TNT – “Tidbits From TNT” Tuesday 11-21-2023

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Tishwash:  Parliamentary calls to expand the “currency basket” to escape the consequences of the dollar

Representative Salem Al-Anbuki stressed, on Tuesday, Iraq’s need to increase the size of the financial basket of foreign currencies other than the dollar to end American hegemony.

Al-Anbuki said in an interview with Al-Maalouma, “The restrictions on the circulation of the dollar in Iraq have created recurring economic crises, especially since Washington uses it from time to time as a pressure card, not in the country but in other countries, which increases the burden on the markets and led to the emergence of the parallel market that is behind the increase in burdens.” Finance on millions of Iraqis.

He added, “Iraq has realized the importance of creating a basket of other currencies besides the dollar to get rid of its restrictions, especially since it has large trade with countries such as China and India, which gives high flexibility in providing the funds necessary for imports without going through the complexities of transferring the dollar.”

He pointed out that “many countries, some of which are oil-based, have begun to diversify the currencies in their financial reserves in order to provide greater flexibility in providing funds for import purposes away from the restrictions of the dollar.”

The US Treasury created crises inside the country because of its restrictions on the transfer of the dollar to Baghdad and the imposition of sanctions on some banks. link

CandyKisses:  Dollar hits lowest level against the euro and other major currencies

Economy News _ Baghdad

The dollar came under pressure on Tuesday and traded at multi-month lows against the euro and other major currencies as investors expect U.S. interest rates to fall next year and see it as a sign of selling the dollar as a mockery.

The moves were modest in early Asian trade, but the dollar index fell below its 200-day moving average on Monday as the Chinese yuan’s rise triggered another round of significant decline for the greenback.

The dollar index, which measures the greenback’s performance against a basket of six major currencies, fell 1.9 percent last week as U.S. Treasury yields rose sharply and lost another 0.5 percent overnight to 103.44 points.

The euro touched a three-month high of $1.0952 on Monday thanks to limited help from European Central Bank Governing Council member Pierre, who defied market expectations of a rate cut in April.

The yuan hit a three-month high against the dollar on Monday thanks to China’s central bank policies. The Australian and New Zealand dollars also rose against the greenback.

In weak offshore trading on Tuesday morning, the yuan rose and maintained gains at 7.1640 per dollar.

The Australian dollar rose slightly to $0.6561, slightly below Monday’s three-month high of $0.6564.

The New Zealand dollar settled at $0.6040.

Even the yen rose to a seven-week high of 148.1 per dollar overnight and settled at $148.3 on Tuesday

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Tishwash:  Rashid from Baku: Iraq today enjoys distinguished international relations and is a fertile environment for investment

Today, Tuesday, the President of the Republic, Abdul Latif Jamal Rashid, visited the Iraqi embassy in the Azerbaijani capital, Baku, and met with its staff.

President Rashid stressed during his speech, according to a presidential statement, a copy of which {Al-Furat News} received, that “one of the priorities of Iraq’s diplomatic missions is to convey the true picture of the new Iraq and the extent of the clear improvement in the security, political and economic aspects.”

He also stressed the importance of the embassy working to encourage investment companies in Azerbaijan to work in Iraq in the investment, economic and tourism fields.

The President of the Republic pointed out that “Iraq today enjoys distinguished relations with all countries of the world at various levels and is a fertile and suitable environment for investment in various sectors.”

In turn, the staff of the Iraqi embassy expressed their thanks and appreciation to the President of the Republic for his valuable directives, stressing their continued hard work and development to achieve the highest interests of the country.    link

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CandyKisses:  Gold rises after the decline of the dollar and the focus turns to the minutes of the US Federal Reserve meeting

Gold rises after the decline of the dollar and the focus turns to the minutes of the US Federal Reserve meeting

Economy News-Baghdad

Gold prices rose on Tuesday, supported by a decline in the US dollar and Treasury yields, while investors looked to the minutes of the last meeting of the US Federal Reserve for more clues regarding the interest rate outlook.

Spot gold rose 0.6% to $1,988.29 an ounce by 01:33 GMT. U.S. gold futures rose 0.5 percent to $1,990.10.

The dollar fell near its lowest level in more than two and a half months as investors expected U.S. interest rates to fall next year. A weaker dollar would make gold less expensive for holders of other currencies.

Among other precious metals, spot silver rose 1% to $23.64 an ounce, platinum settled at $918.59, while palladium slipped 0.2% to $1,076.26