By Andrew L. Jaffee

Yes, I updated my last chart specifying the Iraqi dinar/U.S. dollar exchange rate, as the fledgling currency continues its tear, gaining value. When I last reported, the dinar was trading at 1449 to the dollar. Today, it is trading at 1318, gaining almost 10% in value since November. Again I ask: With all the bad news, why is the dinar going up? What are the currency markets telling us? We’re well past the dinar speculation craze of 2-3 years ago. Something meaningful is going on here. The currency markets obviously see positive news in Iraq.