Connect with us

Forex

Offshore Yuan Drops on PBOC Move; Japan Shares Fall: Market Wrap

Published

on

yuan
  • Offshore Yuan Drops on PBOC Move; Japan Shares Fall

China’s offshore yuan slumped after the central bank strengthened its currency fixing by the most in more than a decade. A rally in Asian stocks fizzled as a decline in Japanese shares overshadowed gains in Hong Kong ahead of the monthly U.S. jobs report.

The MSCI Asia Pacific Index, which is on course for the best start to a year since 2010, retreated for the first time in three days as Japanese shares declined. The offshore yuan declined after the daily fixing as a liquidity crunch at banks pushed the People’s Bank of China to support the exchange rate. Samsung Electronics Co. shares climbed 2 percent in Seoul after profit beat estimates as buoyant memory chip prices helped the world’s largest smartphone maker bounce back from the death of its fire-prone Galaxy Note 7.

China is risking eroding confidence in its currency by repeatedly tightening capital controls, according to hedge-fund manager Benjamin Fuchs. While the stock rally and Treasury rout that greeted Donald Trump’s win have been under threat for the past month, the dollar stabilized Friday after a two-day tumble. The U.S. jobs report is expected to confirm a sixth straight year with more than 2 million jobs added, a pace that could be difficult to sustain.

Stocks

  • The MSCI Asia Pacific Index slipped 0.2 percent as of 11:45 a.m. in Tokyo. Hong Kong’s Hang Seng rose 0.4 percent and Australia’s S&P/ASX 200 Index was little changed. South Korea’s Kospi advanced 0.4 percent as Samsung climbed. Singapore’s Straits Times Index rose 0.3 percent.
  • Futures on the S&P 500 Index were little changed after the underlying gauge fell 0.1 percent Thursday, just 0.1 percent below its record set on Dec. 13. Financial shares sank 1 percent as the drop in rates posed a threat to lending profits.
  • The Shanghai Composite rose less than 0.1 percent and Taiwan’s Taiex index was little changed.
  • The MSCI Emerging Markets Index extended gains for a fourth day, rising 0.2 percent.

Currencies

  • The offshore yuan lost 0.5 percent after a four-day climb.
  • The Bloomberg Dollar Spot Index rose 0.1 percent after falling 1 percent Thursday in its biggest slide since July on a closing basis. Companies added fewer jobs than forecast in December, according to a private research group.
  • The yen fell 0.4 percent to 115.77 per dollar after strengthening 1.6 percent on Thursday. South Korea’s won lost 0.3 percent.
  • Mexico’s peso climbed as much as 1.5 percent the previous session after Banxico confirmed that it was selling dollars to bolster the exchange-rate from a record low. The peso erased the advance after Trump threatened Toyota Motor Corp. with a border tax for planning to build a factory in Mexico.

Commodities

  • Crude was little changed after climbing 0.9 percent Thursday following a report that Saudi Arabia is cutting production as it implements an agreement to ease a global supply glut sparked the turnaround.
  • Gold retreated 0.1 percent to $1,178.48 per ounce, after a three-day, 2.9 percent climb.

Bonds

  • Australian bonds climbed, sending 10-year yields down five basis points to 2.69 percent, a level last seen in November; similar New Zealand rates dropped five basis points to 3.19 percent.
  • U.S. Treasuries rallied Thursday by the most since the post-Brexit jolt, with the yield on the 10-year benchmark falling nine basis points to 2.34 percent. That was the biggest drop since June 27.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Continue Reading
Comments

Naira

Naira Falls to N500/US$1 at Black Market on Monday

Published

on

Naira - Investors King

Despite efforts by the Central Bank of Nigeria (CBN) to improve dollar liquidity across the foreign exchange segments and prop up Naira value, the Nigerian Naira dipped to N500 against the United States Dollar on Monday at the nation’s black market.

Last week, the CBN announced plans to increase forex allocation to Deposit Money Banks in a bid to ensure Nigerians access forex at a fair rate and not forced to patronise the black market operators with exuberant rates.

The CBN agreed to increase the amount allocated to banks for travellers, Small and Medium Enterprises among others. The banks also agreed to operate something akin to foreign exchange imprest account such that the coffers of banks will be replenished so long as they retire the initial amounts to the satisfaction of the CBN”, stated Mr. Osita Nwanisobi, the Acting Director, Corporate Communications Department at the CBN.

The Naira quickly gained against its global counterparts, improving to N493 against the American Dollar last week before resuming its long-term bearish trend to N500/US$1 at the black market on Monday 21, June 2021.

The embattled currency depreciated in value against both the Euro and British Pound, exchanged at N590 and N710, respectively.

At the NAFEX window, the CBN new adopted official rate, the Naira traded at N411.67 to a United States Dollar on Monday while investors transacted $94.17 million during the trading hours of Monday.

At the Bureau De Exchange section of forex, Naira sold for N495 per US Dollar, N715 to a British Pound and N603 to a Euro.

Continue Reading

Naira

Nigerian Naira Exchange Rates; Tuesday, June 22, 2021

Published

on

Naira - Investors King

 The Nigerian Naira lost N2 against the United States Dollar on Monday to N500 despite efforts by the Central Bank of Nigeria to prop the local currency value.

The embattled currency remained pressured at N710 to a British Pound and N590 to a single Euro.  Naira opened at N500 to a United States Dollar on Tuesday.

Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
22/06/2021 495/500* 703/710* 585/590* 62/69 400/410 300/322
21/06/2021 495/500 703/710 585/592 62/69 400/410 300/325
18/06/2021 492/498 700/710 585/595 62/69 400/410 300/325
17/06/2021 483/493 700/710 590/600 62/69 400/410 300/322
16/06/2021 497/502 707/713 600/606 62/69 400/410 300/322

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
22/06/2021 485/495 700/715 580/603
21/06/2021 480/490 680/710 550/603
19/06/2021 475/490 680/715 580/603
18/06/2021 475/485 680/715 580/603
17/06/2021 478/490 690/710 590/603
16/06/2021 495/500 707/718 600/609
15/06/2021 495/500 707/718 600/609
14/06/2021 490/498 705/718 600/608

Central Bank of Nigeria’s Official Naira Rates

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
6/21/2021 US DOLLAR 409.2 409.7 410.2
6/21/2021 POUNDS STERLING 567.6422 568.3358 569.0294
6/21/2021 EURO 486.5797 487.1743 487.7688
6/21/2021 SWISS FRANC 444.0586 444.6012 445.1438
6/21/2021 YEN 3.7166 3.7212 3.7257
6/21/2021 CFA 0.7231 0.7331 0.7431
6/21/2021 WAUA 583.9237 584.6372 585.3507
6/21/2021 YUAN/RENMINBI 63.2634 63.3412 63.4189
6/21/2021 RIYAL 109.1113 109.2446 109.3779
6/21/2021 SOUTH AFRICAN RAND 28.7174 28.7525 28.7876

 

Continue Reading

Naira

Naira Exchange Rates; Monday, June 21, 2021

Published

on

Naira Dollar Exchange Rate - Investors King

The Nigerian Naira continues its decline against global counterparts after gaining on the back of the Central Bank of Nigeria’s proposed increase in foreign exchange supply to all forex operators across the country.

Naira gained on the parallel market to exchange at N493 against the United States Dollar on Tuesday 15, June 2021 before dropping to N497 on Wednesday 16, June 2021.

The local currency plunged as low as N502 to a United States Dollar on the parallel market before the CBN announced its plans to up liquidity in an effort to ease scarcity and speed up business activities in the largely import-dependent economy. See the Naira exchange rates across various sections of foreign exchange markets.

Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
21/06/2021 495/500 703/710 585/592 62/69 400/410 300/325
18/06/2021 492/498 700/710 585/595 62/69 400/410 300/325
17/06/2021 483/493 700/710 590/600 62/69 400/410 300/322
16/06/2021 497/502 707/713 600/606 62/69 400/410 300/322

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
21/06/2021 480/90 680/710 550/603
19/06/2021 475/490 680/715 580/603
18/06/2021 475/485 680/715 580/603
17/06/2021 478/490 690/710 590/603
16/06/2021 495/500 707/718 600/609
15/06/2021 495/500 707/718 600/609
14/06/2021 490/498 705/718 600/608

Central Bank of Nigeria’s Official Naira Rates

Continue Reading




Advertisement
Advertisement
Advertisement

Trending