Category: International Monetary Fund

USD/JPY steady ahead of Fed monetary policy statement

Investing.com –

Investing.com – The dollar held steady against the yen on Wednesday, coming off earlier highs as investors flocked to the sidelines ahead of the Federal Reserve’s statement on monetary policy due out later in the session.

In U.S. trading, USD/JPY was up 0.03% and trading at 102.18, up from a session low of 102.05 and off a high of 102.31.

The pair was expected to test support at 101.72, Monday’s low, and resistance at 102.65, the high from June 9.

Investors waited for the Fed to announce its latest monetary policy decision followed by a press conference with Fed Chair Janet Yellen.

The U.S. central bank was expected to cut its bond-buying program by another $10 billion to $35 billion, and investors were also awaiting indications on the future path of interest rates.

While many investors expect the Fed to wind down its bond-buying program this year, the time frame between when that stimulus program ends and when benchmark interest rates rise remains up in the air.

Data on Tuesday revealed that U.S. consumer prices rose 0.4% from a month earlier in May, bringing the annual rate of inflation to 2.1%. It was the fastest monthly increase in inflation in more than a year, beating forecasts of 0.2%.

The uptick in inflation indicated that the economic recovery may be gaining steam and boosted expectations for a more hawkish stance on monetary policy from the Fed, though uncertainty softened the dollar somewhat.

Earlier this week, the International Monetary Fund cut its U.S. 2014 growth forecast to 2% from 2.8% due to rough winter weather and slackness in the housing market.

Meanwhile, data on Wednesday showed that the U.S. current account deficit widened to $111.2 billion in the first quarter of this year, the largest in 18 months. Exports fell by 1.3% during the quarter, while imports rose by 1.5%.

The yen, meanwhile, was down against the euro and up against the pound, with EUR/JPY up 0.19% at 138.64, and GBP/JPY trading down 0.05% at 173.19.

On Thursday, the U.S. is to publish the weekly report on initial jobless claims as well as a report on manufacturing activity in the Philadelphia region.

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Millionday Tuesday Night News  Part 2

Millionday News 6/17/14  Part 2

    Welcome To Tuesday Night News Time With Millionday!

    millionday] ok here we go
    [millionday] HOLD ON TO SOMETHING OR SOMEONE
    [millionday] LIKE A CHAIR OR YOUR HAT OR SOMETHING  –  SMILE

    [millionday] Showed Iraqi Central Bank Governor Abdul-Basit Turki regretted that the Iraqi monetary policy to deal with the exceptional circumstance present that Iraq is going through,

stressing that the CBI has the ability to support the exchange rate of the dinar to the fullest extent and without a roof, and that the reserves of the Central Aalaraca “safe” with banks outside Iraq.
~~~

This pointed out that the Turkish foreign exchange reserves exceeded the 70 billion dollars now, and that gold reserves doubled three times during the current year.

    [millionday] WHOOOPOW

    [dovi] Whoop whoop! ! ! !

    [cookie]

    [millionday] so yes they can and he said so — LOVE IT

     [buck] What is Turki regretting??? thx

    [millionday] he was talking about the violence a few times today so i would say — it must be analyzing over and over as we all do when put in a position but it seems that the current problem could use a shock into reality — smile — no pun intended  –   ok brb with more

    [millionday] here we go  >>>  Economists said the sources in the International Monetary Fund that Iraq, despite the security situation troubled the index, however, economic growth is still going to rise through its oil exports. saw Mohiuddin cloves, investment manager for the Global Sukuk, the Middle East and North Africa,

said of the unintended consequences of the conflict the Iraqi political is a decline in the cost of borrowing the Iraqi government has increased foreign exchange reserves increased by 33 percent to 88 billion dollars in the fourth quarter of 2012 after the superiority of Iraq against Iran in the production as the second largest oil producer in OPEC.

    [millionday] note — in the midst of all of this fighting — they have grown economically

    [millionday] He said in a statement it from a financial perspective, they are getting stronger in the time of the postponement of spending they accumulate reserves with the survival of oil production steady, Iraq and with a fifth largest oil reserves in the world, rebuild the energy industry in the country after decades of war and economic sanctions, with the amounts provided by investors,

including Royal Dutch Shell and Exxon Mobil. noted economic expert, said data compiled by Bloomberg showed that the Iraqi state pumped 3.25 million barrels per day in the month of April, and Saudi Arabia is the only OPEC, which produces more oil than that .

    [millionday] note — the second in the production of crude and gaining in reserves steady — that is great coming from the imf and their financial perspective

    [millionday] here is more on it and it is great news too — smile

    [millionday] predicted carnation growth of the Iraqi economy by 5.8 percent this year, up from 3.7% in 2013, according to the sources, the International Monetary Fund, and even so, Investing in areas other than energy, housing and social needs of the other, was slowing amid political wrangling.

says whenever increased polarization and the seriousness of the security situation in Iraq, said their ability to implement urgent needs, and the allocation of capital to the much larger exchange.

 As shown global indicators from JPMorgan Chase & Co. The requests for increases in the yield of investors to own dollar bills Iraqi instead of Treasury bonds has fallen 112 basis points,

and pointed out that the difference in yields between Treasury bonds and bonds of the Middle East also fell by 48 basis points in the same period, the difference has decreased in relation to Iraq on May 12 to its lowest level since August 2011

    millionday] note — they have also minimized the demand for the US dollar — nice

    [millionday] his part, said Pat Jeffrey, Managing Director, who manages amounts of up to 110 million dollars, which fund the Euphrates Iraq that Iraq can that retrieves all the bonds issued at par oil export revenues achieved in just ten days.

 He said in a press statement, this is a wide margin of safety, there is much that could be worse, but investors can still achieve yields very good. The Ministry of Planning, has announced in 14 of this month, the stability of the inflation index for the month of April, while suggesting to the high annual inflation rate of 1.5%, citing rising food and housing department.

    [millionday] note — to have the ability to retrieve their bonds at par within 10 days shows liquidity — also i looked at the inflation today and that number is higher than i even found — but this is from IMF

    [millionday] A spokesman for the Ministry of Planning Abdul-Zahra al-Hindawi told a news briefing that the annual inflation index from April 2013 to April 2014 rose slightly by 1.5 percent due to higher prices of some materials, especially food and housing together, and 1 percent on the level of Iraq, noting that Index Department of Food and housing is still significantly affect the high and low inflation.

    millionday] so what that shows is economic stability and the skills of the economists to use the tools available to them for the benefit of the country and its citizens — great news  –  smile  ok brb with more

    [millionday] this is fun to bring good news — and it seems like its all the time but i could give it up if they would get busy – lol  brb — smile

    [millionday] here we go  so this is huge in any country

    [millionday] Maliki decide to exempt the Mahdi Gharrawi, his deputy and the commander of the Third Infantry Division and a number of military leaders from office and refer them to the military court

    [millionday] i have to say — not a good time

    [Smokey Mtn. Dinar] Maliki will be next! IMO

    [millionday] i am sure that with all the other things going on legally that need resolved with some other leaders and serving — the story will be long   brb with more

    [graylnjo] Is this a stalling tactic by M?

    [millionday] As the top U.S. diplomat, Kerry has played a central role in what may be the Obama administration’s biggest foreign policy gamble: negotiations with Iran over its suspect nuclear program.

Those talks resume this week, with time running short to reach a deal that would lift crippling economic sanctions in return for steps designed to prevent Tehran from developing nuclear weapons.

The interview comes as Kerry launches a two-day “Our Ocean” conference at the State Department. “It is a vital national security issue for the United States, what is happening to our oceans,” Kerry said.

“This is vital to food security, it’s vital to stability, it’s vital to security, it’s vital to livelihoods for people. It’s also the lifeline for life itself on Earth.” The conference rests on three pillars: sustainable fishing, battling marine pollution, and reducing ocean acidification. “This is a very, very important conference,” Kerry said.

    [millionday] note — now see if you recognize the next statements

    [millionday] And it ties in with Kerry’s frequent, outspoken warnings about the potentially catastrophic impact of climate change. “You might not see climate change as an immediate threat to your job, your community or your families. But let me tell you, it is,” Kerry warned at Boston College’s commencement on May 19.

 “If we do nothing, and it turns out that the critics and the naysayers and the members of the Flat Earth Society … if it turns out that they’re wrong, then we are risking nothing less than the future of the entire planet,” Kerry said.

Kerry’s push on oceans, and climate change generally, will test the Obama administration’s ability to set the agenda at a time when headline-grabbing crises — Iraq, Ukraine, Nigeria — dominate the discussion of world affairs.

    [blossom] Im sorry & Robinredhead pls edit this out but what a bunch of crock!!!

    [tourman] more rhetoric to place more regulations against the American people…

    [millionday] the reason i brought that is that major news was saying that the leader of the free world was also discussing the oceans clean energy act ect —- and commented in the midst of all of this war? and fighting ? — i have to say the same –

    [mudder] lol lol

    [kba] distraction distraction distraction.

    [graylnjo] Kerry was for it before he was against it !! :}

    [millionday] what about the situation room and the meeting of many minds — it sure does not seem to be as bad as what the world is saying if you look at actions

    [millionday] i hope everyone saw this but here it is

    [millionday] A spokesman for the Kurdistan Regional Government of Iraq on Monday that the provincial government believes that the share of total sales of Iraqi oil should be up to 25 percent, according to Reuters news agency Mazkrth.

She said that the Government of the Territory, “the Baghdad provincial budget cuts to pay for the sale of oil independently away from the control of the central government in Baghdad.”

    [millionday] The spokesman said Sven Dzia, a former minister of foreign affairs and education in the Kurdistan Regional Government said that “supposed to be the region currently receives 17 percent of Iraq’s oil revenues,

 however, this ratio should rise based on increasing population and rising oil production.” “The number should be much higher .. and when the official census conducted of the population believe that the figure could reach 25 percent on average.” “The rate was just seventeen percent estimate was used, but so far we do not get it in the current year we get about 10.5 percent only of the total budget of Iraq.

    [millionday] so what we have is the kurds are wanting 25% (wont happen) and maliki fired four of his military leaders for not doing their job he says — cbi is stating that all funds they have are safe and they can release the value of their currency and go forward with a high rate and not even have a ceiling —

the parliament members have been certified and they are to sit in their chairs on July 1st — and they have been stated in the news again to be the number 2 oil producer —

    [millionday] there is a lot going on with security within the country and the precious loss of lives

 
  [millionday] how ever — the citizens can see or anyone can see — that the country is set for their reforms and the first half of the fiscal year is over July 1st

    [millionday] other than that — i have to pack and will see everyone tomorrow night

http://www.dinarupdates.com/showthread.php?13948-Millionday-News-6-17-14

IMF’s Lagarde: Iraq Oil Shock May Threaten U.S. Economy

The ongoing turmoil in Iraq has the potential to throw a wrench into the U. S. economy, International Monetary Fund managing director Christine Lagarde said in an interview on FOX Business.
Escalating battles between Iraqi forces and an Al Qaeda-inspired terrorist group, which has taken control of several key cities, have fueled concerns over an oil shock. Brent crude oil, the international benchmark, climbed 4. 2% last week.
On Monday, Brent crude was up 47 cents at $112. 93 a barrel, while West Texas Intermediate crude jumped another eight cents to $106. 99 a barrel.
“When we look at big geopolitical risks of that nature, we have to look at the spill of the consequences on the U. S. economy,” Lagarde told FBN’s Liz Claman. “We believe the oil shock that could result from the current tension in Iraq in particular might affect the economy. ”
For that to happen, the shock “would have to be rather deep and rather long lasting,” Lagarde added.
The interview followed the release of the IMF’s annual report on the U. S. economy. The organization slashed its forecast for 2014 economic growth to 2% from 2. 8% in response to a weak first quarter. Its growth projection for 2015 remained at 3%.
“What happened is [the first quarter] was dreadful,” Lagarde commented. “Our forecast is revised downwards, but our expectations are quite high and positive for the coming months. ”
In its report, the IMF said the U. S. should consider raising the minimum wage, which is currently 38% of the median salary.
“I know it’s controversial. But we also look at numbers, and we see that the United States is within the last three countries (among Organization for Economic Co-operation and Development members) with a minimum wage that is less than 40% of the median wage,” Lagarde explained.
When asked about concerns among small and large businesses, Lagarde acknowledged there might be a loss of jobs “in the short term. ”
“When you look at the significant increase of income that poorly paid people will have, we believe that in the long run it will be net positive for the economy and for employment as well,” she added.
The IMF is also recommending a gradual elimination of itemized deductions and other tax reforms, with Lagarde saying the tax code is too complex.
Based on its latest report, the IMF believes the U. S. economy will not return to full employment until the end of 2017, while inflation estimates remain low. As a result, the Federal Reserve could keep its policy rates near zero “for longer than the mid-2015 date currently foreseen by markets,” according to the IMF.

IMF’s Lagarde: Iraq Oil Shock May Threaten U.S. Economy

The ongoing turmoil in Iraq has the potential to throw a wrench into the U.S. economy, International Monetary Fund managing director Christine Lagarde said in an interview on FOX Business.

Escalating battles between Iraqi forces and an Al Qaeda-inspired terrorist group, which has taken control of several key cities, have fueled concerns over an oil shock. Brent crude oil, the international benchmark, climbed 4.2% last week.

On Monday, Brent crude was up 47 cents at $112.93 a barrel, while West Texas Intermediate crude jumped another eight cents to $106.99 a barrel.

“When we look at big geopolitical risks of that nature, we have to look at the spill of the consequences on the U.S. economy,” Lagarde told FBN’s Liz Claman. “We believe the oil shock that could result from the current tension in Iraq in particular might affect the economy.”

For that to happen, the shock “would have to be rather deep and rather long lasting,” Lagarde added.

The interview followed the release of the IMF’s annual report on the U.S. economy. The organization slashed its forecast for 2014 economic growth to 2% from 2.8% in response to a weak first quarter. Its growth projection for 2015 remained at 3%.

“What happened is [the first quarter] was dreadful,” Lagarde commented. “Our forecast is revised downwards, but our expectations are quite high and positive for the coming months.”

In its report, the IMF said the U.S. should consider raising the minimum wage, which is currently 38% of the median salary.

“I know it’s controversial. But we also look at numbers, and we see that the United States is within the last three countries (among Organization for Economic Co-operation and Development members) with a minimum wage that is less than 40% of the median wage,” Lagarde explained.

When asked about concerns among small and large businesses, Lagarde acknowledged there might be a loss of jobs “in the short term.”

“When you look at the significant increase of income that poorly paid people will have, we believe that in the long run it will be net positive for the economy and for employment as well,” she added.

The IMF is also recommending a gradual elimination of itemized deductions and other tax reforms, with Lagarde saying the tax code is too complex.

Based on its latest report, the IMF believes the U.S. economy will not return to full employment until the end of 2017, while inflation estimates remain low. As a result, the Federal Reserve could keep its policy rates near zero “for longer than the mid-2015 date currently foreseen by markets,” according to the IMF.

LINK

Forex

Investing.com –

Investing.com – The Australian dollar trended lower on Tuesday ahead of the release of the minutes fromt he June central bank board meeting expected to shed further light on its views as the economy transitions away from resources-led investment.

The Reserve Bank of Australia board meeting minutes for June are due at 1130 Sydney time (0130 GMT). The meeting took place a day before the release of first quarter GDP data.

AUD/USD traded at 0.9396, down 0.04%, ahead of the minutes.

Then comes China’s actual FDI data at 1000 (0200 GMT). FDI was up 5.0% year-on-year in April. The Aussie could move on the data as China is a top export destination for products such as iron ore.

Overnight, the dollar traded largely lower against most major currencies due to uncertainty the effects the Iraq insurgency will have on U.S. recovery, while an International Monetary Fund decision to trim its U.S. 2014 growth rate weakened the greenback as well.

In Asia, USD/JPY traded flat at 101.84.

Concerns over the ongoing Sunni insurgency in Iraq continued to weigh on the dollar Monday by stoking fears that the escalating conflict could dampen global recovery, especially if the violence disrupts Iraqi oil exports, hikes prices at U.S. gasoline pumps and waters down the economy.

Elsewhere, news that the International Monetary Fund trimmed its 2014 U.S. economic growth forecast due to a harsh winter and a “still-struggling housing market” softened the greenback as well.

The IMF said it now expects the U.S. economy to expand 2% in 2014, down from its forecast of 2.8% in April.

Positive U.S. data meanwhile did little to boost the greenback.

The Federal Reserve Bank of New York reported earlier that its general business conditions index increased to 19.28 this month from 19.01 in May. Analysts had expected the index to decline to 15.0.

A separate report showed that U.S. industrial production rose by 0.6% last month, beating forecasts for a 0.5% gain.

Meanwhile across the Atlantic, Eurostat reported earlier that the euro zone’s consumer price index rose 0.5% last month, in line with expectations and unchanged from a preliminary estimate. Euro zone inflation rose by 0.7% in April.

Still, the rate remains firmly below the European Central Bank’s target of near but just below 2%, which capped the single currency’s advance.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.01% at 80.54.

On Tuesday, the U.S. is to produce data on housing starts, building permits and consumer prices, while investors will be eager for Wednesday’s statement from the Federal Reserve on interest rates and monetary policy.

Investing.com
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Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!

Gold prices ease in Asia on profit taking, Iraq, China data eyed

– Gold prices eased early on Tuesday in Asia on profit taking, though it remains poised for gains as strife in Iraq continues.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,272. 20 a troy ounce, down 0. 24%, after hitting an overnight session low of $1,272. 60 and off a high of $1,285. 10.
Overnight, gold futures rose due to safe-haven demand from investors worried over chaos erupting in Iraq, though upbeat U. S. indicators watered down gains by reminding investors that monetary stimulus tools in the U. S. are on their way out.
Concerns over the ongoing Sunni insurgency in Iraq continued to weigh on the dollar Monday by stoking fears that escalating conflict could dampen global recovery, especially if the conflict disrupts Iraqi oil exports, hikes prices at U. S. gasoline pumps and waters down the economy.
Geopolitical concerns boosted gold, as the yellow metal tends to trade inversely from the dollar, while news that the International Monetary Fund trimmed its 2014 U. S. economic growth forecast due to a harsh winter and “still-struggling housing market” supported the precious metal as well.
The IMF said it now expects the U. S. economy to expand 2% in 2014, down from its forecast of 2. 8% in April.
Positive U. S. data, meanwhile, capped gold’s gains, as the numbers solidified market expectations for the Federal Reserve to wind down its monthly bond-buying program possibly this year.
The Federal Reserve Bank of New York reported earlier that its general business conditions index increased to 19. 28 this month from 19. 01 in May. Analysts had expected the index to decline to 15. 0.
A separate report showed that U. S. industrial production rose by 0. 6% last month, beating forecasts for a 0. 5% gain.
Past and current Fed asset-purchasing programs have supported gold since the 2008 financial crisis by suppressing interest rates, which boosts gold’s appeal as a hedge to a weaker dollar.
Silver for July delivery was down 0. 21% at $19. 673 a troy ounce. Copper futures for July delivery were down 0. 05% at $3. 047 a pound.
China’s actual FDI data at 1000 (0200 GMT) could see copper prices react, with the country the world’s largest importer of the industrial metal and demand closely tied to investment offers an extensive set of professional tools for the financial markets. Read more News on and download the new Stocks & Forex App for Android!

Gold prices ease in Asia on profit taking, Iraq, China data eyed

Investing.com –

Investing.com – Gold prices eased early on Tuesday in Asia on profit taking, though it remains poised for gains as strife in Iraq continues.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,272.20 a troy ounce, down 0.24%, after hitting an overnight session low of $1,272.60 and off a high of $1,285.10.

Overnight, gold futures rose due to safe-haven demand from investors worried over chaos erupting in Iraq, though upbeat U.S. indicators watered down gains by reminding investors that monetary stimulus tools in the U.S. are on their way out.

Concerns over the ongoing Sunni insurgency in Iraq continued to weigh on the dollar Monday by stoking fears that escalating conflict could dampen global recovery, especially if the conflict disrupts Iraqi oil exports, hikes prices at U.S. gasoline pumps and waters down the economy.

Geopolitical concerns boosted gold, as the yellow metal tends to trade inversely from the dollar, while news that the International Monetary Fund trimmed its 2014 U.S. economic growth forecast due to a harsh winter and “still-struggling housing market” supported the precious metal as well.

The IMF said it now expects the U.S. economy to expand 2% in 2014, down from its forecast of 2.8% in April.

Positive U.S. data, meanwhile, capped gold’s gains, as the numbers solidified market expectations for the Federal Reserve to wind down its monthly bond-buying program possibly this year.

The Federal Reserve Bank of New York reported earlier that its general business conditions index increased to 19.28 this month from 19.01 in May. Analysts had expected the index to decline to 15.0.

A separate report showed that U.S. industrial production rose by 0.6% last month, beating forecasts for a 0.5% gain.

Past and current Fed asset-purchasing programs have supported gold since the 2008 financial crisis by suppressing interest rates, which boosts gold’s appeal as a hedge to a weaker dollar.

Silver for July delivery was down 0.21% at $19.673 a troy ounce. Copper futures for July delivery were down 0.05% at $3.047 a pound.

China’s actual FDI data at 1000 (0200 GMT) could see copper prices react, with the country the world’s largest importer of the industrial metal and demand closely tied to investment trends.

Investing.com
Investing.com offers an extensive set of professional tools for the financial markets.
Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!

Gold gains on Iraqi violence, U.S. data cap gains

– Gold futures rose on Monday due to safe-haven demand from investors worried over chaos erupting in Iraq, though upbeat U. S. indicators watered down gains by reminding investors that monetary stimulus tools in the U. S. are on their way out.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,274. 60 a troy ounce during U. S. trading, up 0. 04%, up from a session low of $1,272. 60 and off a high of $1,285. 10.
The August contract settled up 0. 01% at $1,274. 10 on Friday.
Futures were likely to find support at $1,250. 10 a troy ounce, Tuesday’s low, and resistance at $1,294. 70, the high from May 27.
Concerns over the ongoing Sunni insurgency in Iraq continued to weigh on the dollar Monday by stoking fears that escalating conflict could dampen global recovery, especially if the conflict disrupts Iraqi oil exports, hikes prices at U. S. gasoline pumps and waters down the economy.
Geopolitical concerns boosted gold, as the yellow metal tends to trade inversely from the dollar, while news that the International Monetary Fund trimmed its 2014 U. S. economic growth forecast due to a harsh winter and “still-struggling housing market” supported the precious metal as well.
The IMF said it now expects the U. S. economy to expand 2% in 2014, down from its forecast of 2. 8% in April.
Positive U. S. data, meanwhile, capped gold’s gains, as the numbers solidified market expectations for the Federal Reserve to wind down its monthly bond-buying program possibly this year.
The Federal Reserve Bank of New York reported earlier that its general business conditions index increased to 19. 28 this month from 19. 01 in May. Analysts had expected the index to decline to 15. 0.
A separate report showed that U. S. industrial production rose by 0. 6% last month, beating forecasts for a 0. 5% gain.
Past and current Fed asset-purchasing programs have supported gold since the 2008 financial crisis by suppressing interest rates, which boosts gold’s appeal as a hedge to a weaker dollar.
Meanwhile, silver for July delivery was down 0. 01% at $19. 653 a troy ounce, while copper futures for July delivery were up 0. 59% at $3. 048 a offers an extensive set of professional tools for the financial markets. Read more News on and download the new Stocks & Forex App for Android!

Gold gains on Iraqi violence, U.S. data cap gains

Investing.com –

Investing.com – Gold futures rose on Monday due to safe-haven demand from investors worried over chaos erupting in Iraq, though upbeat U.S. indicators watered down gains by reminding investors that monetary stimulus tools in the U.S. are on their way out.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,274.60 a troy ounce during U.S. trading, up 0.04%, up from a session low of $1,272.60 and off a high of $1,285.10.

The August contract settled up 0.01% at $1,274.10 on Friday.

Futures were likely to find support at $1,250.10 a troy ounce, Tuesday’s low, and resistance at $1,294.70, the high from May 27.

Concerns over the ongoing Sunni insurgency in Iraq continued to weigh on the dollar Monday by stoking fears that escalating conflict could dampen global recovery, especially if the conflict disrupts Iraqi oil exports, hikes prices at U.S. gasoline pumps and waters down the economy.

Geopolitical concerns boosted gold, as the yellow metal tends to trade inversely from the dollar, while news that the International Monetary Fund trimmed its 2014 U.S. economic growth forecast due to a harsh winter and “still-struggling housing market” supported the precious metal as well.

The IMF said it now expects the U.S. economy to expand 2% in 2014, down from its forecast of 2.8% in April.

Positive U.S. data, meanwhile, capped gold’s gains, as the numbers solidified market expectations for the Federal Reserve to wind down its monthly bond-buying program possibly this year.

The Federal Reserve Bank of New York reported earlier that its general business conditions index increased to 19.28 this month from 19.01 in May. Analysts had expected the index to decline to 15.0.

A separate report showed that U.S. industrial production rose by 0.6% last month, beating forecasts for a 0.5% gain.

Past and current Fed asset-purchasing programs have supported gold since the 2008 financial crisis by suppressing interest rates, which boosts gold’s appeal as a hedge to a weaker dollar.

Meanwhile, silver for July delivery was down 0.01% at $19.653 a troy ounce, while copper futures for July delivery were up 0.59% at $3.048 a pound.

Investing.com
Investing.com offers an extensive set of professional tools for the financial markets.
Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!

News, Rumors and Opinions Monday Afternoon

KTFA:

PappaJ:  2 questions FRANKIE:

1. WHAT ARE THE ISSUES THAT WILL AFFECT THE USA?

2. WHAT IS THE REASON THAT SHE WILL HAVE TO WAIT UNTIL 3PM EST TO TALK ABOUT THEM?

”””” CAN WE SAY PERFECT STORM?????
Frank26:  Take notes for us ………. Then call me or post them.

Right now I am with the Weatherman……

KTFA, Frank

Waiting3 » June 16th, 2014, 2:28 pm  •  IMF’s Lagarde: Iraq Oil Shock May Threaten U.S. Economy
By Matthew RoccoPublished June 16, 2014FOXBusiness

The ongoing turmoil in Iraq has the potential to throw a wrench into the U.S. economy, International Monetary Fund managing director Christine Lagarde said in an interview on FOX Business.

Escalating battles between Iraqi forces and an Al Qaeda-inspired terrorist group, which has taken control of several key cities, have fueled concerns over an oil shock. Brent crude oil, the international benchmark, climbed 4.2% last week.

On Monday, Brent crude was up 47 cents at $112.93 a barrel, while West Texas Intermediate crude jumped another eight cents to $106.99 a barrel.

“When we look at big geopolitical risks of that nature, we have to look at the spill of the consequences on the U.S. economy,” Lagarde told FBN’s Liz Claman. “We believe the oil shock that could result from the current tension in Iraq in particular might affect the economy.”

For that to happen, the shock “would have to be rather deep and rather long lasting,” Lagarde added.

The interview followed the release of the IMF’s annual report on the U.S. economy. The organization slashed its forecast for 2014 economic growth to 2% from 2.8% in response to a weak first quarter. Its growth projection for 2015 remained at 3%.

“What happened is [the first quarter] was dreadful,” Lagarde commented. “Our forecast is revised downwards, but our expectations are quite high and positive for the coming months.”

In its report, the IMF said the U.S. should consider raising the minimum wage, which is currently 38% of the median salary.

“I know it’s controversial. But we also look at numbers, and we see that the United States is within the last three countries (among Organization for Economic Co-operation and Development members) with a minimum wage that is less than 40% of the median wage,” Lagarde explained.

When asked about concerns among small and large businesses, Lagarde acknowledged there might be a loss of jobs “in the short term.”

“When you look at the significant increase of income that poorly paid people will have, we believe that in the long run it will be net positive for the economy and for employment as well,” she added.

The IMF is also recommending a gradual elimination of itemized deductions and other tax reforms, with Lagarde saying the tax code is too complex.

Based on its latest report, the IMF believes the U.S. economy will not return to full employment until the end of 2017, while inflation estimates remain low. As a result, the Federal Reserve could keep its policy rates near zero “for longer than the mid-2015 date currently foreseen by markets,” according to the IMF.

http://www.foxbusiness.com/business-leaders/2014/06/16/imf-lagarde-iraq-oil-shock-may-threaten-us-economy/

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MoneyTalks1:  Remember Frank has said several times that as soon as the Judicial body has ratified the election results (which happened today), that there is a strong possibility that we will see the IR shortly after that. Well..will i guess we will wait… Chow for now.

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aggiedad77:  I agree…..what I am surprised is that if the Court truly ratified the election results why wasn’t there more media coverage of the event……still smell a pole cat in the wood pile for the time being…..ever watchful.  Randy

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Moneytalks1:  I  like “pole cat”. I think within the next 2-3 days, we will see some more transparency with many issues . I really believe that an IR is just on the horizon.  Almost there!!!

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Notthe1:  HOUSTON….THIS IS LUNER EAGLE ONE …DO WE HAVE A GO FOR LIFTOFF?

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Sager:  Here is the interview (text)… I don’t see where she talks about needing to be silent until 3pm:

http://www.valuewalk.com/2014/06/christine-lagarde-q1-gdp-dreadful-raise-min-wage/

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TNT:

Bamaltc:  Here is the CL interview from Fox Business, about 7 min long…. http://www.foxbusiness.com/topics/politics/christine-lagarde.htm

[daz] DC QUOTE “YOU ARE AS HAPPY AS YOU WANT TO BE”

[daz] WHAT WOULD REALLY BE DEPRESSING IS TO NEVER HEARD ABOUT DINAR AND NEVER HAVING A SHOT AT WHATS COMING

BadScott54:  6-16-2014   Poppy3   Article quote:  “Days after Iraq’s second-largest city fell to Al Qaeda-inspired fighters, some Iraqis are already returning to Mosul, lured back by insurgents offering cheap gas and food, restoring power and water and removing traffic barricades.”   Only days after Mosul fell, Iraqis return to find lower prices, restored services and more.  like old POPPY3 TOLD YOU THINGS WILL CHANGE FOR THE BETTER VERY FAST.   

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Shybaby:  Iraq Election winners, Review of all Appeals completed… Awaiting Federal Court Approval ..since Thursday!‏

16/06/2014   –   The results of the elections in the custody of the Federal Court since Thursday

o Baghdad / Ghazanfar Laibi 

Confirmed the Electoral Commission for elections it had sent the names of the winning candidates membership of the House of Representatives to the Federal Court, also confirmed that the judiciary has completed a review of all appeals submitted to it, and there is no legal justification for delaying the ratification of the results, while considered the parliamentary legal committee that the delay in the ratification is not in everyone’s interest and lead to a legislative vacuum and legal. said the spokesman of the Independent Higher Commission for Elections chroma-Moussawi said in an interview to the “long”, “

The Commission sent the names of the winning candidates to the Federal Court for approval, and announcement of final results,” noting that “the judiciary has completed consider appeals submitted to it. ” Al-Moussawi said that “the law required the Federal Court to ratify the results,” explaining that “the Federal Court is currently legal procedures in order to decide the outcome of the winners.”

 Moussawi said that “the Electoral Commission for elections has special procedures work completed All the tasks entrusted to them, and announced the preliminary results of the elections and the Commission considered the judicial appeals, and now await the Federal Court approval of the final results. “

 confirmed al-Moussawi said “the election commission did her best over the previous period with full transparency and impartiality, and according to the law, but is not there any problems in the authentication the names of candidates the winners of the membership of the House of Representatives. ” and tried to “long” clarification of the Federal Court on the date of announcement of final results of the elections,

but it has not received an answer to frequent contacts with the media office belongs. , for its part, said a member of the legal committee for the State of Law Jinan Albraism in an interview to “long”, that “the Electoral Commission for elections, said it had sent Thursday the names of the winners of the parliamentary elections held on the thirtieth of April to the Federal Court for approval of the final results,” indicating that “all the political blocs pending the final results of the elections as soon as possible In order to direct the formation of the government. ” 

explained Albraism, “it was the resolution of appeals submitted to the Electoral Commission, and the names of the winners is now at the Federal Court, and wait for ratification,” pointing out that “the delay in the announcement of results is not in favor of the political blocs in general and the Federal Court to complete procedures to validate the results. ” and demanded Albraism of the Federal Court to “expedite announce the names of the winners for the lack of a legislative vacuum, and legal,” calling at the same time to “unite the efforts of all Iraqis and all the political blocs to stand together to face the challenges facing the country.” 

She Albraism that “the country is in a crisis of security unenviable, so you should miss an opportunity to terrorists and unite to confront anyone who tries to compromise the security of Iraq,” pointing out that “several problems facing the country including the failure to approve the federal budget and other problems that must be solved as soon as soon as possible to get out of the crises that may occur due to the delayed ratification of the names of the winners. ”  LINK

Dr. Rich:  There is no gap, and the government is working as it should, and without Maliki.  We have just not heard nor seen all of the news yet.  Dr. Allawi, President of the National Alliance Coalition, said that Maliki would put up a bitter fight to the end, and with lying about everything.  Has that not been seen??  Also, the leaders in Iraq know what is going on, and no they don’t have to tell us anything.  Al Hakim, the major leader, said, “Maliki does not have authority to announce a state of emergency.  If, Maliki does not have authority to do that, he now has no authority, and no immunity!  There are major forces in Iraq, including about 9K US troops, and against just 1700 militants?  Many of them have been killed, and this whole scenario was put together by Maliki and Iran with the help of the Iran Tug Forces, just like Dr. Allawi said. 

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GET:

Topic: Once you say you’re going to settle for second, that’s what happens to you in life. John F. Kennedy

[sonnyday] A Fictitious ISIL to Scare Us Away From the Truth in Iraq Posted: 15/06/2014 21:34 The UK, having invaded Iraq 11 years ago on a very questionable pretext and having left with Nouri al-Maliki as prime minister obviously brings us some responsibility for what is happening there today. Amidst a rising discontent against Iraqi prime minister Maliki and his blatant human rights violations, and at a time when the public as well as both Shiite and Sunni leaders including Maliki’s own allies were asking him to step down, the news came out on Tuesday 10 June that Mosul, Iraq’s second-largest city, had been captured and Maliki’s army had fled the city in a matter of just one hour leaving most of their weaponry and uniforms behind.    http://www.huffingtonpost.co.uk/lord-maginnis/iraq-isil_b_5494529.html?utm_hp_ref=uk&ir=UK

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I4U:

 [FLPatriot59] Tweet just received from @originalmarkz: oh where oh where could that pesky RV be? Still looking, Good progress though….

[jamajacks] cain321 We will be there as soon as we all see and understand the new alphabet .. ABC Asset Backed Currency. IMO

[cain321] Jamajacks: I am so ready. Hoping for this week.

[jamajacks] cain321 Keep the faith. We can see the light.

[cain321] Jamajacks. Do you feel good about this week?

[jamajacks] cain321 I do about this month, but this week would work great!

[cain321] Jamajacks. zap’s post makes me think it could be this week. We shall see.