Like many emerging currencies, the Naira has received punishment due to demand for the USD, and over the last month the USDNGN has seen a high of 199.3847 and a low of 197.4500 as the currency is shaken by low oil prices and falling demand in commodities. Over the last year, the Naira has fallen by 17 percent against the [...]
Lukman Otunuga
ON THE GO
Global MarketsThe China trade figures released overnight continued to highlight further weakness in the China economy, with both exports and imports declining. The continual decline in imports suggests that China is shifting away from an import dependent nation to one which is encouraging consumers to look more within the domestic market for its products and services. This change in approach [...]
Global Markets: Confusion rippled through the markets on Friday after an unimpressive headline NFP figure inspired USD strength. Due to the unclear Federal Reserve US interest rate expectations, the USD is continuing to trade with sensitivity and any positive news from the US economy could install a bullish rally. Although the headline NFP number wasn’t great, the improvement in wage growth [...]
Global Markets: The value of the EUR diminished in an aggressive fashion on Thursday as a dovish sounding Draghi invited concerns about the single currency. The Euro selling pressure weakened overall risk sentiment which translated to a re-established appetite for the USD. This domino effect rippled through the commodity markets which resulted in a swift decline in Gold.It felt like [...]
The GBP continues to receive punishment from the risk-off trading environment and continual financial volatility. The Construction PMI for the UK was released below expectations on Wednesday, which could have weakened sentiment even further or at least prevented the GBP from recovering losses. Although the outlook for the UK economy remains robust, investor sentiment is clearly weak at present and [...]
Global Markets: The US Stock markets took a hit on Tuesday as the vulnerability from the Shanghai Composite Index dispersed into the US trading session. With manufacturing data in China falling to a three-year low, market participants received confirmation that the nation was in a period of deceleration and this weighed on investor sentiment throughout the global markets.The weak US [...]
WTI surged with a new lease of vitality during the last trading week of August, surpassing technical resistance above $42.50 and concluding the week gaining $11. This represented the strongest gains for over four years and the surge rippled across not only the FX markets, but the equities and global stock markets as well. This also provided a welcome boost [...]
Global Markets: The USD showed resilience deep into yesterday’s session as its appreciation was felt across the corners of the FX markets. The polarity change experienced at the start of the trading week rebalanced in favour of the USD bulls which in turn the EUR and GBP were no matches for. Both the EURUSD and GBPUSD were brought to their knees [...]
Global Markets: President of New York Federal Reserve, William Dudley, came to the rescue yesterday as his hawkish tone renewed some bullish sentiment within the Dollar. In the trading weeks of August, the major currency has been exposed to extended periods of weakness due to concerns that the long-awaited US interest rate hike might be postponed, but the Federal Reserve official [...]
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