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IQD is Moving on Forex against USD (trading still not possible?)


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#1 Rayzur

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Posted 18 September 2013 - 10:37 PM

While watching other pairs, I popped over to the IQD:USD pair just to see what would come up. Apart from whether or not you can trade this, I did notice it is at least being tracked live, at one minute updates, on auto refresh and there is obvious movement.

 

I'm NOT saying to you can trade IQD on Forex...

 

(though not sure why you can't. How DOES currency become recognized?) :shrug:

 

What I am saying is it's being tracked with live refresh, and there is obvious movement, in this case,

24 Aug at almost 1165:1, to present day/time of 19 Sep (00:23) at 1126.9:1

 

 

Thought some of you might like to take a look at this, and the wonderful trending it shows as we wait for the magical number to appear :D

 

http://forex.trading...per=5m&sub=Save

 

 


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#2 Cosmo

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Posted 18 September 2013 - 10:52 PM

Thanks for being on top of things Rayzur, very interesting... 


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#3 Raleighwood

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Posted 18 September 2013 - 10:57 PM

One problem is that the dinar is pegged. No demand for trading on a forex platform for a pegged currency cause it doesnt really move. 

 

We would probly never see the dinar actively traded on forex. Most all oil producing countries are pegged, and to the dollar at that. WTO acceptance might help get the dinar accepted in more areas of the world, but its still possible that it wouldnt be accepted everywhere. 

 

I dont see the dinar ever being traded on forex even if it is accepted worldwide unless they change their monetary policy. And thats more then likely not on the near horizon....


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#4 Dinar Buddy

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Posted 18 September 2013 - 11:10 PM

The forex has posted updates on the Gorex for the last three years. It updates every 20 minutes.
Onanda updates every 20 minutes, and yahoo is every 15 minutes.
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#5 Dinarian64

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Posted 19 September 2013 - 12:10 AM

I find this most encouraging as it did not even appear on Forex several months ago when I checked
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#6 Rayzur

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Posted 19 September 2013 - 12:38 AM

One problem is that the dinar is pegged. No demand for trading on a forex platform for a pegged currency cause it doesnt really move. 

 

We would probly never see the dinar actively traded on forex. Most all oil producing countries are pegged, and to the dollar at that. WTO acceptance might help get the dinar accepted in more areas of the world, but its still possible that it wouldnt be accepted everywhere. 

 

I dont see the dinar ever being traded on forex even if it is accepted worldwide unless they change their monetary policy. And thats more then likely not on the near horizon....

 

I'm kinda getting out on a branch here... but I thought that oil was pegged to the USD, versus a country's currency? So like Germany would have to convert from Marks to USD to buy oil.. with regard to the ME in general... ??

 

In response to your thoughts, AutoMag wrote a great reply some  3 years ago which might address some of them... :D

BEGIN AUTOMAG:

The Dinar is pegged to the USD at this time. However it's rate is carefully subject to a managed float by CBI. That is why they have the daily auctions. The rate is maintained by Shabibi to keep inflation down and the rate steady as per agreements with the IMF which required them to maintain a steady rate for a period of one year ending I believe in either Nov. 09 or Dec.09. The policy used to achieve that stable rate is still in effect to this day and that is why the Dinar has not risen along with the stronger Dollar. The rate has been .0008457 for so long and that would indicate the stabilization policy I had mentioned. Even though there are some fluctuations it has stayed around that number for a long while. Keeping the steady rate is what CBI uses to combat inflation even though there has been a rise in the dollar. It has to do with their economic conditions and the money supply. Read the IMF web site and you can get idea of how that works.

luckylucy is correct however that when the RV occurs the CBI can peg to a basket of currencies as no International organization can determine what a governments currency rate RV's at or the standard that supports that currency. That is a sovereignty issue. The peg will be tested by the market and will sink or swim after the RV on the merits of that currencies performance on the open market. Now if the CBI made a deal with IMF about a rate that could make some difference as to what that rate is but I'm not aware of a deal even though it has been rumored they did. I just have no clue about that.
....

If we get lucky the Iraqi CBI will choose a basket of currencies (such as Kuwait), which could include commodities ie gold, oil, or other such resources at their disposal. That would be the opportunity we investors would like to see as that might cause them to RV at a much higher rate than we would think possible. Shoot I like your prediction because if the rate you suggested comes about I am gonna have to figure out how to spend that much money. I can invest what I thought I would get and still be obscenely rich beyond my wildest imaginations.

Thanks for your post. It was interesting and caused me to think about it and I like to think. However I would ask anybody who knows to share information as to exactly what the Iranian currency is actually pegged too as I have not discovered that information and I am curious about that. Thanks.

http://dinarvets.com...-to-the-dollar/


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#7 Zebra0101

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Posted 19 September 2013 - 01:56 PM

Will someone please tell me where it is stated that the IQD is pegged to the USD,,,,


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#8 Rayzur

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Posted 19 September 2013 - 03:22 PM

Will someone please tell me where it is stated that the IQD is pegged to the USD,,,,

 

Yeah, I can't find that regarding where it is now.... Lots of stuff to show it was historically a hard peg.  Would be nice to see in print. I'll go back to my IMF for Dummies post and see if I can find it later tonight....  Hard peg to USD  is different than oil peg to USD isn't it??? I'm on the fly and not putting this together right now...


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#9 Raleighwood

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Posted 19 September 2013 - 03:53 PM

Its been pegged for decades. If you look at the history of the dinar you will find the answers. There hasnever been an official proclamation stating it has been changed. But if I remember correctly you MIGHT could make a case that its tied to SDR's which is a basket of a few currencies but guess what is the major one there? The USD.....
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#10 Shinnidan

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Posted 19 September 2013 - 04:03 PM

currency trading...unlike stock market trading...is trade 24/6...only on sunday they suspend trading.  stock market tradings is 5 days a week...and only from opening bell to closing bell. so you'll see something move everyday b/c some is always trading their currency somewhere in the world. 


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#11 waterman13

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Posted 19 September 2013 - 04:09 PM

I check it everyday, it does this all the time. Moving in the 1100's, back and forth. It was astonishing to me that about a year ago it went from 1166.00 to 1166.0000. Four digits after the decimal point, from two. The Dong does / did it too, at the same time. I thought a year ago, this is it! When it went to four decimal points. So far, nothing. Today, opened at 1126.9000 now at 1141.4000. :shrug:

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#12 Rayzur

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Posted 19 September 2013 - 06:36 PM

Interesting Waterman.... I'm going to have to take a look around and see what other currencies of similar statute are also tracked. I know I'm reading in to this.... it seems they are tracking so that when you can finally trade it, you've got some comparative history to use in determining its viability in your portfolio?

It still leaves me with the question.... what does it take, what are the mechanisms, what is the process by which a currency is added to the forex. And similar, for a currency to be considered internationally traded? As in who is saying its not recognized (other than banks who won't carry it but will order it for you to travel)..

How do we know its not internationally recognized and just so minor, no one wants to deal with it as part of their staple?


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#13 Raleighwood

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Posted 19 September 2013 - 06:47 PM

Interesting Waterman.... I'm going to have to take a look around and see what other currencies of similar statute are also tracked. I know I'm reading in to this.... it seems they are tracking so that when you can finally trade it, you've got some comparative history to use in determining its viability in your portfolio?
It still leaves me with the question.... what does it take, what are the mechanisms, what is the process by which a currency is added to the forex. And similar, for a currency to be considered internationally traded? As in who is saying its not recognized (other than banks who won't carry it but will order it for you to travel)..
How do we know its not internationally recognized and just so minor, no one wants to deal with it as part of their staple?


I would look at the posts by carter I think one is pinned....thats not his full screen name but he is a forex trader and made a post about why you wont see the dinar on forex. Gpccarter maybe? Lol

I thought I remember the dinar being taken off the OFAC list but still no one deal in the dinar because there is no need or demand for it
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#14 Markinsa

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Posted 19 September 2013 - 07:19 PM

I would look at the posts by carter I think one is pinned....thats not his full screen name but he is a forex trader and made a post about why you wont see the dinar on forex. Gpccarter maybe? Lol

I thought I remember the dinar being taken off the OFAC list but still no one deal in the dinar because there is no need or demand for it

 

This one: http://dinarvets.com...s-not-on-forex/

 

Its in this Forum right above this thread.

 

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#15 Rayzur

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Posted 19 September 2013 - 10:17 PM

Thanks much Markinsa, appreciate it!!! Will check it out....


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#16 NeedRv

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Posted 20 September 2013 - 07:33 AM

Doesnt matter how much it moves.... unless it is tradeable we wont be able to cash in.... 


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#17 wpsmit

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Posted 20 September 2013 - 07:38 AM

Perhaps we had better check with the Gurus to find out what the "back" bank screens are showing....That's where the real action is..... :D :D :eyebrows:


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#18 dog53

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Posted 20 September 2013 - 10:14 AM

Perhaps we had better check with the Gurus to find out what the "back" bank screens are showing....That's where the real action is..... :D :D :eyebrows:

 

Their flashing 


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#19 Rayzur

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Posted 20 September 2013 - 12:40 PM

Doesnt matter how much it moves.... unless it is tradeable we wont be able to cash in.... 

 

So theoretically, if it moved to 1:1 and I went to my bank and told em I just got back and have all this stuff I want to exchange... don't you think they would say... okay.... It is the currency of the country. And I get most banks don't want to keep it on hand now as its so worthless (relative to others they supply)... but it's not like its illegal to exchange it.... Just thinking out loud... :peace:


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#20 Rayzur

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Posted 22 September 2013 - 04:23 PM

Thanks Markinsa for the thread... I did read it and see the error in my thinking, which I actually knew, so that means I'm an idiot for putting it out that way (won't be the first or last time, I get passage into the idiot club)

So to reframe....

 

Currency exchange is noted in the relationship between two currencies.

There is a USD:IQD relationship being shown on various forex analytical sites, which one uses to analyze whether or not to buy.

The change in the relationship we see between the IQD and USD pair, is the result of the change in the USD, as the IQD is not traded on forex as of yet.

The "value" of the IQD remains as is stated on CBI, and its value is not changing....

 

It nonetheless seems to me, that in watching this relationship if the dollar remains on a downward spiral, and even if the IQD rate is 1168 (or whatever)... that we could nonetheless conclude that it takes less USD to buy IQD at the CBI rate? And continuing the downward spiral of the USD, that if it really hit the fan, ..... even if IQD is not on forex, that number could mean the IQD is worth more than the USD if that pair hit something like -1.10 or something?

Understood, I'm not watching the value of IQD increase, I watching the USD decrease.... ughhh btw

 

I still want to know:

  • What is necessary for a currency to be "internationally recognized"
    • How do we know it is, or is not (is there an announcement, what is the process... blah blah, etc)
  • What is necessary for a currency to be included on forex for trading
    • Does inclusion on forex mean its recognized... meaning is the fact you can trade it, the indicator it is recognized?

 

I can take my IQD to the bank right now and exchange it. My PB knows I'm all over the world and said sure, bring it in. The same is not true for the pile of Italian lira I forgot to exchange. How is the recognition of the dinar different from the recognition of the lira... Is IQD kind of internationally recognized? Maybe I should ask my PB next time we re arrange things... 

Anyone have any ideas or thoughts?


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