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Forex Weekly Outlook April 10-14

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us dollar
  • Forex Weekly Outlook April 10-14

The US economy added fewer jobs in March than projected, adding just 98,000 people to the payroll but the unemployment rate improved to 10 years low of 4.5 percent from 4.7 percent recorded in February. While, the figure is disappointing and a lot of analysts have predicted possible change in the Federal Open Market Committee stand, there are other fundamental factors that says otherwise. For instance, wage growth was steady at 2.7 percent year-on-year, while the unemployment claims declined to a 5-week low of 234,000. Perhaps this explained why the U.S dollar gained against all its counterparts on Friday after the report was made public. Again, global uncertainty after the Syria attack continued to aid haven assets and has also boosted the Japanese yen against its counterparts.

On oil, crude oil prices rallied on Friday after the US launched a missile strike against Syria, sparking fears that an escalation of the conflict in the crude-rich Middle East could disrupt supplies and further aid OPEC strategy. However, Fitch Ratings in its latest report forecast crude oil prices would average $52.50 per barrel in 2017. This is $7.4 per barrel higher than $45.1 per barrel recorded in 2016.

Also, crude oil experts and analysts expect the surge in the US oil production to continue disrupting OPEC strategy until both the OPEC and non-OPEC member states reached another consensus on production cut later in the year.

In Canada, the labour market added 19,600 jobs in March but the rise in the number of people looking for a job increased the unemployment rate from 6.6 percent to 6.7 percent in March. Canada has so far created a total of 82,600 jobs in the first three months of the year. This was after weak manufacturing sector plunged job creation in 2016 and impact exports amid global oil glut.

However, the manufacturing sector has expanded from 2016 low to 55.5 in March after recording a 54.7 in February. Also, the manufacturing employment rose by 24,400 in March, making it the highest one-month increase since August 2002. Therefore, businesses and investors are projecting continuous gain in the labour market—especially with the newly signed Canada-EU Comprehensive Economic and Trade Agreement expected to add at least $25 billion a year to the economy.

In the UK, the services sector rose to 55 in March, pushing businesses to raise their prices at the quickest pace in over 8 years. Experts believed it’s going to be a tough year for consumers following the report that both the manufacturing and construction sectors shrank in February. This further added to signs that the economy is losing momentum.

Last week, the Governor of the Bank of England Mark Carney urged banks to get contingency plans for all potential Brexit outcomes. Signaling increase uncertainty and possible recession, especially with both consumer spending and housing price slowdown with demands.

Generally, the US economy remains strong with its uncertainty, while Canada’s economy is gradually improving with growing global economic outlook. Both the UK and the Euro-area remains uncertain ahead of Brexit.

This week I will be reviewing past analysis in relation to current happenings.

GBPJPY

Forex Weekly Outlook April 10-14In a sequel to my analysis three weeks ago, this pair has dropped 222 pips but yet to hit our first target at 134.90 support levels. But with both the construction and manufacturing sectors shrinking and housing price growth plunging to a 4-month low. I remain bearish on this pair as long as price remains below 141.47, I will expect a sustained break to expose 129.85 targets.

AUDJPY

Forex Weekly Outlook April 10-14Last week, this pair topped our list and has since plunged by 163 pips to close at around 83.34, which was below the ascending line called temporary reversal. Therefore, this week I expect the current surge in the yen attractiveness and Aussie weak economic outlook ahead of surging household debt and bubble housing sector to further aid bearish move of this pair towards our last week target of 80.82.

CADJPY

Forex Weekly Outlook April 10-14Since I mentioned this pair sell potential three weeks ago, it has failed to sustain its bearish move. Even after giving us about 133 pips and hitting our first target. However, due to the positive Canada’s economic outlook and growing manufacturing sector that has continued to support job creation. I will step aside this week to better assess the pair in relation to series of economic data due this week.

NZDUSD

NZDUSDWeeklyThis pair has plunged 71 pips since last week but far from our target of 0.6716. Therefore, as long as price remains below 0.7071 I am bearish on this pair and will be looking to add to my sell position below 0.6893 support levels for 0.6716 targets.

 

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

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Black Market Dollar To Naira Exchange Rate For Today 1st February 2023

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Godwin Emefiele - Investors King

You can access the black market Dollar to Naira exchange rate for today, 1st February on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦745 and ₦750, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N745 and sell at N750 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 745
Selling Rate 750

The local currency opened at N750.00 per $1 at the parallel market otherwise known as the black market today Wednesday, 1st February 2023, in Lagos Nigeria, after it closed at N755 per $1 on Tuesday, 31st January 2023.

Even though the dollar to naira opened in the parallel market at N750 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N745 and sell for N750 on Wednesday morning, February 1, 2023, after they purchased N752 and sold for N755 on Tuesday, 31st January 2023.

Meanwhile, Investors King reports that the USD started this week at ₦755 in Parallel Market also known as Black Market after it opened at  ₦757 last week Monday, January 23, 2023.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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Black Market Rate

Black Market Dollar To Naira Exchange Rate For Today 30th January 2023

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Naira Dollar Exchange Rate - Investors King

You can access the black market Dollar to Naira exchange rate for today, 30th January on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦752 and ₦755, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N752 and sell at N755 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 752
Selling Rate 755

The local currency opened at N755.00 per $1 at the parallel market otherwise known as the black market today Monday, 30th January 2023, in Lagos Nigeria, after it closed at N755 per $1 on Sunday, 29th January 2023.

Even though the dollar to naira opened in the parallel market at N755 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N752 and sell for N755 on Monday morning, January 29, 2023, same rate of Sunday, 29 January 2023.

Meanwhile, Investors King reports that the USD started this week at ₦755 in Parallel Market also known as Black Market on Sunday, January 29, 2023, in Lagos Nigeria.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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Naira

Black Market Dollar To Naira Exchange Rate For Today 28th January 2023

Dollar to naira exchange rate today black market (Aboki dollar rate)

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New Naira notes

You can access the black market Dollar to Naira exchange rate for today, 28th January on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦750 and ₦755, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N750 and sell at N755 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 750
Selling Rate 755

The local currency opened at N755.00 per $1 at the parallel market otherwise known as the black market today Saturday, 28th January 2023, in Lagos Nigeria, after it closed at N750 per $1 on Thursday, 26th January 2023.

Even though the dollar to naira opened in the parallel market at N755 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N750 and sell for N757 on Saturday morning, January 28, 2023, after they purchased N744 and sold for N746 on Thursday, 26 January 2023.

Meanwhile, Investors King reports that the USD started this week at ₦745 in Parallel Market also known as Black Market on Monday, January 23, 2023, in Lagos Nigeria, after it opened at ₦744 last week Monday, January 16, 2023.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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