NZ dollar dips as rumour of White House departure

NZ dollar dips as rumour of White House departure

NZ dollar dips as rumour of White House departure

U.S. stocks fell sharply Thursday following a deadly attack in Spain and amid rising concerns President Donald Trump may have endangered his economic agenda after alienating business leaders.

Trump's aides and advisers, arrayed along the sidelines of the Trump Tower lobby, looked pained as the president publicly expressed what he has reportedly long expressed behind closed doors.

"A number of people" on Wall Street and at Cohn's former firm Goldman Sachs have called him to suggest that he resign from the administration, said "Squawk Box" co-host Andrew Ross Sorkin, who also writes for the Times.

A crisis deepened over Trump's response to clashes last weekend in Charlottesville, Virginia, spurred by a white supremacists protesting the removal of a Confederate statue.

The S&P 500 lost 1.25 per cent, or 30.96 points, to 2,437.15 and the Nasdaq Composite down 1.68 per cent, or 106.6 points, to 6,238.48.

Trump's campaign promises of tax cuts and higher infrastructure spending had helped the market rally, with the S&P climbing about 14 percent since the election.

Kushner and Ivanka Trump also made their displeasure known, with two people familiar with their sentiments telling the New York Times that they urged the president to moderate his stance.

The White House announced President Donald Trump fired chief strategist Steve Bannon on Friday.

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The negative mood swing among USA investors follows more than a dozen blue chip chief executives yesterday quitting President Trump's advisory councils, forcing two committees to be disbanded. Along with Treasury Secretary Mnuchin, Cohn appears to be the driving force of the administration's tax reform efforts.

"He's anxious about his reputation being trashed, which is much more valuable to him than anything else", a former administration official who knows Mr Cohn said.

The Washington Post, Bloomberg and the Financial Times were among the outlets to report August 17 that Cohn will stay on despite speculation he might step down in the wake of President Donald J. Trump's polarizing remarks concerning last weekend's violence in Charlottesville, Va.

So one minute, Cohn intends to stay on as director of the NEC.

ANZ's Cherelle Murphy said commodity markets remained edgy overnight with safe-haven precious metals all moving higher.

If Cohn were to leave the White House, "there will be a material market sell-off", Isaac Boltansky of Compass Point Research & Trading said in a research note to clients Thursday.

But you won't get the White House to admit it.

National Security Adviser H.R. McMaster, National Economic Council director Gary Cohn and others have yet to lead a sort of "exodus en masse", as has been speculated, and have several reasons for staying on, Politico reported Thursday.

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