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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The Greenback was under pressure on Tuesday with prices finding comfort near a six-month low against a currency basket as political turmoil in Washington weighed heavily on sentiment.A growing sense of anxiety over Trump’s ability to move forward with the pro-growth policies amid this uncertainty has added to the downside risks. With the soft U.S economic data compounding to an already [...]
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 [...]
Wednesday marked the official countdown of UK’s divorce from the EU, ending a 44-year relationship with its neighbors.The end of this relationship is of course painful, but many agree that this marriage was not a case of love at first sight after all. Investors decided not to take any significant action on Wednesday, the GBPUSD traded within 70 pips [...]
Sterling bears were unleashed during Wednesday’s trading session, with the GBPUSD sinking to a fresh seven-week low at 1.2150 as investor anxiety heightened ahead of the UK Spring Budget speech.Treasury chief Philip Hammond will be in the limelight today, and is set to provide some insight on the UK government’s financial plans as it embarks on its quest to [...]
Bitcoin, the increasingly popular cryptocurrency or digital currency, was the best performing currency in 2016.If you were thinking the naira was the worst performing currency of that year, you are wrong on this one.According to Bloomberg analysis, the worst performing currency for 2016 was the pound. Not the British pound, but the Egyptian pound, which depreciated by 58.84 percent.The Nigerian [...]
The naira took a fall again on Monday, as it slid to 485 against the dollar and 600 against the British pound at the parallel market.At the official side of the market, the naira depreciated from 305 to 315 per dollar, while the pound went for N401.This is coming at a time when the Central Bank of Nigeria (CBN) is [...]
The Nigerian naira on Tuesday sank to 480/$1 as fresh forex scarcity hit the parallel market.The depreciating naira also traded at 585 and 500 to the British pound and European Euro, respectively.At the official side of the forex market, the local currency also depreciated against a resurgent US dollar, trading at 315.125 per dollar, according to the FMDQOTC trading quotes.Bureau [...]
The explosive Trump fueled market rally displayed signs of exhaustion on Tuesday with global stocks trading in a modest range as investors redirected their focus back to global fundamentals.Asian shares were noticeably higher during early trading on Wednesday, following the firm finish on Wall Street and oil’s sharp rebound which renewed risk appetite. European stocks may be in line [...]
The Nigerian naira has remained around 454 to the greenback, as the Central Bank of Nigeria (CBN) asks the bureau de change operators to sell at 385/$1.The BDCs are getting forex from official sources at 375 per dollar and are mandated to sell at 385 to end users.About three weeks ago, the naira depreciated as low as 490/$1 and 601 [...]
The naira opened strong on Monday, recovering from last week's record low of N425 per dollar at the parallel market.The interbank market also experienced a strengthening of the local currency from 315.25 on Friday to 310 to the dollar at about 11am in Lagos.As at 2pm, the naira was trading at 314.75 to the dollar at the interbank market.At the [...]
The naira has attained a fresh all-time low of 412/$1 on Friday, as dollar scarcity bites harder at the parallel market.Foreign exchange scarcity continued on the parallel market as the Central Bank of Nigeria (CBN) upholds its foreign exchange ban on eight commercial lenders found to have acted in breach the Treasury Single Account (TSA) guidelines.The official side of the forex [...]
Dollar bulls and bears were both restrained this week with prices stuck in a tight range as investor anxiety mounts ahead of Friday’s heavily anticipated Jackson Hole gathering.This event has seized center stage with markets most likely searching for key hints on US rate hike timings which could dispel the period of uncertainty. There may be a possibility of [...]
The naira fell to an all-time low of 350.91 to a single dollar at the interbank market on Friday morning.According to Reuters data, the local currency traded at 350.91 to the dollar, in a single $1 million dollar transaction at the official market.The currency began the day at 317.50 naira to the dollar on Friday, from about 320/$1 on Friday.A [...]
The naira has depreciated by over 91 percent at the parallel market in the past one year, TheCable can report.On the official market side of the market, however, the currency fell by 57.4 percent within the same people.The local currency traded for 209 against the dollar on August 3, 2015, while the official Central Bank of Nigeria (CBN) window traded [...]
The naira is depreciating on all fronts to trade as low as 382 to the dollar in Nigeria's commercial capital, Lagos, on Monday.The naira, which traded at 378 to the dollar on Friday, at the parallel market, retreated further to 382 against the dollar as at 1pm on Monday.Interbank market trading opened at 318 to the dollar on Monday, to [...]
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