Category: Dinar Daddy

Gold prices gain in Asia as physical demand up after overnight fall

Investing.com –

Investing.com – Gold gained in Asia on Wednesday as investors saw opportunity after a sharp fall overnight and bought on the physical market.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,268.00 a troy ounce, UP 0.24%, after hitting an overnight session low of $1,263.20 and off a high of $1,288.60.

The greenback firmed and gold fell after the Institute for Supply Management reported that its manufacturing purchasing managers’ index jumped to 59.0 in August from 57.1 in July, defying analysts’ calls for the index to tick down to 56.8.

On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.

The new orders component of the index rose to 66.7, an increase of 3.3 points from 63.4 in July.

The employment index grew for the fourteenth consecutive month the report said, registering 58.1, down 0.01 points from 58.2 in July.

Also in the U.S., the Census Bureau reported earlier that U.S. construction spending rose to 1.8% in July from -0.9% in June, whose figure was revised up from -1.8%.

Analysts had expected U.S. construction spending to rise to 1.0% last month.

The numbers fueled market expectations for the Federal Reserve to wind down stimulus programs as early as next month and raise interest rates some time next year.

Loose monetary policies, including rock-bottom interest rates, dovish Fed language and three rounds of asset purchases, have boosted gold prices by suppressing interest rates since the 2008 financial crisis.

Silver for December delivery was up 0.50% at $19.248 a troy ounce. Copper futures for December delivery were down 0.05% at $3.157 a pound.

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Speaker’s office: Parliament to hold urgent session on Speicher massacre Wednesday

Baghdad (AIN) –Parliament Speaker’s office announced that the Speaker, Saleem al-Jobouri, decided to hold an urgent session on next Wednesday to discuss Speicher Massacre.

Informed source stated to All Iraq News Agency “The session will be attended by the Commander General of the Armed Forces and a number of security commanders.”

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Allaq appointed as Director of CBI

Baghdad  –The Council of Ministers voted for assuming, Ali al-Allaq, with the post of the governor of the Central Bank of Iraq.

An informed source of the Cabinet reported to All Iraq News Agency ”The Cabinet voted for assuming, Ali al-Allaq, the Secretary General of the Council of Ministers, with the post of the governor of the CBI.”

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Zebari, Mladenov discuss efforts exerted to form new government

Baghdad  -Foreign Minister, Hoshyar Zebari, met the Special Representative of the UN Secretary-General Chief of the UN Assistance Mission for Iraq, UNAMI, Nickolay Mladenov.

A statement by the Ministry of Foreign Affairs received by All Iraq News Agency cited “During the meeting, the two sides discussed Iraq’s relations with the UN and the latest developments in the political situation and the current talks between the political blocs to form a government, reviewing ways to facilitate delivering humanitarian aid to the displaced people in Iraq and the international and regional role in support of Iraq in its response to the threat of the Islamic State in Iraq and Levant (ISIL).”

“The Minister appreciated the positive role of the UN in support of Iraq and its tireless efforts for the success of the political process,” the statement concluded.

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Forex

Investing.com –

Investing.com – The dollar hit eight-month highs against the yen on Tuesday, as upbeat U.S. data fueled demand for the greenback while expectations for Tokyo to tweak pension fund policy softened the Japanese currency.

In U.S. trading, USD/JPY up 0.73% at 105.12, up from a session low of 104.30 and off a high of 105.21.

The pair was expected to test support at 103.53, last Thursday’s low, and resistance at 105.44, the high from Jan. 2.

The greenback firmed after the Institute for Supply Management reported that its manufacturing purchasing managers’ index jumped to 59.0 in August from 57.1 in July, defying analysts’ calls for the index to tick down to 56.8.

On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.

The new orders component of the index rose to 66.7, an increase of 3.3 points from 63.4 in July.

The employment index grew for the fourteenth consecutive month the report said, registering 58.1, down 0.01 points from 58.2 in July.

Also in the U.S., the Census Bureau reported earlier that U.S. construction spending rose to 1.8% in July from -0.9% in June, whose figure was revised up from -1.8%.

Analysts had expected U.S. construction spending to rise to 1.0% last month.

The numbers fueled market expectations for the Federal Reserve to wind down stimulus programs as early as next month and raise interest rates some time next year.

The yen, meanwhile, came under pressure on amid market talk that Japanese Prime Minister Shinzo Abe will appoint a policy maker who may shift pension funds toward riskier assets.

Reports that Abe may name Yasuhisa Shiozaki, deputy policy chief of the Liberal Democratic Party, to run the health ministry softened the yen, as the ministry manages the Government Pension Investment Fund.

The yen, meanwhile, was down against the euro and down against the pound, with EUR/JPY up 0.73% at 138.00, and GBP/JPY trading up 0.05% at 173.38.

On Wednesday, the U.S. is to publish data on factory orders.

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FM, French delegation discuss holding international conference over Iraqi crisis

Baghdad  -Minister of Foreign Affairs, Hoshyar Zebari, received a French delegation headed by, the former French Prime Minister, François Fillon, and former Secretary of State for Foreign Trade, Pierre Lellouche.

A statement by the Ministry of Foreign Affairs received by All Iraq News Agency cited “The two sides discussed the Iraqi – French relations, the internal and regional situation, and the international support for Iraq.”

“Minister Zebari thanked the French humanitarian and technical support for the Iraqi government and people in their war against the terrorist organization of the Islamic State in Iraq and Syria,” the statement added.

“The Minister also welcomed the initiative of the French president on holding an international conference, in the near future, to support Iraq and the fight against terrorism,” the statement concluded.

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SRSG calls to represent Women & Minority Communities of Iraq in New Government

Baghdad    -The Special Representative of the United Nations Secretary-General for Iraq is closely following the completion of the government formation process.

A statement by UNAMI received by AIN cited “During his meetings with the Iraqi political leaders, he consistently encouraged them to ensure a fair representation of women and minority communities of Iraq in the new government.”

“As the Government formation process proceeds to its final stage, the UN stresses the importance of women’s participation in all stages of the political process”, Mr. Mladenov said.

“Nominating women and representatives from minority communities to ministerial positions sends a strong and positive message of unity to the people of Iraq and the world, and reaffirms the government’s commitment to equal rights for all”, Mr. Mladenov also stated.

“Minority representation in the government can help in ensuring better protection of these communities and their rights, as well as a better advancement of their interests and concerns”, the SRSG added.

Further emphasizing that “a government without women would be incomplete and unrepresentative of the population of the nation”, the UN Women Representative for Iraq, Ms. Frances Guy, underlined that “Iraqi women comprise more than half the voting population.”

“They have a right to participate in all levels of government, including senior levels, in line with Iraq’s commitment to women during electoral campaigns and to international conventions, UN Security Council Resolution 1325, and other relevant UN resolutions,” he concluded.

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NYMEX crude prices down in Asia with focus on Russia sanctions

Investing.com –

Investing.com – Crude oil prices fell in Asia early Tuesday in thin trade after U.S. markets were shot overnight for a public holiday and with supply data on U.S. stocks to be delayed by a day as a result.

On the New York Mercantile Exchange, crude oil for delivery in October traded at $95.76 a barrel, down 0.21%, after settling Monday in electronic trade at $95.71 a barrel, down 0.26%.

Brent oil fell 0.62% to $103.13 a barrel on the ICE Europe exchange on Monday.

Overnight, the Russian ruble hit a fresh record low against the dollar as U.S. officials are working closely with the European Union to keep their Russia sanctions programs aligned in timing and severity.

Existing sanctions have so far not disrupted oil exports from Russia, the world’s second-largest oil exporter.

On Saturday, European Union leaders agreed to draw up options within a week for possible new sanctions against Russia, with action to follow quickly unless Moscow takes clear steps to scale back its intervention in Ukraine. Reports have emerged that hundreds of Russian soldiers have entered Ukraine.

European Council President Herman Van Rompuy said the bloc wouldn’t set out specific criteria for triggering fresh sanctions but said there was “determination” to ensure Russia paid an appropriate price for heightening tensions.

In the week ahead, trading volumes are likely to remain light on Monday, with U.S. markets closed for the Labor Day holiday. Investors will be focusing on Thursday’s outcome of the ECB’s monthly monetary policy meeting, as well as Friday’s closely watched U.S. non-farm payrolls report.

Monetary policy announcements by central banks in Australia, Japan, Canada and the U.K. will also be awaited.

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Australian Building Approvals 2.5% vs. 1.5% forecast

Investing.com – Australian approvals to build new homes rose more-than-expected last week, official data showed on Tuesday.

In a report, Australian Bureau of Statistics said that Australian Building Approvals rose to a seasonally adjusted 2.5%, from -3.8% in the preceding week whose figure was revised up from -5.0%.

Analysts had expected Australian Building Approvals to rise to 1.5% last week.

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