Forex

Dollar Weakens on U.S. Politics; Equities Falter

Published

7 years ago

July 21, 2017

Dollar Weakens on U.S. Politics; Equities Falter

Stocks pared recent gains and the dollar sat at an 11-month low as investors assess an investigation into the U.S. president that may stall his economic agenda. The Australian dollar plunged the most since May after a dovish speech by the central bank deputy governor.

European equity markets opened lower, echoing moves in Asia, while U.S. index futures were steady. The New Zealand dollar led G-10 currency gains against the greenback, hitting its highest since September after the country’s finance minister said the kiwi’s level reflected a strong economy. The euro continued to gain and was at its highest intraday level since Aug. 24. U.S. Treasuries and Australian bonds advanced.

Global equities have continued hitting fresh highs this week amid corporate results that have reinforced faith in earnings and the economy. While it’s early in the U.S. reporting season, some 83 percent of companies have topped estimates on the bottom line. Asian shares are up more than four percent in the past two weeks, with markets in Japan and Hong Kong near two-year highs.

Politics in Washington are again at the forefront after central banks dominated proceedings earlier in the week, with reports that U.S. special counsel Robert Mueller is expanding his investigation of Donald Trump. The news came less than a day after the president told the New York Times that any digging into his finances would cross a red line.

Here are the main moves in markets:

Stocks

The MSCI Asia Pacific Index was down 0.2 percent as of 3:15 p.m. Hong Kong time, its first decline in 10 days. Japan’s Topix Index fell 0.2 percent Friday, though it’s still near its highest since August 2015. Australia’s S&P/ASX 200 Index slid 0.7 percent.
The Euro Stoxx 50 dropped 0.2 percent after closing little changed Thursday. The FTSE 100 rose 0.1 percent, extending gains to a third day.
The Hang Seng Index fell 0.1 percent, the Shanghai Composite Index lost 0.2 percent. Futures on the S&P 500 Index were unchanged after the underlying gauge closed flat Thursday.

Currencies

The Aussie tumbled 0.7 percent to 79.00 U.S. cents, after RBA Deputy Governor Guy Debelle said board discussions on the level of the neutral interest rate shouldn’t be interpreted as a signal for tighter policy. Governor Philip Lowe is due to speak next week. The kiwi rose 0.4 percent to 74.24 U.S. cents following comments by Steven Joyce.
The Bloomberg Dollar index was down 0.2 percent, in line for a weekly loss of 0.8 percent. The yen was up 0.1 percent at 111.75 per dollar.
The euro jumped 0.3 percent to $1.1667 at a 23-month high, building on its 1 percent surge Thursday.

Commodities

WTI crude was steady at $46.90 a barrel after losing 0.9 percent Thursday.
Gold was up 0.3 percent at $1,247.84 an ounce, rising for a second week.

Bonds

The yield on U.S. 10-year Treasuries fell one basis point to 2.25 percent.
The yield on Australian government notes with a similar maturity was down four basis points at 2.70 percent, and the three-year yield fell seven basis points to 2.02 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

Dollar to Naira Black Market Today, April 19th, 2024

As of April 19th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,100 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

13 hours ago

April 19, 2024

Samed Olukoya

As of April 19th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,100 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 N1,020 and sell it at N1,010 on Thursday, April 18th, 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.

Black Market Dollar to Naira Exchange Rate

Buying Rate: N1,100
Selling Rate: N1,090

Naira

Naira’s Recent Gain Reflects Policy Direction, Says CBN Chief Olayemi Cardoso

Published

1 day ago

April 18, 2024

Samed Olukoya

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has explained that the recent surge in the Naira is a testament to the positive direction of government policies rather than active intervention to defend the currency’s value.

Addressing attendees at the spring meetings of the International Monetary Fund and World Bank in Washington, Governor Cardoso underscored that the CBN’s intention is not to artificially prop up the Naira.

He clarified that the fluctuations observed in the country’s foreign exchange reserves were not aimed at defending the currency but rather aligning with broader economic goals.

Over the past month, the Naira has experienced a notable uptick in value against the dollar, signaling a reversal from previous declines. Data from Bloomberg reveals a 6.4% decrease in liquid reserves since March 18, coinciding with the Naira’s rebound.

Despite this decline, Cardoso pointed out that around $600 million had flowed into the reserves in the past two days, reflecting confidence in the Nigerian market.

Governor Cardoso articulated the CBN’s vision of a market-driven exchange rate system, emphasizing the importance of allowing market forces to determine exchange rates through willing buyers and sellers.

He expressed optimism about a future where the central bank’s intervention in the foreign exchange market would be minimal, except in extraordinary circumstances.

The recent resilience of the Naira follows a period of volatility earlier in the year, marked by a substantial devaluation in January. Since then, the CBN has implemented measures to stabilize the currency, including monetary tightening and initiatives to enhance dollar liquidity.

Cardoso highlighted the transformation in market sentiment, noting that investors now perceive Nigeria’s central bank as committed to stabilizing inflation and fostering economic stability.

As Nigeria continues its journey toward economic recovery and stability, Cardoso’s remarks provide insight into the central bank’s strategy and its impact on the country’s currency dynamics.

Naira

Dollar to Naira Black Market Today, April 18th, 2024

As of April 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,020 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

2 days ago

April 18, 2024

Samed Olukoya

As of April 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,020 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 N1,050 and sell it at N1,040 on Wednesday, April 17th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved 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.