Euro hold losses

August 17, 2015

The euro held near its session lows against the dollar on Friday after the European Commission confirmed a deal to lend cash-strapped Greece up to 86 billion euros over three years following talks in Brussels. In late U.S. trading, the euro was down 0.4 percent at $1.1103, slightly above its session low of $1.1099, while it was down 0.5 percent at 138.00 yen, hovering near its session low of 137.94 yen.

Recent changes to how China manages its currency could bring the country "quite close to a float" in its exchange rate, a top International Monetary Fund official said on Friday in a review of the country's economy. As the shift away from investment continues, the IMF said the country should prepare for slower growth in the medium term. The IMF said officials should "calibrate" fiscal and other policies toward a growth rate of as little as 6 percent next year, compared with an estimated 6.8 percent this year and growth in excess of 10 percent before the 2007 global financial crisis. Trouble in China has held down global commodity prices and posed a risk to growth in other countries, including the United States. While cheaper oil and copper helps consumers and producers, it has also bedeviled officials at the Federal Reserve and other central banks trying to forecast inflation.

Gold turned slightly lower on Friday as the dollar shifted higher on encouraging U.S. data and as investors weighed the impact of China's currency intervention on the timing for the first U.S. interest rate increase in nearly a decade. Spot gold was down 0.2 percent at $1,112.36 an ounce by 2:05 p.m. EDT (1805 GMT) after hitting $1,126.31 on Thursday, its highest since July 20. The precious metals complex moved in the opposite direction of U.S. crude oil, which turned higher after reaching a 6.5-year low. Spot silver saw deeper losses of 1.7 percent, down to a session low of $15.15 an ounce.

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