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President Donald Trump has no intention of naming National Economic Council Director Gary Cohn to become the next leader of the U.S. central bank, according to sources.

The president has privately informed people knowledgeable of the proceedings at least twice in the previous week that he would not appoint Cohn as the next Federal Reserve chairman.

Advisers were told by Trump that Cohn is competent in his current role and that he wants to keep him in the White House when the Congress takes into consideration his proposed tax code revamp, sources said.

A senior White House official said that no decision regarding the matter has been finalized and no candidate has been ruled out, however, Cohn's present role is too vital to completing the proposed tax reform.

Sources added that Cohn is likely to depart the White House after the Congress junk the tax plan.

During his public and private discussions last week, Trump has stopped talking about the former Goldman Sachs Group Inc. as a candidate for the leadership of the Fed. He has also excluded former Fed Governor Kevin Warsh from the talks, whittling the list of contenders down to current Chair Fed Janet Yellen, Fed Board Governor Jerome Powell, and Stanford University economist John Taylor.

Tags: Policy

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The European Central Bank will discuss next week whether to halt bond purchases later this 2018, the bank's top economist Peter Praet said on Wednesday, a hawkish rhetoric perceived preparing investors for another rollback in stimulus.

After stoking growth with a massive 2.55 trillion euro bond-buying programme, ECB policy makers must make a decision on the timetable of the quantitative easing scheme as the threat of deflation is long eliminated and the bloc is headed for its best growth streak in a decade.

While ECB policymakers broadly agree that the bond-buying scheme should end this year, ECB President has avoided any official debate on the topic of winding down the program, as he looks for more proof that inflation is on a sustained recovery.

However, comments from Peter Praete, a close ally of the ECB president, indicated that the central bank is encouraged by the increase in inflation, increasing the prospects that a decision may come sooner rather than later.

In his last remarks before ECB's next policy meeting, Praet said that the Governing Council will have to evaluate whether the progress so far has been enough to warrant a gradual unwinding of their bond purchases in their meeting next week.

Eurozone bond yields climbed and the euro touched a 10-day peak versus the dollar on the comments from Praet, perceived as one of the most dovish members of the Governing Council.

Several analysts perceived the comment as an indication that a decision is coming at the June 14 meeting. Others saw it as a kickstart to a debate that will likely reach its end and lead to a decision in July.

Tags: Policy

The euro received support form indications of political stability in Italy and the dollar continued its upward trend versus the yen after a strong U.S. jobs report that bolstered bets of three more U.S. rate increases by the end of the year.

In early Asian trade, the single bloc currency traded almost unchanged at $1.1687, after hitting $1.745 in the prior day, its highest level since May 24.

The big spending plans of the new coalition government formed by two anti-establishment parties have raised some worries, but the new Economy Minister Giovanni Tria has stated that none of the parties want to depart from the eurozone and neither does he seek to.

The euro advanced to 128.50 yen, up 3.0 percent from an 11-month trough of 124.82 yen, touched a week ago.

The dollar traded at 109.95 yen, up 0.1 percent and continuing its recovery from a five-week low of 108.115 yen reached on Tuesday. The dollar received support from the strong U.S. employment data published on Friday that revived bets that the Federal Reserve will lift interest rates three more times this year. The Fed is widely anticipated to raise rates at its policy meeting next week, after a rate hike in March.

But market participants cautioned that the U.S. currency's rally could be sidetracked if concerns about a trade war between the U.S. and other developed economies escalated.

Tags: Policy

Australia's central bank held its benchmark interest rate at its June meeting on Tuesday, in line with economists' estimates as progress on lowering unemployment and reaching inflation targets was anticipated to be “gradual”.

The Reserve Bank of Australia held its cash rate steady at 1.5 percent for the 20th consecutive month.

RBA governor Philip Lowe maintained both the domestic and global economies were gaining momentum. However, he highlighted that recent political instability in Italy and worries regarding the direction of international trade policy in the US and economic development in a few emerging market continues.

The central bank said wage growth continued to be low but that the stronger economy should observe some increase in wages growth over time. Inflation was also seen to remain low.

The central bank restated its outlook for the Australian economic growth. It anticipates gross domestic product growth to rise to a “bit above” 3 percent in 2018 and 2019.

The Aussie weakened by as much as 0.2 percent to an intraday low of $0.7624 after the decision.

Tags: Policy