Wednesday, June 19, 2019

Lukman Otunuga

    EUR declines across the board but USD bulls gain some inspiration

EUR declines across the board but USD bulls gain some inspiration

Global MarketThe dovish rhetoric of Thursday’s ECB’s press conference continues to linger on through the global currency markets with the EUR experiencing a hefty decline against most of its counterparts. A near 250 pip drop was observed in the EURUSD as prices cut through the 20 and 200 daily SMA resulting in 8 week lows of 1.1071 achieved as of [...]

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    China Q3 GDP beats expectations, Asian equities in the red

China Q3 GDP beats expectations, Asian equities in the red

Global Market: With the continuation of the China saga, global sentiment received another dent as GDP growth for the world’s second largest economy in Q3 fell short of the golden 7% figure. Although GDP rose to 6.9% beating the 6.8% forecast, this was still the slowest quarterly growth expansion since the first three months in 2009.Not only have concerns been renewed [...]

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    Investor anxieties inspires bullish momentum in gold

Investor anxieties inspires bullish momentum in gold

Global MarketsThe dwindling expectations that the Fed will be hiking US rates in 2015, coupled with a renewed risk-off environment following the soft China data on Wednesday, has resulted in gold surging to a three and a half month high. This precious metal has breached the 1170.0 resistance and attained a daily close above the firm 200 SMA. Due to [...]

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    Global sentiment receives another blow, USD looks sensitive

Global sentiment receives another blow, USD looks sensitive

Global Market: Friday’s unimpressive NFP release from the States dealt a sharp blow to the global markets which resulted in the renewal of investor concerns. Sentiment has weakened and this may ripple into equity markets as the prospects of a US rate hike in 2015 slowly diminish.A great deal of anxiety continues to cloud the financial markets including the slowing [...]

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    Anxieties resurface and USD weakens

Anxieties resurface and USD weakens

Global Market: Tension shrouds the financial markets as an unimpressive NFP figure which has failed to meet expectations has resulted in investor anxiety. Despite the positive ADP release on Wednesday, this very weak NFP result of 142k on Friday suggests that external global concerns and erratic movements within the stock markets have had an adverse impact on employment in the United [...]

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    Yellen provides some clarity, the USD gains slightly

Yellen provides some clarity, the USD gains slightly

Global Market: A mildly hawkish Janet Yellen offered the clarity most investors had been seeking, when at yesterday’s conference she stated that rates in the US may likely be hiked before the end of the year. Some mist was cleared away as investors digested the news that the hike would take place either in October or December. With the prerequisites of [...]

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    Shanghai Composite ventures into the green as gold appreciates

Shanghai Composite ventures into the green as gold appreciates

Global Market: Concerns involving the extended decline in commodity prices and weakness experienced within the emerging markets have enacted punishment upon the inflation and growth outlook for Europe. However, these concerns did not provide a compelling case for the ECB to immediately enforce further stimulus measures as a tool to promote domestic stability. ECB’s Draghi acted with prudence, informing the market [...]

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    A day of consolidation within the markets

A day of consolidation within the markets

Global MarketThe consequences of the Federal Reserve leaving rates unchanged continues to linger within the USD as its state of heightened sensitivity leads to anxiety among market participants. The USD is still exposed to some pressure, but has managed to claw back some of the losses of last week with the Dollar Index meandering around the 95.89 regions as of [...]

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    Shanghai Composite meanders back into the green

Shanghai Composite meanders back into the green

The China episode continues as the Shanghai Composite Index migrates into positive territory, with the major market concluding trading +1.89% higher. Sentiment for the China markets still remains bearish as finance luminaries have criticized President’s Xi Jinping’s management for what they characterize as a series of inept and potentially detrimental attempts to sustain the Chinese nation’s equities and economy.The [...]

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    USD revs ahead of FOMC

USD revs ahead of FOMC

Global Market: As ambiguity grows within the financial markets due to the lack of clarity offered by the trading sessions, the USD has been on the receiving end and as such has been exposed to further weakness. A looming FOMC statement release, in addition to an uneasy atmosphere felt by market participants has punished the value of the Dollar in September.Despite [...]

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    China’s economy reimbursed with further pressures

China’s economy reimbursed with further pressures

Global Markets: The markets have woken up to another morning of woes over the China economy, as data released over the weekend pointed towards further signs of weakness for the Chinese economy. Most market participants were already concerned about the slowing rate of growth in the world’s second largest economy, and the annualised Industrial Production data failing to meet expectations will [...]

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    GBP bulls gain inspiration, WTI remains under pressure

GBP bulls gain inspiration, WTI remains under pressure

Global MarketsThe Shanghai Composite Index is continuing to struggle when it comes to finding direction, with the major market looking set to conclude the week in red territory. This has been a week of mixed data releases for the China economy with both imports and exports dragging sharply lower, while on the other hand headline CPI exceeded expectations. Still, the [...]

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    China CPI surprises, RBNZ cut rates once again

China CPI surprises, RBNZ cut rates once again

Global MarketsThe uncertainty derived from the looming Fed rate hike decision punished Asian equities as a wave of risk aversion restrained the US markets yesterday. In the overnight Asian session, it was announced that China’s CPI rose by 2.0%, not only beating expectations but rising at the fastest pace this year. While the stronger headline CPI reading attempted to provide [...]

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    Shanghai composite rises again, UK manufacturing takes a hit

Shanghai composite rises again, UK manufacturing takes a hit

Global Markets: The China saga continues as the Shanghai Composite Index journeys into green territory, with the major market concluding trading over +2.25% higher. It appears that the noticeable decline in both imports and exports from the recent China economic data has been shrugged away, with this perhaps linked to expectations that the PBoC will ease monetary policy further.Focus will [...]

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    Will USD deposit controls work in Nigeria?

Will USD deposit controls work in Nigeria?

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 [...]

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    Shanghai composite index swings, GBP ends losing-streak

Shanghai composite index swings, GBP ends losing-streak

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 [...]

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Exchange Rates

June 17, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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