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Commodity Producers Rise With Metals; Dollar Gains

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Iron ore
  • Commodity Producers Rise With Metals; Dollar Gains

European shares rose as commodity producers rebounded with metals prices. Chinese equities led Asian markets lower, while the pound was steady after rallying Tuesday on news of a U.K. election.

The Stoxx Europe 600 Index climbed after the biggest one-day loss since November. Glencore Plc led gains among materials companies as zinc, aluminum and iron ore rose after sharp drops earlier in the week. Equity markets in China slipped, with the benchmark index in Shanghai tumbling for a fourth day. The pound remained near its strongest level this year ahead of a parliamentary vote for an election on June 8. The yield on Japan’s benchmark 10-year government note touched zero, while the Australian 10-year yield fell to its lowest since November.

The rebound in metals somewhat overshadowed geopolitical uncertainty and weaker-than-expected corporate earnings from heavyweights IBM and Goldman Sachs Group Inc. A vote in Britain will be preceded by the French presidential election, while a standoff over North Korea’s nuclear weapons program drags on.

The odds of the Federal Reserve raising interest rates in June have fallen to about 44 percent from more than 60 percent earlier in April as investors question the strength of the U.S. economy. They are also waiting for President Donald Trump’s proposed tax cuts and infrastructure plans to materialize.

Here are the main moves in markets:

Stocks

  • The Stoxx Europe 600 increased 0.1 percent as of 8:28 a.m. in London, after dropping 1.1 percent on Tuesday.
  • The Shanghai Composite Index fell 0.8 percent, taking its four-day loss to 3.2 percent. It is at its lowest since Feb. 8. The main Shenzhen market was also down a fourth day.
  • The Hang Seng Index slid 0.4 percent and the Hang Seng China Enterprises Index dropped below the 10,000 level for the first time in two months. The MSCI Asia Pacific Index retreated 0.4 percent.
  • Japan’s Topix index was little changed, while Australia’s S&P/ASX 200 Index lost 0.6 percent and South Korea’s Kospi index fell 0.5 percent.
  • Futures on the S&P 500 rose 0.2 percent after the underlying gauge slipped 0.3 percent Tuesday. IBM slumped in after-hours U.S. trading after its 20th consecutive quarterly sales decline.

Currencies

  • The yen slipped 0.4 percent to 108.84 per dollar after gaining 0.5 percent Tuesday. The Bloomberg Dollar Spot Index rose 0.2 percent following a two-day decline.
  • The pound dropped less than 0.1 percent to $1.2836 after its 2.2 percent surge Tuesday. The euro slipped less than 0.1 percent.
  • The Australian dollar slid 0.7 percent following its 0.4 percent drop the previous day.

Bonds

  • The yield on 10-year Treasuries rose three basis point to 2.20 percent after an eight-basis-point plunge Tuesday.
  • The yield on similar-dated Japanese bonds briefly fell to zero for the first time since November before rising back to 0.004 percent. The yield on Australian notes due in a decade slid three basis points to 2.46 percent.

Commodities

  • Iron ore put the brakes on its decline, rising 2 percent after losing 8 percent in the first two days of the week.
  • London Metal Exchange copper for delivery in three months rebounded, advancing 1.3 percent. Aluminum, zinc, lead and nickel all rose.
  • Gold declined 0.4 percent to $1,284.24 an ounce after closing at the highest since November in the previous session.
  • West Texas Intermediate crude oil was little changed at $52.39 a barrel, after two days of losses.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Naira

Naira Falls to N500/US$1 at Black Market on Monday

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Naira - Investors King

Despite efforts by the Central Bank of Nigeria (CBN) to improve dollar liquidity across the foreign exchange segments and prop up Naira value, the Nigerian Naira dipped to N500 against the United States Dollar on Monday at the nation’s black market.

Last week, the CBN announced plans to increase forex allocation to Deposit Money Banks in a bid to ensure Nigerians access forex at a fair rate and not forced to patronise the black market operators with exuberant rates.

The CBN agreed to increase the amount allocated to banks for travellers, Small and Medium Enterprises among others. The banks also agreed to operate something akin to foreign exchange imprest account such that the coffers of banks will be replenished so long as they retire the initial amounts to the satisfaction of the CBN”, stated Mr. Osita Nwanisobi, the Acting Director, Corporate Communications Department at the CBN.

The Naira quickly gained against its global counterparts, improving to N493 against the American Dollar last week before resuming its long-term bearish trend to N500/US$1 at the black market on Monday 21, June 2021.

The embattled currency depreciated in value against both the Euro and British Pound, exchanged at N590 and N710, respectively.

At the NAFEX window, the CBN new adopted official rate, the Naira traded at N411.67 to a United States Dollar on Monday while investors transacted $94.17 million during the trading hours of Monday.

At the Bureau De Exchange section of forex, Naira sold for N495 per US Dollar, N715 to a British Pound and N603 to a Euro.

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Naira

Nigerian Naira Exchange Rates; Tuesday, June 22, 2021

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Naira - Investors King

 The Nigerian Naira lost N2 against the United States Dollar on Monday to N500 despite efforts by the Central Bank of Nigeria to prop the local currency value.

The embattled currency remained pressured at N710 to a British Pound and N590 to a single Euro.  Naira opened at N500 to a United States Dollar on Tuesday.

Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
22/06/2021 495/500* 703/710* 585/590* 62/69 400/410 300/322
21/06/2021 495/500 703/710 585/592 62/69 400/410 300/325
18/06/2021 492/498 700/710 585/595 62/69 400/410 300/325
17/06/2021 483/493 700/710 590/600 62/69 400/410 300/322
16/06/2021 497/502 707/713 600/606 62/69 400/410 300/322

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
22/06/2021 485/495 700/715 580/603
21/06/2021 480/490 680/710 550/603
19/06/2021 475/490 680/715 580/603
18/06/2021 475/485 680/715 580/603
17/06/2021 478/490 690/710 590/603
16/06/2021 495/500 707/718 600/609
15/06/2021 495/500 707/718 600/609
14/06/2021 490/498 705/718 600/608

Central Bank of Nigeria’s Official Naira Rates

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
6/21/2021 US DOLLAR 409.2 409.7 410.2
6/21/2021 POUNDS STERLING 567.6422 568.3358 569.0294
6/21/2021 EURO 486.5797 487.1743 487.7688
6/21/2021 SWISS FRANC 444.0586 444.6012 445.1438
6/21/2021 YEN 3.7166 3.7212 3.7257
6/21/2021 CFA 0.7231 0.7331 0.7431
6/21/2021 WAUA 583.9237 584.6372 585.3507
6/21/2021 YUAN/RENMINBI 63.2634 63.3412 63.4189
6/21/2021 RIYAL 109.1113 109.2446 109.3779
6/21/2021 SOUTH AFRICAN RAND 28.7174 28.7525 28.7876

 

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Naira

Naira Exchange Rates; Monday, June 21, 2021

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Naira Dollar Exchange Rate - Investors King

The Nigerian Naira continues its decline against global counterparts after gaining on the back of the Central Bank of Nigeria’s proposed increase in foreign exchange supply to all forex operators across the country.

Naira gained on the parallel market to exchange at N493 against the United States Dollar on Tuesday 15, June 2021 before dropping to N497 on Wednesday 16, June 2021.

The local currency plunged as low as N502 to a United States Dollar on the parallel market before the CBN announced its plans to up liquidity in an effort to ease scarcity and speed up business activities in the largely import-dependent economy. See the Naira exchange rates across various sections of foreign exchange markets.

Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
21/06/2021 495/500 703/710 585/592 62/69 400/410 300/325
18/06/2021 492/498 700/710 585/595 62/69 400/410 300/325
17/06/2021 483/493 700/710 590/600 62/69 400/410 300/322
16/06/2021 497/502 707/713 600/606 62/69 400/410 300/322

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
21/06/2021 480/90 680/710 550/603
19/06/2021 475/490 680/715 580/603
18/06/2021 475/485 680/715 580/603
17/06/2021 478/490 690/710 590/603
16/06/2021 495/500 707/718 600/609
15/06/2021 495/500 707/718 600/609
14/06/2021 490/498 705/718 600/608

Central Bank of Nigeria’s Official Naira Rates

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