorgan Chase & Co., the biggest US bank by assets, was down 1 percent at 1:30 NY.

The dollar index.DXY, which tracks the greenback against six major currencies, rose 0.35 percent for the week.

Trump's remarks and the resulting political damage represent a "macro threat" to financial-sector stocks, risking big issues like the tax overhaul and making it more hard to attract business executives to Trump's government, said Jaret Seiberg, a senior policy analyst at Cowen & Co. LLC. The firm's thesis since Cohn joined Trump's team has been that the market would look past the president's "tweeting and theatrics" as long as investors had confidence that pragmatists were influencing government policy. "Or tax reform? I'll take the tax reform", Brown said.

Trump, for example, has in the past mocked Republicans for raising the debt ceiling, but many Wall Street executives say failing to do so could lead to a stock market crash and a recession.