Zig’s Place Chat and News Friday AM 5-28-21

Zig’s Place Chat and News Friday AM 5-28-21

Zig:  Welcome to zig's place, a chat room for dinar speculators and others....discuss any topic that you wish here

butterfly   2021-05-28 03:24   Shafaq News / The dollar strengthened further on Friday following its rise from more than four-month lows in recent sessions, as investors waited for U.S. inflation data to set the currency's direction, Reuters reported.

The U.S. dollar index picked up in the late Asian and early European session, trading up 0.1% on the day at 90.78 at 0740 GMT.

The United States and Britain have a public holiday on Monday, meaning the dollar's gains could be attributed to month-end demand.

Versus the yen, the dollar was near a seven-week high. The pair changed hands at 109.875, a move which prompted analysts to note Japan's rise in unemployment, fall in consumer prices and news that the government is considering extending a state of emergency over the COVID-19 pandemic.

The euro was down 0.1% at $1.21875, hovering below its recent high of $1.2266, as dovish comments from European Central Bank officials sapped its momentum ahead of the policy meeting on June 10.

The New Zealand dollar, which earlier in the week jumped on the prospect of an interest rate hike by September 2022, was down 0.6% at 0.7247.

The Australian dollar was down 0.3% at 0.7722.

China’s onshore yuan hit a new three-year high, on track for its best week since November.

Chinese regulators said late on Thursday that they will crack down on manipulation of the forex market while reiterating no change to the country's currency policy.

The British pound was down 0.2% at around $1.41835, on track for its best month versus the dollar so far this year.

A Bank of England policymaker said on Thursday that the central bank could raise interest rates as soon as the first half of next year, but is more likely to wait until later in 2022.

The number of Americans filing new claims for unemployment benefits dropped more than expected last week, data on Thursday showed.

Core personal consumption expenditures data -- an inflation report closely watched by U.S. central bankers -- is due at 1230 GMT.

butterfly   U.S. President Joe Biden is set to release his first full budget since taking office in January later in the session. The New York Times reported on Thursday that Biden will seek $6 trillion in federal spending for the 2022 fiscal year.

In cryptocurrencies, bitcoin was down around 4% at $37,000 while ether was down 6% at around $2,572

butterfly  2021-05-28 02:58 Shafaq News / The price of bitcoin and other cryptos have come roaring back after they plummeted last week following comments from Elon Musk and Chinese regulators.

China’s powerful State Council also sent investors scurrying with a statement issued late on May 21, saying more regulation was needed to protect China’s financial system from crypto trading and mining.

The State Council said it was necessary to “crack down on bitcoin mining and trading behaviour, and resolutely prevent the transmission of individual risks to the social field”.

The statement came after a warning against crypto trading by three state-backed industry associations — the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China.

The price of bitcoin has made a stunning comeback since hitting a low of (AUD) $40,359.19 on May 24, climbing to $49,395.19 at 12pm AEST.

Ethereum has also climbed from its low of $2246.05, rising to $3514.24.

XRP has jumped from $0.845168 to $1.25.

Dogecoin has also strongly bounced back from a low of $0.322854 to $0.428350.

The market has soared by about $387.30 billion after the brutal week that wiped off more than $1 trillion, according to Forbes.

butterfly   2021-05-28 02:44   Shafaq News / Oil prices were little changed on Friday, with Brent holding near $70 a barrel as firm U.S. economic data and expectations of a strong rebound in global demand in the third quarter offset concerns about more supply from Iran once sanctions are lifted, Reuters reported.

Brent crude futures for July fell 9 cents, 0.1%, to $69.37 a barrel by 0643 GMT while U.S. West Texas Intermediate crude for July was at $66.90 a barrel, up 5 cents, or 0.1%.

Brent and WTI are both on track to post weekly gains of 5% to 6% as analysts expect global oil demand to rebound closer to 100 million barrels per day in the third quarter on summer travel in Europe and the United States following widespread COVID-19 vaccination programmes.

Robust economic data from the United States, the world's largest economy and oil consumer, also buoyed risk appetite. The number of Americans filing new claims for unemployment benefits fell to the lowest since mid-March 2020, beating estimates.

Balancing expectations of a recovery in demand against a possible increase in Iranian supply, the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday, OPEC sources said.

Iran and global powers have negotiated in Vienna since April to work out steps that Tehran and Washington must take on sanctions and nuclear activities to return to full compliance with Iran's 2015 nuclear pact with world powers.

Analysts expect Iran to add between 500,000 bpd and 1.5 million bpd of crude and condensate to the market once sanctions are lifted..

butterfly   Al-Sahhaf: There is no international supervision over the upcoming elections

Friday 28, May 2021 15:32........Foreign Ministry spokesman Ahmed Al-Sahaf confirmed that there is no international supervision of the upcoming elections.

Al-Sahhaf stated in a press statement, that: “There is no international supervision over the elections, but rather monitoring by a team affiliated with the United Nations, for a one-time request and at the request of the Iraqi government, with full commitment to national sovereignty.”

butterfly   The reference Khalisi calls for the establishment of a strong Iraq run by its people and gather the word of its people

Friday 28, May 2021 14:28.............The religious authority, Jawad Al-Khalisi, called on the masses and the nation to assume the legitimate and national responsibility entrusted to them and to take action to bring about the necessary change, stressing: "The government was brought in from a deadly vacuum and will end in complete loss."

Al-Khalisi asked, during the Friday sermon in the city of Kadhimiya,: “Why is this never-ending crisis? Why is this tension? Why is this killing? Why is the bloodshed? Why is this corruption? Why is this dispersion? Deception and names ...?, And why and why ..? !!, stressing: “The reason for the crisis that we are living today is the failure of the ummah to meet the approach of the Qur’an.”

He continued, saying: The old and modern experiences today have proven that the political process and all its secretions are a failure, and will not. It reaches any result, from corruption, plundering money, starving people, stopping business and devaluing currencies, and so on. "

He stressed the need to support the resistance and support the nation for a strong Iraq, an Iraq run by its people, an Iraq that is not hostile to the region and its neighbors, an Iraq that calls for harmony and unites the word of its people and brings together the nation’s diaspora, and it brings closer views and unites them on Islam and truth .

butterfly   Oil prices rose to nearly $ 70   Friday 28, May 2021 11:25............Oil prices rose today, Friday, to nearly $ 70 a barrel, as the market was supported by strong US economic data and expectations of a strong recovery in global demand for fuel in the third quarter of the year.

Brent crude futures for July rose 32 cents, or 0.5 percent, to $ 69.78 a barrel by 06:10 GMT, while US West Texas Intermediate crude for July reached $ 67.18 a barrel, up 33 cents, 0.5 percent.

“Oil is trending higher on the back of strong US economic data and growing sentiment that if the Iran nuclear deal is revived, it will not include an immediate lifting of sanctions and that the oil market will not be overwhelmed by excess supplies quickly,” said Edward Moya, an analyst at OANDA.

Analysts expect Iran to add between 500,000 to 1.5 million barrels per day of crude and condensates to the market once the sanctions are lifted.

butterfly   You have to laugh on the games they play.......A weekend-----up goes the cost of fuel for your vehicles........A holiday weekend......the cost of fuel goes WAY up for your vehicles..........this has gone on and on and on.............the games they play.

PeteV  thanks butterfly

butterfly  PeteV as you can see nothing has changed same old same old

PeteV  i see butterfly but we are getting wiser

butterfly  PeteV they are back to pleading with other countries, that rejected investing in Iraq, to come and re-look at what your investment could buy.

butterfly  An expert talks about a factor that affects the price of gold

05/28/2021 ........{Economic: Al Furat News} Gold prices fell today with the rise of the dollar and US Treasury bond yields, while investors awaited the release of personal consumption data in the United States to obtain indications of inflationary pressures.

By 05:35 GMT, spot gold fell 0.2 percent to 1891.45 dollars an ounce, and the metal had gained about 0.6 percent since the beginning of the week, and is heading to record its fourth consecutive weekly gain.

While US gold futures fell 0.3 percent to 1891.60 dollars an ounce.

"Gold was somewhat defensive," said Edward Mayer, analyst at AD & F Man Capital Markets. Began to affect gold. "

He added, "Gold is likely to hold around this $ 1900 level for a little longer. Perhaps we can see the start to move up again, with the next set of data released, if it indicates a further rise in inflation."

The dollar index rose 0.1%, while the yield on the benchmark US Treasury bonds for ten years to 1.617%, which translates into an increase in the opportunity cost of acquiring gold that does not generate a return.

butterfly   Globally ... Dollar prices jump against other currencies

05/28/2021 .........{Economic: The Euphrates News} The dollar reached its highest level in seven weeks against the yen, and rose against other major currencies, as traders prepare for what is expected to be a strong inflation figure in the United States on Friday, while the Chinese yuan continued its gains to record its best monthly performance Since November.

The British pound is also on its way to record its best monthly performance against the dollar this year, and at $ 1.4192, it approached a three-month high, supported by policymakers ’expectations of a possible interest rate hike next year.

The pound's gain of 2.7 percent during the month was also driven by the speed of the British vaccination campaign, and during May, the pound was the best performer against the dollar among the ten most traded currencies.

Against the euro, the pound sterling reached 85.79 pence per euro, near its five-week high of 85.615 pence. Against the yen, the pound reached its highest level in three years at 156.02 yen.

The yuan was another super-performing currency and accelerated this week. In domestic transactions, the yuan hit a three-year high of 6.3682 per dollar, which is up about 1.7 percent per month.

The euro settled at $ 1.2188 today, hovering near its highest level in five and a half months that touched it on Tuesday at $ 1.2266, as the easing statements from European Central Bank officials gained its momentum before a monetary policy meeting on the tenth of June.

The euro rose 1.4 percent in May. The dollar index declined 1.4 percent in the month and settled at 90.048 today.

As for the yen, which incurred losses on Thursday, it fell to a new low, and reached its lowest level in seven weeks at 109.96 per dollar in the Asian session.

butterfly   As for cryptocurrencies, the price of Bitcoin reached 37,333 dollars, almost unchanged in the last 24 hours, but it is moving towards recording the largest monthly loss in about two and a half years. Ethereum fell 2 percent to $ 2,667 and is on track to post its first monthly loss since last September.

butterfly  The World Bank announces important details in its report on Iraq

05/27/2021 21:15:10 ........{Economist: Al Furat News} A senior expert at the World Bank, Wael Mansour, revealed, on Thursday, important details in his report on Iraq.

Al-Mukhtasar al-Mufid .. In important news, you can find it on the Al Furat News channel on the Telegram ..

Mansour said in a televised interview, "Negative GDP growth has reached 10%, which is one of the worst growth that we see after 2003, and we attribute it to the drop in the price of oil, the OPEC Plus agreement that reduced oil production, and the Kurna pandemic that strikes many sectors, including services, religious tourism and others." .

He pointed out, "a sharp decline in financial resources, and the government has taken harsh measures, including with regard to reducing all spending outside of wages and salaries, and we have seen a sharp decline in public investment, social benefits and all programs that can support growth and reduce poverty, and a sharp decline in them."

Mansour stressed, "The World Bank is very interested in the growth factor and sustainable growth, the need for diversification and job creation outside the oil sector, and a fundamental necessity for the participation of women in the labor market, as Iraq is at the lowest rates in the world in this aspect."

He indicated that "if Iraq is able to achieve policies and involve women in the labor market, 2".

$ 2.5 billion as a result of burning gas associated with oil extraction and losses in agriculture and water. ”

butterfly   Mansour continued,“ The solutions to Iraq's problems have become a large structural pile up from one government to another, and solutions are not easy and not immediate, and we are talking about problems in the public sector, electricity and infrastructure, and a very small banking sector that does not exist. And not supportive of the public sectors.

”He noted,“ We ​​are aware of the importance of the current government's white paper, which is diagnosed with such accuracy and seriousness and sounds an alarm bell for the Iraqi economic situation and says that the solution is not immediate and there must be short-term measures and all of the reforms need a pause and a political decision in the first place. ”

Mansour concluded, "Not diving into these reforms means recurring problems from one government to another with the low exchange rate of the dollar against the Iraqi dinar," adding, "We do not set conditions on Iraq, rather we offer advice to increase imports, and with the improvement in the price of oil it is a good look, but there are 3 risks hidden.

The first is the political and security risk that topples all the economic recovery and the risk of fluctuations in the price of oil, and it may drop to 50 or 40 dollars a barrel. The other danger is the absence of reform and the failure to implement the white paper means losing 11 billion dollars to Iraq.

The World Bank expert stressed that "reforms affect salaries, electricity, social protection networks and other government-supported aspects," noting that "e-government places Iraq in the back ranks in terms of corruption and the effectiveness of management."

BobbyC   Mansour stressed, "The World Bank is very interested in the growth factor and sustainable growth, the need for diversification and job creation outside the oil sector, and a fundamental necessity for the participation of women in the labor market, as Iraq is at the lowest rates in the world in this aspect." butterfly

BobbyC   butterfly   The World Bank expert stressed that "reforms affect salaries, electricity, social protection networks and other government-supported aspects," noting that "e-government places Iraq in the back ranks in terms of corruption and the effectiveness of management."

BobbyC  So there ya go.....Iraq has an economy, now they need growth within quarters and yearly projections

Doug_W   BobbyC thanks

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