Northeast Ohio native Cohn to stay on as White House economic adviser

WASHINGTON DC- JUNE 01 National Economic Council Director Gary Cohn wipes away sweat while listening to President Donald Trump announce his decision for the United States to pull out of the Paris climate agreement in the Rose Garden at the White House

Steve Bannon Proud of Trump Gary Cohn ‘Disgusted’ Chip Somodevilla Getty Images by John Carney16 Aug 20170 16 Aug 2017 16 Aug 2017

"If we do get another one or two weeks of risk-off, I would expect yen to be on the stronger side", said Tan Teck Leng, forex analyst for UBS Wealth Management in Singapore.

Speculation over another possible defection in the White House administration, this time from Gary Cohn, a key advisor to President Trump on the U.S. economy, has stirred investor demand for safe haven assets.

The dollar retreated against the euro, although it recovered from session lows after the White House's denial about Cohn. A White House source denied this.

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.

Prior to the attack in Spain, markets were digesting news Trump had dissolved a pair of White House business advisory boards amid an exodus of CEOs outraged at Trump's comments on white supremacist and neo-Nazi groups involved in the violence in Virginia that killed one woman.

"A number of people" reportedly called Cohn to suggest he resign from the Trump administration.

Cohn, a former Goldman Sachs president, has been leading the effort to overhaul the USA tax code, according to Bloomberg.

"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".

Cohn quickly consolidated power inside a White House that was often at war with itself and built a team of experts to work on health care, infrastructure, tax policy and other issues.

Cohn is "seen as the glue holding Trump's pro-business agenda together", Deutsche Bank's strategists said. Nothing's changed." The official later clarified to say, "Nothing has changed.

Top-level aides H.R. McMaster, the national security adviser, and his deputy, Dina Powell, both told people that they feel it's too unsafe and serious a time for them to leave the administration.

The dollar index, which measures the greenback against six major peers, was down 0.17 percent at 93.462 in late trading.

But if Cohn, who is widely respected on Wall Street and in Washington, departs even before the battle to cut taxes has been joined, how confident will Wall Street be?

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