The euro zone's surplus for goods traded with the rest of the world fell by less than forecast in June, European statistics office Eurostat said on Thursday, suggesting the bloc may be weathering international trade frictions better than expected.
Russian President Vladimir Putin
may take part in a summit with the leaders of Turkey and Iran at
the beginning of September, Kremlin spokesman Dmitry Peskov told
reporters on a conference call on Thursday.
Gold prices shed over one
percent on Thursday to hit their lowest in more than 19 months,
with the U.S. dollar holding steady near a recent peak as
concerns about a Turkey crisis and China's economic health
weighed on emerging market currencies.
Turkey is ready to discuss its ongoing issues with the United States as long as there are no threats, Foreign Minister Mevlut Cavusoglu said on Wednesday, amid a widening dispute between the NATO allies that has sent the Turkish currency plunging.
Turkey is ready to discuss its
ongoing issues with the United States as long as there are no
threats, Foreign Minister Mevlut Cavusoglu said on Wednesday,
amid a widening dispute between the NATO allies that has sent
the Turkish currency plunging.
The dollar ended little changed on Wednesday after reaching a 13-month peak against a basket of currencies as investors briefly added to their safe-haven holdings of the greenback on worries about slowing Chinese growth and Europe's exposure to Turkey.
The dollar ended little changed
on Wednesday after reaching a 13-month peak against a basket of
currencies as investors briefly added to their safe-haven
holdings of the greenback on worries about slowing Chinese
growth and Europe's exposure to Turkey.
Upbeat figures on domestic retail sales, manufacturing
output and worker productivity also supported the greenback and
the view of steady U.S. economic growth.
The dollar's initial gains faded as the euro recovered
following news that Qatar pledged to invest $15 billion in
Turkey. This move is seen supportive of Turkey's banking system
and reduced anxiety about European banks' exposure in Turkey. It
helped euro to rebound from a 13-month trough versus the dollar
and Swiss franc.
Qatar's financial commitment, together with planned talks
between Turkish and German officials and hopes to an end to the
tension between Ankara and Washington, "are euro-positive
developments," said Juan Perez, senior currency trader at Tempus
Consulting in Washington.
The Turkish lira sank to a record low earlier this week,
prompted by concerns over President Tayyip Erdogan's economic
policies and diplomatic and trade disputes with the United
States, a NATO ally.
The ICE index that tracks the dollar against six major
currencies was flat at 96.710 in late U.S. trading after
rising to 96.984 earlier, the highest since June 2017.
The euro hit $1.13010, the lowest in 13 months
before moving up to $1.13430, flat on the day. The single
currency was steady at 1.12790 Swiss franc, EBS
Sterling reached a 13-1/2 month low versus the
dollar despite data showing Britain's inflation rate picked up
in July for the first time this year. It was down 0.2 percent at
The Chinese yuan sagged nearly 0.8 percent to
6.9512 per dollar in offshore trading, hitting its weakest level
since January 2017.
The yuan's latest weakness followed a batch of disappointing
economic data earlier this week. That stoked speculation whether
the People's Bank of China would intervene or Beijing would
introduce more fiscal stimulus to stem its currency from
breaking through the 7-yuan mark.
"There's some talk of some stimulus, but we don't know what
it would look like," said Ilya Gofshteyn, FX and global macro
strategist at Standard Chartered Bank in New York.
The Turkish lira rose for a second day on central bank
liquidity measures and Qatar's investment pledge, even as it
doubled tariffs on some U.S. imports, including alcohol, cars
and tobacco in retaliation for U.S. sanctions.
The lira has recovered roughly 12 percent to
6.04 per dollar after hitting a record low of 7.24 on Monday. It
remained 40 percent lower versus the greenback this year.
Other emerging market currencies stumbled again, with the
South African rand losing over 2 percent and the Indian
rupee lingering near an all-time low.
The MSCI emerging currency index fell to its
lowest since July 2017 as the sector's key currencies' losses
Currency bid prices at 2:35PM (1835 GMT)
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Euro/Dollar EUR= $1.1342 $1.1342 +0.00% -5.45% +1.1355 +1.1301
Dollar/Yen JPY= 110.5400 111.1400 -0.54% -1.89% +111.4200 +110.4300
Euro/Yen EURJPY= 125.41 126.07 -0.52% -7.23% +126.3600 +124.9100
Dollar/Swiss CHF= 0.9932 0.9940 -0.08% +1.94% +0.9982 +0.9932
Sterling/Dollar GBP= 1.2694 1.2723 -0.23% -6.05% +1.2740 +1.2663
Dollar/Canadian CAD= 1.3139 1.3054 +0.65% +4.47% +1.3174 +1.3050
Australian/Doll AUD= 0.7232 0.7244 -0.17% -7.29% +0.7247 +0.7203
Euro/Swiss EURCHF= 1.1267 1.1276 -0.08% -3.61% +1.1305 +1.1245
Euro/Sterling EURGBP= 0.8933 0.8915 +0.20% +0.56% +0.8939 +0.8901
NZ Dollar/Dolar NZD= 0.6560 0.6571 -0.17% -7.42% +0.6577 +0.6545
Dollar/Norway NOK= 8.4569 8.4148 +0.50% +3.05% +8.4919 +8.4108
Euro/Norway EURNOK= 9.5973 9.5474 +0.52% -2.55% +9.6195 +9.5444
Dollar/Sweden SEK= 9.2097 9.1425 +0.71% +12.29% +9.2461 +9.1412
Euro/Sweden EURSEK= 10.4485 10.3750 +0.71% +6.19% +10.4620 +10.3724
(Additional reporting by Tom Finn, Sujata Rao in LONDON
Editing by Richard Balmforth and Dan Grebler)