Wednesday, September 5, 2018

Jameel Ahmad

    Oil looking oversold heading into latest OPEC meeting

Oil looking oversold heading into latest OPEC meeting

There is a feeling of change within the strategy of how OPEC operates. This uncertainty has played a leading role behind the price of oil coming under relentless pressure over the past couple of weeks, in anticipation of the cartel’s meeting in Vienna this week.Concerns that OPEC and its non-member allies will increase production for the first time since late [...]

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    Renewed confidence surrounding the South African economy

Renewed confidence surrounding the South African economy

Confidence towards the South African economy received a boost on Tuesday, following the news that economic growth accelerated for the first time since 2013. Quarterly GDP growth during the final quarter of 2017 expanded by 3.1 percent, with the South African economy growing by 1.5 percent on an annualized basis. It is the quarterly GDP reading at 3.1 percent reading that really impressed [...]

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    Dollar collapse likely to remain in place

Dollar collapse likely to remain in place

It has been a painful week of trading for the dollar. The Greenback has essentially reversed its recovery from the previous two trading weeks, to return back towards levels not seen since December 2014.  This means that the dollar has not been valued this low since traders began to price in the normalization of US interest rate policy from the Federal [...]

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    Zuma’s resignation lifts rand to near 3-year high

Zuma’s resignation lifts rand to near 3-year high

After months of ongoing speculation, the overnight climax with Jacob Zuma resigning from his position as President of South Africa has lifted the Rand to its highest level since March 2015. The Rand has now advanced by nearly 2.4 percent against the dollar this week, and has strengthened against all of the G10 currencies throughout the same period, at time of [...]

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    Pound trying to maintain steady after steep decline

Pound trying to maintain steady after steep decline

The British Pound is trying to steady its stance at 1.28, after stronger than expected UK wage growth figures spared it from further losses, following a heavy decline noted in the latest inflation figures that were released yesterday.Once the results of the UK jobs report are absorbed by the headlines, these are unlikely to remain a key driver behind British [...]

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    Optimism that rand could strengthen quickly fades

Optimism that rand could strengthen quickly fades

Any optimism that the South African Rand (ZAR) would continue its attempt to strengthen against the USD, appears to have gone out the window - following the news that Jacob Zuma survived another no-confidence vote.The Rand was previously showing signs of strengthening on indications that President Zuma would be ousted, but the ZAR quickly lost all gains following the news [...]

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    US economy adds 209,000 jobs in one month

US economy adds 209,000 jobs in one month

Those hoping that the US dollar would be thrown a lifeline may be in luck, following the news that the United States added another 209,000 jobs to its economy in July.This is an overall positive employment report and highlights the underlying strength of the US labor market. Figures exceeded expectations, with earlier projections sitting at 183,000 and wage growth, with [...]

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    Markets behaving calmly as UK election aftermath begins

Markets behaving calmly as UK election aftermath begins

All major headlines and attention are still surrounding the United Kingdom following the uncertain outcome to the UK election at the end of last week.The British Pound appears to have stabilized and is trying to maintain its footing around 1.27, after suffering a decline just above 2% at one point following it becoming clear that the UK was heading for [...]

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    UK election results in further questions than answers

UK election results in further questions than answers

The eyes of the world are on the United Kingdom once again following another unexpected outcome to an election vote.Has recent history repeated itself once again? It certainly feels that way after it appears that market expectations were once again left on the wrong side of the trade when it comes to a UK vote, with the UK election concluding [...]

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    Pound volatility as conservatives look to lose their seat majority

Pound volatility as conservatives look to lose their seat majority

All eyes are on the British Pound, and there has already been a shock in the early hours of trading on Friday that led to the Pound taking a dive all the way from 1.2950 to below 1.27 following increasing concerns that the UK is heading for a hung parliament.The Pound is looking under severe pressure with polls indicating that [...]

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    Pound pressured as election risks weigh on sentiment

Pound pressured as election risks weigh on sentiment

The major story around the financial markets today is the British Pound being pressured against its counterparts as investors price in upcoming election risks into the currency. [...]

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    Will market volatility pick up in the week ahead?

Will market volatility pick up in the week ahead?

Last week was unusually quiet for the financial markets in terms of volatility and with the economic calendar relatively light over the next couple of days, the week ahead might be similar.It is a bit early to attribute the lower levels of market movements to a possible summer lull being upon us and instead, I would credit this to [...]

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    Pound remains under pressure following BoE growth downgrade

Pound remains under pressure following BoE growth downgrade

If investors were looking for a reason to sell the Pound at its recent elevated levels, they found encouragement yesterday when the Bank of England (BoE) downgraded its growth forecast for the UK economy in 2017.Although a growth downgrade from 2% to 1.9% is hardly significantly material in the grand scheme of things, it has been used by traders [...]

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    Time to focus on OPEC now that France is out of sight

Time to focus on OPEC now that France is out of sight

Investors have arrived in full force to exploit the opportunity to sell the Euro at its highest level since November 2016, with the EURUSD now appearing at risk to dropping back below 1.09 after briefly climbing above 1.10 when the markets opened for the week following confirmation of Macron becoming the new President of France.While the lifeline of the Euro [...]

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    Trump U-turns & dollar weakness fails to support Rand and Lira

Trump U-turns & dollar weakness fails to support Rand and Lira

The recent escalation of geopolitical risks dominating the financial market headlines has been briefly removed from investors’ radars after US President Donald Trump once again took the markets by surprise. This time, President Trump made U-turns on several of his previous public views, making investors wonder whether he could be gradually abandoning some of his core election pledges.While it [...]

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    Could the ‘Trump trade’ become ‘Trump disappointment’?

Could the ‘Trump trade’ become ‘Trump disappointment’?

Is the Trump honeymoon over? That is the question being asked today after the breaking news late last week and what has dominated attention over the weekend with this being that President Trump was defeated in his quest at replacing Obamacare.The result of the Trump healthcare bill was not in line with market expectations, but more importantly it has [...]

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Exchange Rates

September 03, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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