Rupee up marginally against US dollar, gold prices down

Republica1 hour ago

KATHMANDU, Aug 26: After losing value early in the week, the Nepali rupee gained 3 paisa against the US dollar this week as the Indian currency, with which the rupee is pegged to, gained in value against the greenback.
Speculators cut long US dollar bets to lowest in 7 weeks -CFTC, Reuters

Reuters2 hours ago

Aug 26 Speculators pared back favorable bets on the U.S. dollar for a fourth straight week, shaving net longs to their lowest in seven weeks, as investors remained uncertain on whether the Federal Reserve would raise rates this year.
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By Simon Kent.

Al-Qaeda leader Ayman al-Zawahiri, (pictured) who has been the leader of the organization since the death of Bin Laden in 2011, has issued a short statement urging Iraqi Sunnis to begin an insurgency against the Iraqi government.

Predecessors of the self declared Islamic State, “Al-Qaeda in Mesopotamia,” were allied to Al-Qaeda up until around 2005, when Bin Laden rebuked the Iraqi leadership of the group (and its Jordanian commander, Abu Musab al Zarqawi) for being far too brutal and killing too many civilians.

Zarqawi didn’t listen, and instead formed the “Islamic State of Iraq,” in 2006 which was largely defeated by Sunni tribes and US troops between 2006 and 2011. Since then, the so called Islamic State have risen to prominence as the most successful radical jihadi group. But since so many Sunni Iraqis have turned on IS, Zawahari’s plea may be wishful thinking, and an attempt to stay relevant.

The vast majority of Sunnis will not be likely to listen, and will likely reject Al Qaeda as much as they have recently turned on IS.

(Source: The Long War Journal)

By Simon Kent.

In a potentially huge political development, Iraq’s Council of Representatives (Parliament) have passed draft amnesty law that would see as many as 5000 Shia Sadrist protesters released from prison and potentially thousands more Sunnis who have been detained over the years, allegedly on spurious information, in many cases.

For example, at the end of the last decade hundreds of Sunnis were rounded up by security forces in Baghdad following bomb attacks, and human rights campaigners say many are innocent.

According to Business Standard, 234 out of 228 MPs voted for the law, which, if implemented, could have very significant implications for political settlement after the so called “Islamic State” are defeated.

(Source: Business Standard.)

By Simon Kent.

Qayyarah’s oilfields are still on fire weeks after the self declared Islamic State set them on fire as part of a scorched earth strategy during their retreat. The terrorists also poured oil from Qayyarah into the Tigris and set it alight in an attempt to burn a makeshift Iraqi Army bridge.

Before the recent conflict, Qayyarah, which is around 60km south of Mosul, produced around 10,000 bpd of very heavy crude, which was used in power generation.

(Source: Rudaw)

US Dollar Breaks Out of Low Vol Slumber as Yellen Walks Policy Tightrope

DailyFX14 hours ago

The positivity about the short-term was handicapped by Chair Yellen's broader discussion on Fed policy, and as such, the US Dollar advance was cut short rather quickly. Chair Yellen in her addressed repeated that monetary policy is not on a pre-set …

U.S. Dollar Skyrockets as Fed Talks Rate HikesNasdaq

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