Today's Iraqi Dinar News for July 9th, 2019.
There are no new articles on the Central Bank of Iraq website.
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CBI: 1190.000
XE: 1190.06
Secret meetings between United States officials and Iranian representatives were conducted in a hotel in Erbil, Iraq, 'The Iranian Communist Party,' a Kurdish opposition party, announced that some of the major Kurdish parties have secretly met with Iranian officials for the past two years.
A qoute from Mohammad Mohie, spokesman for Iraqi Hezbollah (is an Iraqi Shia paramilitary group that is supported by Iran. They fought the US when America invaded Iraq)
"The US embassy should be condemned for its role in Iraq as well as the US forces," said Mohie. "We have been in a confrontation with Washington ever since its entry into Iraq because of the crimes it committed. America cannot be trusted or dealt with properly."
Any disruption in the oil exports flowing through the Strait of Hormuz will be a “major obstacle” for Iraq’s economy, Iraq’s Prime Minister Adel Abdul Mahdi said on Tuesday as tensions continue to flare up in the Middle East
Iran has threatened to close the Strait on numerous occasions in response to US or EU actions.
Iraq has been studying ways around the vital chokepoint for oil exports for some time, but its options for doing so are limited.
Most of Iraq’s oil is shipped through southern terminals, Abdul Mahdi said. Iraq’s landlocked positioning in the Gulf means that all of its southern exports must travel through the precarious Strait of Hormuz.
“China gets 91% of its Oil from the Straight, Japan 62%, & many other countries likewise. So why are we protecting the shipping lanes for other countries (many years) for zero compensation,” President Trump tweeted at the end of June as tensions started to run high after two oil tankers were attacked in the Gulf of Oman.
Recent months have seen a bout of instability in the region, with six tankers attacked since May amid escalating tensions between Tehran and Washington.
The ministry was tasked with conducting feasibility studies and looking at investment models to build a major pipeline to export oil from southern Iraq to Jordan’s Aqaba port, he said.
Fed chief is expected to lay out a case for rate cuts but not commit to when or how much they could move.
Powell may also sound more hawkish than expected, as he is likely to defend the Fed’s independence in response to questions about President Trump’s criticism of Fed policy.
Market pros expect Powell to explain that the Fed is ready to take action to sustain the recovery, in the face of economic activity that is more “downbeat” and the risks from global slowing and trade wars.
Jim Caron, portfolio manager with Morgan Stanley Investment Management, “My sense is that Powell is more concerned about global financial conditions (weak global PMIs, low global inflation, weakening growth everywhere) than he is pacified by a strong US labor market,” Caron wrote in an email. “I know the market is pricing 25bps in July. I’m leaning toward 50bps but it’s a close call. I think it’s a closer call than the market is pricing.”
More than other Fed chiefs, Powell has faced a barrage of public criticism from a president who disagrees with the way the Fed has been handling monetary policy. President Donald Trump has also reportedly looked into replacing the Fed chief.
“He’s not going to pre-commit to any policy action.. If he wants to talk the market out of a July rate cut, he needs to do it this week,”
According to the World Gold Council, central banks have increased gold demand up 73% since 2018.
China’s central bank is reportedly developing its own digital currency in response to Facebook’s Libra as the latter could purportedly pose a risk to the country’s financial system, the South China Morning Post reported on July 8.
Wang Xin, director of the People’s Bank of China (PBoC) research bureau, argued that “if [Libra] is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy, financial stability and the international monetary system?”
“If the digital currency is closely associated with the U.S. dollar, it could create a scenario under which sovereign currencies would coexist with U.S. dollarcentric digital currencies. But there would be in essence one boss, that is the U.S. dollar and the United States. If so, it would bring a series of economic, financial and even international political consequences.”
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