Wednesday, September 19, 2018

Lukman Otunuga

    Dollar wobbles as Trump lands in China

Dollar wobbles as Trump lands in China

Asian stock markets were mostly higher during early trading on Thursday, following Wall Street’s modest gains overnight. The positive momentum from Asia is likely to support European stocks this morning, with the bullish sentiment trickling back down into Wall Street later in the day. World stocks have had a brilliant trading year, thanks to rising confidence over the global economy and optimism [...]

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    Heavy hitters give Nigeria the thumbs up

Heavy hitters give Nigeria the thumbs up

October was certainly another positive month for the largest economy in Africa, which has yet again showcased its brawn and resilience on the global stage.Annual inflation eased for the eighth straight month, while encouraging core economic metrics pointed to further signs of economic stability. Rising global oil prices and recovering domestic oil production has positively impacted government revenues and [...]

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    Euro continues to tumble, US GDP in focus

Euro continues to tumble, US GDP in focus

It has been another interesting week for global markets as investors continue to wrestle with the Catalonia crisis, bumpy Brexit negotiations, and uncertainty around who will become the next Fed Chair.The main highlight was on Thursday, when the European Central Bank moved forward with a “dovish taper”, a move that is seen as the first step to ending easy money.Stock [...]

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    Euro pressured by political jitters

Euro pressured by political jitters

The Euro found itself vulnerable to losses on Monday morning, thanks to heightened political drama in Spain.Jitters over the Catalan developments were felt across the board, after Prime Minister Mariano Rajoy gave Carles Puigdemont until 08:00 GMT to clarify Catalonia’s independence status. Puigdemont simply ignored Madrid’s ultimatum, submitting a letter that failed to provide a clear indication on his response to the independence declaration [...]

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    Nigeria strides into Q4

Nigeria strides into Q4

Nigeria displayed its resilience in the global arena on repeated occasions this year, by confronting a currency crisis, navigating depressed oil prices and rebounding from an economic deceleration.With the nation currently in the process of recovering from its worst slump in 25 years, despite the headwinds created from both external and internal risk, the overall outlook remains highly encouraging.Annual [...]

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    Gold struggles to shine as dollar firms

Gold struggles to shine as dollar firms

Gold struggled to hold onto its shine on Tuesday, as the risk-on mood encouraged investors to seek riskier assets, such as equities.The yellow metal dipped to a seven-week low below $1270 during early trading, and it looks like further punishment is in store, as firming US rate hike expectations buoy the US dollar.With prices securing a solid monthly close below the [...]

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    Dollar smiles while sterling scowls

Dollar smiles while sterling scowls

Sterling’s price action this week can be described as messy, as rocky Brexit negotiations between the United Kingdom and Brussels, left investors on edge.Sentiment towards the Pound was already fragile amid the uncertainty, and reports released on Friday, showing a downward revision of Britain’s annual growth rate, put more pressure on the currency. Economic growth in the United Kingdom rose [...]

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    Dollar flexes ahead of Yellen’s speech

Dollar flexes ahead of Yellen’s speech

King Dollar flexed its muscles against a basket of major currencies during Tuesday’s trading session, as investors positioned ahead of Janet Yellen’s hotly anticipated speech in Cleveland later.Dollar bulls seem to be making a return, following hawkish comments from the Federal Reserve’s William Dudley on Monday. Dudley said that the central bank was still on track to gradually raise interest [...]

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    Dollar depressed ahead of FOMC decision

Dollar depressed ahead of FOMC decision

The Dollar has drifted lower against a basket of major currencies, ahead of the Federal Reserve decision later today, which is largely expected to conclude with an unchanged monetary policy.With it being considered aprevious conclusionthat US interest rates will be left unchanged in September, much attention will likely be directed towards the Fed’s forward guidance, for clues on future monetary [...]

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    Risk appetite flickers ahead of Jackson

Risk appetite flickers ahead of Jackson

Investors in Asia and Europe swiftly discarded safe-haven assets on Tuesday, as risk appetite staged a modest recovery ahead of the upcoming Jackson Hole Economic Policy Symposium this week.Most Asian shares were boosted by the mild improvement in risk sentiment during early trading, with European stocks venturing higher and subsequently breaking a three-day losing streak. The domino effect from Asian and [...]

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    Nigeria strengthening economy attracts forex traders

Nigeria strengthening economy attracts forex traders

The forces behind currency markets and what makes them tick is always an interesting topic, especially when you talk about the Nigerian naira. The strength of a country’s currency is often in direct proportion to their fiscal health and political stability, and this can clearly be seen when you look at the Nigerian economy.The Naira has been battling all kinds [...]

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    UK retail sales data fails to pack the punch

UK retail sales data fails to pack the punch

Sterling bulls were hesitant to make an appearance during Thursday’s trading session, despite UK retail sales exceeding market estimates by rising 0.3% in July.July sales were largely driven by the biggest increase in food buying in almost two years, which offset a decline in the purchase of other goods. However, in annual terms, sales disappointed by growing just 1.3%, which was below [...]

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    Sterling mixed as UK data conflicts

Sterling mixed as UK data conflicts

Market players are unsure whether to throw Sterling a lifeline, or to punish the currency further on Thursday, following the mixed bag of different economic releases from the United Kingdom.Total industrial production exceeded expectations by rising 0.5% in June but manufacturing remained flat. The trade deficit unexpectedly widened, which weighed on sentiment.With the UK economy ending the second quarter on [...]

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    Will July’s US jobs report rescue the dollar?

Will July’s US jobs report rescue the dollar?

It has been another rough and rocky trading week for the Greenback as heightened political jitters in Washington weighed heavily on the currency.Friday’s potential market-shaker will be the US jobs report for July, which should offer crucial insights into the health of the US labor market. With the challenging combination of stubbornly low inflation and lackluster economic data weighing heavily on [...]

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    Dollar punished by political drama in Washington

Dollar punished by political drama in Washington

The battered Dollar licked its wounds after reaching a 15-month low against a basket of global currencies during early trading on Wednesday, as investors repositioned ahead of a multitude of key risk events this week.It has certainly been a rough trading year for the Greenback, with sentiment turning increasingly bearish as political drama in Washington clouds the prospect of another [...]

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    Is Nigeria poised for an economic rebound?

Is Nigeria poised for an economic rebound?

It has certainly been a lively year for the Nigerian economy as it continues to diversify away from oil reliance while juggling with a currency crisis and Dollar shortages created by low oil prices.Although the nation still remains exposed to external risks, there has been some optimism over the economic landscape stabilizing, with the improving macro fundamentals fueling speculations [...]

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Exchange Rates

September 20, 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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