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Forex

Forex Weekly Outlook July 31- August 4

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USDCAD
  • Forex Weekly Outlook July 31- August 4

The US economic data showed the economy is healthy and expanded 2.6 percent in the second quarter. However, the US dollar dipped against most currencies, mainly because of the ongoing political tussle in the US and North Korea successful test of an ICBM capable of delivering a nuclear warhead to the US.

Again, while the Federal Open Market Committee (FOMC)  announced its readiness to commence balance sheet normalization as soon as October, it also voiced its concern on weak inflation rate and the need for the apex bank to move gradually as previously stated. This further cast doubt on the widely expected rates decision by both investors and the markets.

However, the weak US dollar boosted exports to 4.1 percent in the second quarter, while consumer spending surged to 2.8 percent. Riding on solid job data and steady wage growth. Suggesting that the weak US dollar is aiding businesses –especially the manufacturing sector. A move most experts believed could continue to support the sector if Trump’s proposed tax cut failed.

In Australia, the Aussie dollar dropped slightly after data showed inflation rate rose 0.2 percent in the second quarter, down from 0.5 percent recorded in the first quarter. Signaling that despite the surge in the Aussie dollar value, the Reserve Bank of Australia, RBA, would not be raising rate soon.

This was after the RBA Governor Philip Lowe’s said the weak consumer prices was due to slow growth in wages. Even though unemployment rate was at a record low, wage growth has been on the decline alongside future expectations. Dragging down household consumptions as data showed households revised down their expectations of future income growth. This is the slowest wage growth since 1997.

In the UK, the International Monetary Fund revised down UK’s economic growth projection for 2017 to 1.7 percent, citing rising inflation rate and increased headwinds. Likewise, consumer confidence plunged to post Brexit low. Suggesting consumers are starting to doubt future growth amid Brexit.

In Canada, the economy expanded by 0.6 percent, up from 0.2 percent. However, the Canadian dollar has struggled to sustain its Trump’s rally, even with a surge in its manufacturing activities and a healthy labour market. Indicating that the uncertainty in the global oil market and US business atmosphere is weighing on Canadian dollar outlook.

This week, USDCAD and GBPCAD top my list.

USDCAD

After our first target was hit last week, this pair continues its bearish run breaking a two-year support level. This sustained break would attract more sellers, especially after data revealed the Canadian economy expanded better than projected.

Forex Weekly Outlook July 31- August 4

Past week quote; Technically, the bearish flag pattern started in Jan 2016 signifies bearish breakout after closing below 1.3142 three weeks ago but affirmed bearish continuation following a sustained break of 1.2849 support level last week. Therefore, this week I will be expecting USDCAD to sustain current bearish move with 1.2494 as the first target. A sustained break of 1.2494 support levels should open up 1.2217.

Therefore, this week I will be adding to my sell order for 1.2217 targets.

GBPCAD

Since I mentioned this pair three weeks ago, it has plunged by 248 pips. Hitting our target 1 and 2.

However, with the growing weak business confidence in the U.K and low new investments. This pair is expected to continue its downward trend as long as 1.6497 resistance holds.

Forex Weekly Outlook July 31- August 4

Past week quote; This is because the U.K. economy has started slowing down as the political uncertainty in the region worsen after Theresa May failed to win majority votes in June.

On the other hand, the Canadian dollar gained from growing labor market and improving manufacturing sector.

Therefore, I will be looking to sell for 1.6209 targets.

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.

Naira

Daily Naira Exchange Rates; Wednesday, February 24, 2021

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Daily Naira Exchange Rates; Wednesday, February 24, 2021

Naira remained weak against global counterparts as the local currency opened at N480 against the United States Dollar on the black market in the early morning of Wednesday,  February 24, 2020.

Daily 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
24/02/2021 475/480* 655/665* 575/582* 60/68 385/395 282/300
23/02/2021 475/480 655/665 575/582 60/68 385/395 282/300
22/02/2021 475/480 652/660 575/580 60/68 385/395 282/300
19/02/2021 474/478 648/655 570/577 60/68 385/395 282/300
18/02/2021 472/477 645/655 570/575 60/68 385/395 282/300
17/02/2021 472/478 645/655 570/575 60/68 385/395 282/300
16/02/2021 465/473 645/652 565/570 60/68 385/395 282/300
15/02/2021 465/473 642/652 562/570 60/68 385/395 282/300
12/02/2021 465/473 642/650 562/570 60/68 385/395 282/300
11/02/2021 465/475 640/650 560/570 60/70 385/400 280/300
10/02/2021 472/478 645/652 565/575 60/70 385/400 280/300
09/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
08/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
05/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
04/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
03/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
02/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
01/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
29/01/2021 474/480 642/652 575/580 60/70 385/400 280/300

 Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
24/02/2021 470/478 654/660 570/578
23/02/2021 470/478 654/660 570/578
22/02/2021 470/477 650/656 570/577
19/02/2021 465/476 645/656 565/573
18/02/2021 465/475 640/652 563/570
17/02/2021 465/477 640/655 562/572
16/02/2021 460/475 640/652 562/570
15/02/2021 460/475 638/652 561/568
12/02/2021 467/475 635/650 562/570
11/02/2021 465/475 640/655 560/575
10/02/2021 472/478 640/655 565/575
09/02/2021 472/478 640/655 565/575
08/02/2021 472/478 640/655 565/575
05/02/2021 472/478 640/650 565/575
04/02/2021 472/478 640/650 565/575
03/02/2021 471/478 640/650 572/580
02/02/2021 471/478 640/655 572/580
01/02/2021 471/478 640/655 572/580
29/01/2021 471/477 640/648 570/579

Central Bank of Nigeria’s Official Naira Rates

 

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Naira

Daily Naira Exchange Rates; Monday, February 22, 2021

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Daily Naira Exchange Rates; Monday, February 22, 2021

Naira exchanged at N480 to a United States Dollar on Monday at the parallel market, while Pound and Euro traded at N660 and N580, respectively.

Daily 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
22/02/2021 475/480 652/660 575/580 60/68 385/395 282/300
19/02/2021 474/478 648/655 570/577 60/68 385/395 282/300
18/02/2021 472/477 645/655 570/575 60/68 385/395 282/300
17/02/2021 472/478 645/655 570/575 60/68 385/395 282/300
16/02/2021 465/473 645/652 565/570 60/68 385/395 282/300
15/02/2021 465/473 642/652 562/570 60/68 385/395 282/300
12/02/2021 465/473 642/650 562/570 60/68 385/395 282/300
11/02/2021 465/475 640/650 560/570 60/70 385/400 280/300
10/02/2021 472/478 645/652 565/575 60/70 385/400 280/300
09/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
08/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
05/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
04/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
03/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
02/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
01/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
29/01/2021 474/480 642/652 575/580 60/70 385/400 280/300

 Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
22/02/2021 470/477 650/656 570/577
19/02/2021 465/476 645/656 565/573
18/02/2021 465/475 640/652 563/570
17/02/2021 465/477 640/655 562/572
16/02/2021 460/475 640/652 562/570
15/02/2021 460/475 638/652 561/568
12/02/2021 467/475 635/650 562/570
11/02/2021 465/475 640/655 560/575
10/02/2021 472/478 640/655 565/575
09/02/2021 472/478 640/655 565/575
08/02/2021 472/478 640/655 565/575
05/02/2021 472/478 640/650 565/575
04/02/2021 472/478 640/650 565/575
03/02/2021 471/478 640/650 572/580
02/02/2021 471/478 640/655 572/580
01/02/2021 471/478 640/655 572/580
29/01/2021 471/477 640/648 570/579

Central Bank of Nigeria’s Official Naira Rates

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Naira

Daily Naira Exchange Rates; Friday, February 19, 2021

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Naira

Naira Exchange Rates; Friday, February 19, 2021

Naira depreciated by N1 against the United States Dollar to N478 and lost N2 against the European common currency the Euro on Friday at the parallel market. It remained unchanged at N644 against the British Pound.

Daily 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
19/02/2021 474/478 648/655 570/577 60/68 385/395 282/300
18/02/2021 472/477 645/655 570/575 60/68 385/395 282/300
17/02/2021 472/478 645/655 570/575 60/68 385/395 282/300
16/02/2021 465/473 645/652 565/570 60/68 385/395 282/300
15/02/2021 465/473 642/652 562/570 60/68 385/395 282/300
12/02/2021 465/473 642/650 562/570 60/68 385/395 282/300
11/02/2021 465/475 640/650 560/570 60/70 385/400 280/300
10/02/2021 472/478 645/652 565/575 60/70 385/400 280/300
09/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
08/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
05/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
04/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
03/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
02/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
01/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
29/01/2021 474/480 642/652 575/580 60/70 385/400 280/300

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
19/02/2021 465/476 645/656 565/573
18/02/2021 465/475 640/652 563/570
17/02/2021 465/477 640/655 562/572
16/02/2021 460/475 640/652 562/570
15/02/2021 460/475 638/652 561/568
12/02/2021 467/475 635/650 562/570
11/02/2021 465/475 640/655 560/575
10/02/2021 472/478 640/655 565/575
09/02/2021 472/478 640/655 565/575
08/02/2021 472/478 640/655 565/575
05/02/2021 472/478 640/650 565/575
04/02/2021 472/478 640/650 565/575
03/02/2021 471/478 640/650 572/580
02/02/2021 471/478 640/655 572/580
01/02/2021 471/478 640/655 572/580
29/01/2021 471/477 640/648 570/579

Central Bank of Nigeria’s Official Naira Rates

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