Forex

Asian Equities Decline While Aussie, Kiwi Advance

Published

7 years ago

February 7, 2017

Asian Equities Decline While Aussie, Kiwi Advance

Asian equities declined as political uncertainty continued to infect markets across the globe. The Aussie erased losses after the country’s central bank left its key interest rate on hold while the kiwi rallied on inflation expectations.

Japan’s Topix index dropped for the first time in three days, after the yen touched the highest level since November on Monday. That comes after the S&P 500 Index retreated from near-record levels, with shares most tied to economic growth struggling after sagging wage gains and uneven retail results. The Australian and New Zealand currencies strengthened against the dollar, which advanced against most other major peers. Chinese equities slipped as investors awaited data on China’s foreign-currency reserves.

The Trump-fueled rally in equities is faltering as investors assess how the U.S. administration will balance protectionist trade rhetoric with promised tax cuts and spending increases. At the same time, traders are assigning greater risk premiums to European countries where anti-establishment movements are gaining traction ahead of elections. The Reserve Bank of Australia held interest rates unchanged as an upswing in global commodity prices eases the impact of slower economic growth.

Here are the main market moves:

Stocks

The MSCI Asia Pacific Index was little changed as of 1:03 p.m. in Tokyo, after closing Monday at the highest level since July 2015.
The Topix index fell 0.2 percent following a two-day gain. Toyota Motor Corp. dropped 2.3 percent after reporting a 39 percent decline in third-quarter operating profit.
Australia’s S&P/ASX 200 Index fell 0.1 percent. South Korea’s Kospi Index retreated 0.1 percent. New Zealand’s main benchmark was down 0.5 percent.
Hong Kong’s Hang Seng index and the Shanghai Composite Index were down more than 0.1 percent ahead of data on foreign reserves.
Futures on the S&P 500 were little changed after the benchmark gauge slid 0.2 percent on Monday.

Currencies

The Bloomberg Dollar Spot Index gained 0.2 percent, rising for a second day.
The yen dropped 0.1 percent to 111.89 per dollar, after jumping 0.8 percent in the previous session.
The Aussie rose 0.2 percent, erasing an earlier loss of 0.3 percent. The currency is up 6.5 percent this year.
The New Zealand dollar advanced 0.6 percent, climbing for a fourth straight day, after inflation expectations jumped. Central bank governor Graeme Wheeler said he won’t seek a second term and will step down when his first ends in September.
The euro dropped 0.4 percent to $1.0708 after sliding 0.3 percent on Monday.

Commodities

Oil climbed 0.3 percent to $53.17 a barrel, after falling 1.5 percent on Monday after Baker Hughes Inc. said U.S. drillers boosted rig count to the most since October 2015.
Gold slipped 0.3 percent to $1,232.16 after advancing for three straight days to the highest level since November.

Bonds

Australian 10-year bonds rose, driving yields down six basis points to 2.70 percent, while similar-dated New Zealand debt saw yields drop eight basis points to 3.31 percent.
Yields on 10-year Treasuries lost two basis points to 2.39 percent after the biggest drop in more than two weeks in the previous session. The yield difference between French and German 10-year bonds jumped to 72 basis points on Monday.

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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

2 days 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

2 days 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

3 days 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.