Forex

Asian Stocks Advance as Banks Rally; Dollar Slips

Published

7 years ago

February 6, 2017

Asian Stocks Advance as Banks Rally; Dollar Slips

Asian stocks gained as banks followed a rally in the U.S. sparked by the Trump administration’s plan to roll back financial regulations. The dollar slipped as a U.S. jobs report showed weaker wage growth.

Equities from Japan to Hong Kong climbed after the S&P 500 Index closed within a point of its all-time high on Friday. Mitsubishi UFJ Financial Group Inc. jumped to the highest level of the year. The Bloomberg Dollar Spot Index fell after completing a sixth weekly decline for its longest stretch of losses since August 2010. The South Korean won extended the biggest weekly advance since July. Oil edged higher, after three straight weeks of gains.

The dollar dropped Friday as the latest jobs report showed weak wage growth even as hiring picked up, bolstering the Federal Reserve’s case for a gradual approach to tightening. Those losses were temporarily reversed after San Francisco Fed President John Williams reiterated that three rate hikes this year is a reasonable guess. Odds for a Fed rate hike in March are lower since Thursday. The data capped a week that saw monetary policy makers in Japan, the U.K. and the U.S. stand pat as they assess the impact of America’s new leadership on global growth.

Global financial shares are rallying for a second day after U.S. President Donald Trump moved to roll back bank regulations enacted to stop the next financial crisis. The group has soared 38 percent from a low a year ago. Banks in Japan are also benefiting from robust earnings, as surging global bond yields and market volatility since Trump’s election victory have been a boon to fixed-income trading.

Here are the main market moves:

Stocks

Japan’s Topix index rose 0.2 percent as of 12:44 p.m. in Tokyo, after its biggest weekly decline since November. Mitsubishi UFJ jumped 4 percent after third-quarter profit unexpectedly rose 17 percent.
Australia’s S&P/ASX 200 Index was little changed, erasing an earlier gain of 0.7 percent. South Korea’s Kospi Index advanced 0.2 percent, while Taiwan’s Taiex jumped 0.8 percent. New Zealand’s market is closed for a holiday.
Hong Kong’s Hang Seng advanced 0.7 percent, while the Hang Seng China Enterprises Index rose 1.4 percent. India’s Sensex added 0.6 percent to the highest since October.
The S&P 500 climbed 0.7 percent to 2,297.42 on Friday, within a point of its all-time closing record set Jan. 25.

Currencies

The dollar fell against most of its major peers. The yen climbed 0.2 percent to 112.39 per dollar.
South Korea’s won added 0.8 percent and the Taiwanese dollar advanced 0.4 percent. The currencies have been among the top performers in Asia this year, bolstered by the Trump administration’s rhetoric on exchange-rate manipulation.

Commodities

Oil rose 0.2 percent to $53.93. Oil capped a third weekly gain on Friday as the U.S. imposed fresh sanctions on Iran after a missile test and OPEC reached about 60 percent of its output-cut target.
Gold advanced for a third day, climbing 0.3 percent to $1,224, which would be the highest closing level since November.

Bonds

Australian 10-year yields dropped for the first time in four sessions, falling three basis points to 2.77 percent.
The yield on 10-year Treasuries lost one basis point to 2.46 percent.

Up Next

Reps Summon Emefiele Over Foreign Exchange sale to Oil Marketers

Don't Miss

Forex Weekly Outlook February 6-10

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.

Comments

Forex

Yen Hits 34-Year Low Against Dollar Despite Bank of Japan’s Inaction

Published

6 hours ago

April 26, 2024

Samed Olukoya

The Japanese yen plummeted to a 34-year low against the US dollar, sending shockwaves through global financial markets.

Despite mounting pressure and speculation, the Bank of Japan (BOJ) chose to maintain its key interest rate.

The yen’s relentless slide, extending to 0.7% to 156.66 against the dollar, underscores deep concerns about Japan’s economic stability and the efficacy of its monetary policies.

BOJ Governor Kazuo Ueda’s remarks at a post-meeting news conference did little to assuage fears as he acknowledged the impact of foreign exchange dynamics on inflation but downplayed the yen’s influence on underlying prices.

Investors, already on edge due to the yen’s dismal performance this year, are now bracing for further volatility amid speculation of imminent intervention by Japanese authorities.

The absence of decisive action from the BOJ has heightened uncertainty, with concerns looming over the potential repercussions of a prolonged yen depreciation.

The implications of the yen’s decline extend far beyond Japan’s borders, reverberating across global markets. The currency’s status as the worst-performing among major currencies in the Group of Ten (G-10) underscores its significance in the international financial landscape.

Policymakers have issued repeated warnings against excessive depreciation, signaling a commitment to intervene if necessary to safeguard economic stability.

Finance Minister Shunichi Suzuki reiterated the government’s readiness to respond to foreign exchange fluctuations, emphasizing the need for vigilance in the face of market volatility.

However, the lack of concrete action from Japanese authorities has left investors grappling with uncertainty, unsure of the yen’s trajectory in the days to come.

Market analysts warn of the potential for further downside risk, particularly in light of upcoming economic data releases and the prospect of thin trading volumes due to public holidays in Japan.

The absence of coordinated intervention efforts and a clear policy stance only exacerbates concerns, fueling speculation about the yen’s future trajectory.

The yen’s current predicament evokes memories of past episodes of currency turmoil, prompting comparisons to Japan’s intervention in 2022 when the currency experienced a similar downward spiral.

The prospect of history repeating itself looms large, as market participants weigh the possibility of intervention against the backdrop of an increasingly volatile global economy.

As Japan grapples with the yen’s precipitous decline, the stakes have never been higher for policymakers tasked with restoring stability to the currency markets. With the world watching closely, the fate of the yen hangs in the balance, poised between intervention and inertia in the face of unprecedented challenges.

Naira

Dollar to Naira Black Market Today, April 25th, 2024

As of April 25th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,300 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

1 day ago

April 25, 2024

Samed Olukoya

Naira to Dollar Exchange- Investors King Rate - Investors King

As of April 25th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,300 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,260 and sell it at N1,250 on Wednesday, April 24th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

Buying Rate: N1,300
Selling Rate: N1,290

Naira

Dollar to Naira Black Market Today, April 24th, 2024

As of April 24th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,260 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

2 days ago

April 24, 2024

Samed Olukoya

As of April 24th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,260 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,250 and sell it at N1,240 on Tuesday, April 23rd, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined slightly when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.