Forex

Japan Stock Rally Falters as Yen Gains Before Trump

Published

7 years ago

February 28, 2017

Japan Stock Rally Falters as Yen Gains Before Trump

Caution crept into financial markets ahead of Donald Trump’s address to Congress, as a rally in Tokyo stocks melted away and the yen strengthened.

Asian shares erased an earlier advance, paring gains for the month. Japan’s Topix gave up almost all of its 1 percent rise in the final half hour of trading. The shift in sentiment followed advances in the U.S. that pushed the winning streak for the Dow Jones Industrial Average to 12 sessions, the longest in 30 years. Treasuries were flat after Monday’s declines as the odds of a Federal Reserve interest-rate hike in March jumped. Crude remained above $54 a barrel.

Even as global equities climbed to record levels, investors have remained wary as they await details of Trump’s economic plans and watch for signals on the timing for higher rates. The White House began sketching out spending plans Monday, as Trump said he’d spend “big” on infrastructure, while adding that tax details won’t become clear until after the costs of repealing the Affordable Care Act are known.

“Dollar bears should take caution if Trump follows through on infrastructure and Yellen ratchets up the rate-hike rhetoric to end the week,” said Stephen Innes, senior currencies trader in the Asia Pacific at Oanda Corp. “The big question for the market is, will Trump use tonight’s platform to execute?”

Fed Bank of Dallas President Robert Kaplan said policy makers should raise interest rates “sooner rather than later” and not pay excessive attention to market expectations. The chance of a rate hike at the central bank’s March 14-15 meeting jumped to 50 percent, federal funds futures showed, from 34 percent just five days ago.

What’s coming up this week:

Trump is expected to outline his priorities for the nation in an address before a joint session of Congress on Tuesday night in the U.S.
Fed officials are making speeches this week, including Chair Janet Yellen who addresses an event in Chicago on Friday.
The Bank of Japan is due to introduce more clarity on its bond-purchase operations by announcing the exact dates of its monthly purchases and how much it plans to buy.
This week’s economic data include U.S. personal income and spending. India and Australia will report on fourth-quarter GDP. China’s PMI data are expected to show continued expansion.

Here are the main moves in markets:

Stocks

The MSCI Asia Pacific Index lost 0.2 percent as of 4:24 p.m. in Tokyo, heading lower for a third straight day. The index is still up 2.2 percent for February, after a 4.9 percent gain for January.
The Topix ended with a gain of 0.1 percent, following Monday’s 1 percent decline. The gauge ended February with a 0.9 percent increase.
New Zealand’s S&P/NZX 50 Index jumped 1.3 percent, the most since Jan. 4. Australia’s S&P/ASX 200 Index declined 0.2 percent and South Korea’s Kospi increased 0.3 percent.
Hong Kong’s Hang Seng fell 0.7 percent and the Shanghai Composite Index advanced 0.4 percent. The Hang Seng China Enterprises Index fell 0.5 percent, reducing its monthly gain to 4.8 percent.

Currencies

The yen added 0.3 percent to 112.35 per dollar, after sliding 0.5 percent Monday to snap a three-day winning streak. The South Korean won also climbed 0.3 percent.
The Aussie advanced less than 0.1 percent to 76.76 U.S. cents ahead of Wednesday’s GDP report.
The Bloomberg Dollar Spot Index fell 0.1 percent after a 0.1 percent advance Monday.

Bonds

Yields on 10-year Treasuries fell one basis point to 2.36 percent after rising five basis points Monday, reversing three straight days of declines.
Australian benchmark yields added one basis point to 2.72 percent.

Commodities

WTI crude futures were steady at $54.06 a barrel, near the highest since July 2015.
Gold rose 0.1 percent to $1,253.59, heading for a 3.5 percent increase for February.
Iron ore futures fell 2.5 percent, after Monday’s 2.7 percent jump. The metal is heading for a monthly gain of 7.1 percent.

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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

3 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

3 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

4 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.