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The Future of Europe Headlines

Euro zone June trade surplus falls by less than expected

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.

PRECIOUS-Gold prices sink to 19-month low amid strong dollar

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.

FILE PHOTO:  Turkey's Foreign Minister Mevlut Cavusoglu attends a press...

Turkey says ready to discuss issues with U.S. without threats

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 says ready to discuss issues with U.S. without threats

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.

FILE PHOTO: Illustration photo of U.S. Dollar and China Yuan notes

Dollar fades from 13-month high, offshore yuan slumps

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.

FOREX-Dollar fades from 13-month high, offshore yuan slumps

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 data showed. 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 $1.2696. 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 grew. ======================================================== Currency bid prices at 2:35PM (1835 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session 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 ar 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)