Forex

Japan Shares Fall on Yen Gain

Published

7 years ago

January 24, 2017

Japan Shares Fall on Yen Gain

Japanese shares fell for a second day after the yen touched the highest since November while Treasuries held gains that had been spurred when President Donald Trump targeted reworking America’s trade relationships. The dollar pared declines that had come after Treasury Secretary nominee Steven Mnuchin commented on currency strength.

The Topix Index fell 0.4 percent as of 9:46 a.m. in Tokyo, while equities advanced in Australia. Futures on the S&P 500 Index were little changed after the benchmark declined Monday, when European shares fell to the lowest level of 2017. Gold retreated after touching the highest since November and 10-year Australian yields fell a second day.

While investors have been looking for details on campaign promises to boost growth and government spending, much of the incoming administration’s initial pronouncements targeted trade or pushed companies to invest more inside the U.S. Mnuchin flagged concerns about China’s trade and exchange rate policies and said the administration would focus on infrastructure spending. President Trump promised a “very major” border tax and signed an executive order to withdraw the U.S. from the Trans-Pacific Partnership deal. He announced on the weekend he’d seek to renegotiate the North American Free Trade Agreement.

“The first couple of days of the new presidency have seen the rhetoric weighted toward protectionist policies while little detail is yet available on stimulus measures,” said Ric Spooner, Sydney-based chief analyst at CMC Markets Asia Ltd. “Unwinding free trade agreements and imposing border taxes is seen by markets as a negative for the dollar, which is not being helped by statements from the U.S. Treasury secretary about it being overvalued.”

Money managers will be dissecting earnings from some of the world’s largest companies this week with Alphabet Inc. and Alibaba Group Holding Ltd. among those reporting results.

Here are the main moves in markets:

Stocks

The Nikkei 225 Index fell 0.4 percent. Futures on the FTSE China A50 advanced 0.2 percent, while those on the Hang Seng Index were little changed.
The MSCI Asia-Pacific Index was little changed.
Australia’s S&P/ASX 200 Index rose 0.5 percent, after a two-day slide, while New Zealand stocks retreated 0.2 percent and South Korea’s Kospi lost 0.1 percent.
The S&P 500 Index fell 0.3 percent to 2,265.20. The Dow Jones Industrial Average slid to 19,799.85, clinging to a 0.2 percent advance in 2017.
The Stoxx 600 benchmark index of European shares fell 0.4 percent to the lowest close since December.
The MSCI Emerging Market Index rose 0.1 percent to add to its 1 percent jump on Monday.

Currencies

The yen declined 0.2 percent to 112.87 per dollar, after jumping 1.7 percent the previous session. The Australian and New Zealand dollars were little changed after each advanced more than 0.2 percent to reach levels last seen in November.
The Bloomberg Dollar Spot Index slid 0.2 percent to the lowest since Dec. 8, after dropping 0.7 percent on Monday. It has fallen for four straight weeks, the longest retreat since February.

Bonds

Australian bonds gained in the wake of Treasuries, with the yield on 10-year notes down four basis points to 2.72 percent.
The yield on the 10-year Treasury was steady at 2.40 percent after it declined seven basis points Monday; bonds had extended their rally after Trump vowed “a very major border tax” on imports in a meeting with business leaders.

Commodities

Gold was down 0.1 percent after climbing 0.7 percent Monday and touching a two-month high of $1,220.26 an ounce.
West Texas Intermediate crude oil rose 0.3 percent to $52.89 a barrel. It slid 0.9 percent the previous session after U.S. drillers added the most rigs in more than three years, making it difficult for OPEC to drain global oversupply.

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Naira

Black Market Dollar to Naira Exchange Rate Today 17th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 17th, 2024 stood at 1 USD to ₦1,540.

Published

4 hours ago

May 17, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 17th, 2024 stood at 1 USD to ₦1,540.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,560 and sold it at ₦1,550 on Thursday, May 16th, 2024.

This indicates a slight improvement in the Naira exchange rate when compared to today’s rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in the black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,540
Selling Rate: ₦1,530

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Forex

SEC and ABCON Explore Collaboration for ‘Kolectyomoni’ Digital Currency Platform

Published

5 hours ago

May 17, 2024

Samed Olukoya

The Association of Bureaux De Change Operators of Nigeria (ABCON) has initiated talks with the Securities and Exchange Commission (SEC) to explore collaboration on its upcoming digital currency market platform, ‘Kolectyomoni’.

This move was underscored during an official visit by ABCON representatives to the newly appointed Director General of the SEC, Dr. Timi Agama. Aminu Gwadabe, President of ABCON, conveyed the association’s eagerness to engage with SEC to ensure the smooth operation of its digital currency platform.

Gwadabe emphasized that ABCON recognizes the regulatory oversight of SEC in the financial sector and seeks its guidance to navigate the complexities of the digital currency market.

He pointed out that while digital currencies hold immense potential for financial inclusion and innovation, they also present regulatory challenges that require collaborative efforts between industry stakeholders and regulatory bodies.

Highlighting the significance of embracing digital currencies, Gwadabe noted, “The future of BDC’s business is digital currency.”

He stressed the growing adoption of digital currencies among Nigerians, citing statistics that reveal a rising number of participants in the digital currency ecosystem, with a substantial market size of $9 billion annually.

In response, Dr. Timi Agama expressed SEC’s openness to support and facilitate the growth of the digital currency sector in Nigeria.

He acknowledged ABCON’s initiative in launching the ‘Kolectyomoni’ platform and assured of SEC’s cooperation in providing regulatory guidance and oversight.

Agama reaffirmed SEC’s commitment to fostering innovation in the financial sector while ensuring investor protection and market integrity.

He underscored the importance of collaboration between regulators and industry players to develop robust frameworks that foster innovation and safeguard against potential risks.

Furthermore, Agama encouraged ABCON to finalize the development of the ‘Kolectyomoni’ digital currency platform and submit it to the SEC for thorough review and assessment by the technical team.

He emphasized the need for timely regulatory oversight to address emerging trends in the digital currency market and maintain regulatory compliance.

Naira

Black Market Dollar to Naira Exchange Rate Today 16th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 16th, 2024 stood at 1 USD to ₦1,560.

Published

1 day ago

May 16, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 16th, 2024 stood at 1 USD to ₦1,560.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,530 and sold it at ₦1,520 on Wednesday, May 15th, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.