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White House: Rumors of Gary Cohn's resignation '100% false'

20 August 2017

Reports in early this morning of terror attacks in Barcelona are likely to impact sentiment on local markets, with futures dropping in the wake of the news.

Still, analysts said, the USA dollar was in an unenviable position, with inflammatory news headlines from the White House weighing on its already weak position.

Still, many CEOs turned against Trump this week, quitting his business advisory councils over what they viewed as his weak handling of the violence in Charlottesville last weekend and his contentious comments that followed on Tuesday. He is seen as a key force behind Mr Trump's tax reform programme.

The KBW Bank Index had dropped more than 1 percent in afternoon trading on concern prospects for cutting taxes and regulations would dim if Cohn left.

GBP/USD is supported in the range of 1.2792 levels and now trading at 1.2869 levels.

Investors were rattled over rumours regarding Economic Adviser Gary Cohn's future

The euro inched up 0.1 percent to $1.1736, making up some of the previous session's 0.4 percent drop.

United States 10-year Treasury yields also dipped on the news, falling as much as 0.7% before quickly paring the drop.

Additionally, Isaac Boltansky at Compass Point said in a note to clients that a Cohn departure could put a serious dent in the market. One-year interest rate swaps have fallen almost 8 basis points from a one-year high hit in late June to 26 basis points on Friday, indicating dwindling rate expectations.

USD/CAD is supported at 1.2550 levels and is trading at 1.2557 levels.

Global benchmark Brent fell 0.1 percent to $50.99 a barrel, after jumping 1.5 percent on Thursday on a drop in USA inventories.

Manchester United beat Swansea City with late scores
The Manchester United manager said via his club's official site: " The word that describes better the team now is confidence ". But head coach Paul Clement said: "We were competitive for long periods of the game -- right up until the second goal".

Hong Kong's Hang Seng retreated 0.7 percent, up 1.05 percent for the week. Two of the three measures of core inflation that the Bank of Canada introduced a year ago saw gains, Statistics Canada said.

"I don't know how Bannon leaving is good for the $18 trillion USA economy but we are in a bit of news vacuum right now". Mnuchin, also Jewish, was described by the New York Times as having "stood by uncomfortably" while the president carried water for a crowd of protesters who'd chanted "Jews will not replace us" during their rally. The dollar index, which tracks the greenback against six major currencies, rose 0.35% for the week.

USD/JPY is supported around 108.60 levels and now trading at 109.36 levels.

The U.S. corporate tax rate at 35% is among the highest in the world of developed nations.

The stock market swung wildly on activity out of Washington. The dollar dropped almost 1% against the yen, falling to 108.58 yen, its lowest since late April.

Here's what to do if you miss Monday's eclipse
Those optical devices concentrate the solar rays, will damage your eclipse glasses or viewer and seriously injure your eyes. Coverage will be streamed from 12 locations as well as from airplanes, ground telescopes and 57 high altitude balloons.

European stocks settled lower on Friday following the attacks. It is set to end the week down 0.1 percent.

Trump's increasingly combative relationship with Congress, exacerbated by his latest tweets targeting senators in his own party, could further restrain any progress on those reforms even as Republicans control the White House, Senate and House of Representatives. US indexes fell across the board mid-week as President Trump dissolved two advisory councils after CEOs began an exodus after his comments on the rally. Shares of Under Armour fell 2.04 percent.

Investors have been keeping a close eye on the news, which has weighed on the market in these two sessions.

Oil prices traded sharply higher on Friday, rising to $48.25 a barrel.

GOP Sen. Scott questions Trump's moral authority
Lee statue for a Frederick Douglass? He also feels that focusing on the past is distracting from the present. Following the rally roughly a dozen confederate monuments have either come down or are planned for removal.

White House: Rumors of Gary Cohn's resignation '100% false'