Category: Dinar Daddy

Baghdad Transfers $500m to Erbil

The Iraqi government transferred $500 million to the autonomous Kurdish region on Wednesday as part of a deal aimed at ending long-running oil and budget disputes, the finance minister said:

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Gold prices steady in Asia with physical demand eyed

Investing.com –

Investing.com – Gold prices held steady to weaker in Asia on Friday with markets in Tokyo trading light ahead of a three-day weekend, though investors are still looking for physical demand support ahead of the year-end holidays.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,193.00 a troy ounce, down 0.04%, after hitting an overnight session low of $1,176.30 and off a high of $1,196.60. Japan has a publi holiday on Monday.

Overnight, Gold prices edged lower in U.S. trading on Thursday after a batch of upbeat U.S. indicators sent investors flocking to the dollar, which trades inversely with the yellow metal.

Manufacturing activity in the Philadelphia-region expanded at its fastest rate since December 1993 in November, fueling optimism over the U.S. economic outlook, official data showed on Thursday.

The Federal Reserve Bank of Philadelphia reported earlier that its manufacturing index improved to 40.8 this month from 20.7 in October.

Analysts had expected the index to decline to 18.5 in September, and the surprise jump strengthened the U.S. currency and gave gold room to fall, though physical demand cushioned losses.

The current new orders index, which reflects the demand for manufactured goods, increased 18 points, to 35.7.

The current employment index rose 10 points in November, to 22.4, and hit a 3 year high.

Upbeat U.S. inflation data also boosted the dollar by firming expectations that the Fed remains on track to raise interest rates next year.

The Labor Department reported earlier that the U.S. consumer price index was unchanged in October, beating expectations for a 0.1% dip.

On a year-over-year basis consumer prices rose 1.7% last month, unchanged from September, and stronger than market calls for a 1.6% jump.

Core inflation, which strips out volatile food and energy components, rose by 0.2% during the month, pushing the annual rate up to 1.8%, both figures in line with market forecasts, which also fueled dollar demand.

Also from the Labor Department, data released earlier revealed that the number of Americans filing new claims for unemployment benefit fell by 2,000 last week, to 291,000. Economists had expected a fall to 286,000, thought it was still the tenth straight week that initial claims remained below 300,000.

The number of continuing claims also fell, to 2.33 million, the lowest level since December 2000.

Silver futures for December delivery fell 0.04% at $16.223 a troy ounce. Copper futures for December delivery were up 0.09% at $3.019 a pound.

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INA strongly denounces UAE’s designation to Iraqi fighters as terrorist groups

Baghdad (AIN) –The Iraqi National Alliance strongly denounced the stance of the United Arab Emirates’ designation to the Iraqi fighters as terrorist groups.

A statement by the INA received by AIN cited “The INA strongly condemns the unjustified interference of the UAE in the Iraqi Affairs and designating the Iraqi fighters who fight the ISIL terrorists as terrorist groups.”

“Despite the legitimacy of such designation, the INA considers such interference as unjust and distort the brighten history of the Iraqi fighters in combating injustice and tyranny,” the statement added, calling UAE to “Consider the crimes committed by the Iraqi foreign regime in killing the Iraqi people and the patriotic fighters.”

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Mladenov condemns the suicide attack in front of Erbil governorate building

BAGHDAD / NINA/ Special Representative of the UN Secretary Nikolai Mladenov strongly condemned on Wednesday the suicide attack, which resulted in many of victims in front of Erbil governorate building.

His office said in a statement that Mladenov, who is currently in New York to attend the Security Council meeting on Iraq, expressed his anger for this cowardly terrorist act and gave sincere condolences to the families of those affected.

Mladenov, according to the statement, was certain that the determination of all the Iraqi people, peace-loving sons, are stronger than any terrorist act, and that peace would prevail in the end throughout Iraq.

The Mayor of Erbil Tahir Ali announced that the number of victims of the car bomb that was driven by a suicide bomber in Erbil amounted to 10 people were killed and 16 others were wounded in the final outcome, and said that the suicide bomber tried to storm the building of the province, but the elements of the protection of the building shot him that forced him to detonate it before his death.

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Erdogan calls International Community to support Iraqi Security Forces

Baghdad (IraqiNews.com) The Turkish President, Recep Tayyib Erdogan, called the International Community to support the Iraqi Security Forces.

In responding to a question before heading to Algeria over occupying some Iraqi cities by the ISIL, he said “The International Community has to train and support the Iraqi Security Forces to sustain security,” praising “The latest security victories achieved against the ISIL terrorists.”

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U.K. retail sales rise 0.8% in October

Investing.com –

Investing.com – Retail sales in the U.K. rose more than expected in October, fuelling optimism over the country’s economic outlook, official data showed on Thursday.

In a report, the U.K. Office for National Statistics said retail sales increased by a seasonally adjusted 0.8% last month, above forecasts for a gain of 0.4%. September retail sales fell by 0.4%.

Year-on-year, retail sales rose at an annualized rate of 4.3% in October, beating expectations for a 3.8% gain, after rising at a rate of 2.3% in September.

Core retail sales, which exclude automobile sales, increased by a seasonally adjusted 0.8% last month, compared to forecasts for a 0.3% rise, after falling 0.3% in the preceding month.

GBP/USD was trading at 1.5681 from around 1.5651 ahead of the release of the data, while EUR/GBP was at 0.7981 from 0.7994 earlier.

Meanwhile, European stock markets were lower. London’s FTSE 100 shed 0.4%, the DJ Euro Stoxx 50 lost 1%, France’s CAC 40 declined 0.9%, while Germany’s DAX slumped 0.65%.

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Dollar hits fresh 7-year highs vs. yen, euro slips

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Investing.com – The dollar rose to fresh seven-year highs against the weaker yen on Thursday, while the euro slipped lower after data showing euro zone private sector output slowed this month clouded the outlook for fourth quarter growth.

USD/JPY hit highs of 118.98, the most since August 2007, before pulling back to 118.23, 0.26% higher for the day.

Demand for the dollar continued to be underpinned after the minutes of the Federal Reserve’s latest meeting indicated that officials believe the economic recovery is strong enough to withstand external threats to growth, but offered little additional clarity about when rates could start to rise.

Markets are currently expecting the U.S. central bank to start raising rates sometime around September 2015. In contrast, the Bank of Japan is expected to continue monetary easing in order to shore up growth and inflation.

EUR/USD hit session lows of 1.2504 and was last down 0.19% to 1.2528.

The drop in the euro came after a report showing the euro zone’s services purchasing managers’ index fell to 51.3 this month, while the manufacturing PMI slid to 50.4 from 50.6 in October.

The report said the PMI surveys pointed to economic growth of just 0.1% to 0.2% in the current quarter.

The euro erased gains against the yen following the data, with EUR/JPY trading at 147.97, off the six-year peaks of 149.14 struck earlier in the session.

The pound was almost unchanged against the dollar, with GBP/USD at 1.5672, up from lows of 1.5632.

Sterling found support after data showed that U.K. retail sales rebounded by a stronger than forecast 0.8% in October after a 0.4% drop the previous month.

USD/CHF was up 0.19% to 0.9587, while EUR/CHF was little changed near 26-month lows of 1.2010, not far from the Swiss National Bank’s exchange rate cap of 1.20 per euro.

The Swiss franc has strengthened against the euro in recent sessions ahead of a vote later this month which could force the SNB to increase its gold reserves, a move which could restrict its ability to cap the value of the franc against the euro.

AUD/USD was steady at 0.8611, while NZD/USD was almost flat at 0.7852. The commodity linked dollars fell to session lows after data released earlier in the day showed that China’s HSBC manufacturing PMI fell to a six-month low of 50.0 this month, adding to concerns over a slowdown.

Elsewhere, USD/CAD was little changed at 1.1342.

The US dollar index, which tracks the performance of the greenback against a basket of six major currencies, was up 0.16% to 87.82, not far from last week’s more than four-year highs of 88.36.

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New Zealand PPI Output -1.1% vs. 0.2% forecast

Investing.com – Produce price inflation output in New Zealand fell unexpectedly last month, official data showed on Wednesday.

In a report, Statistics New Zealand said that New Zealand PPI Output fell to a seasonally adjusted annual rate of -1.1%, from -0.5% in the preceding month.

Analysts had expected New Zealand PPI Output to rise 0.2% last month.

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