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Dollar Pares Gains as Skittish Traders Focus on White House

  • USD drops, then rebounds after false report on Trump advisor
  • Euro slides after ECB expresses concern on currency strength
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Cohn Said Staying On as Trump's Top Economic Adviser

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The dollar was on track to end the day slightly higher, recovering from a drop after a false report that Gary Cohn was resigning as director of President Trump’s National Economic Council.

The greenback bounced back and was up less than 0.1 percent after a White House official affirmed that Cohn -- a top economic adviser said to be particularly upset over Trump’s remarks on the violence in Charlottesville -- has no plans to resign. The dollar gained versus all of its G-10 peers save for the traditional havens of the yen and Swiss franc. Meanwhile, the euro fell to a three-week low against the dollar after the European Central Bank’s July meeting minutes showed some concerns about recent strength in the common currency.