Forex

Dollar Weakens as North Korea Jitters Outweigh Debt-Ceiling Deal

Published

7 years ago

September 7, 2017

Dollar Weakens as North Korea Jitters Outweigh Debt-Ceiling Deal

The dollar fell against most of its Group-of-10 peers as tensions surrounding North Korea outweighed positive sentiment arising from an extension of the U.S. debt limit.

The Bloomberg Dollar Spot Index headed for a sixth day of losses amid speculation North Korea will conduct a missile launch this weekend to mark its foundation day. The yen rose as South Korea’s premier said there isn’t much time until the North is fully nuclear armed. Australia’s dollar fell as retail sales and trade balance data missed economists’ forecasts.

“If the threat remains and markets remain nervous about North Korea, then dollar-yen will remain under downward pressure,” said Imre Speizer, a markets strategist at Westpac Banking Corp. in Auckland. “There was a temporary reprieve for the dollar via the debt and funding agreement, but December is near enough for the market to continue pricing in some chance of disagreement.”

The yen hit a session high in reaction to South Korea’s Prime Minister Lee Nak-yon stating the North may launch a missile on Sept. 9. Residual orders from North-American accounts saw the gain curtailed as did fund-related flows over the Tokyo fix, according to an Asia-based currency trader not authorized to speak to the media.

BBDXY drops 0.1% after falling 0.8% over previous 5 days
USD/JPY weakens 0.1% to 109.11 after declining as much as 0.3%
- Non-residents’ purchases of Japanese bonds climbed almost threefold to a net 1.3592t yen in week ended Sept. 1
U.S. Treasury yields lower across curve, with benchmark 10-year yield dropping 1bp to 2.09%
USD trimmed declines Wednesday when President Trump and Democrats agreed to a three-month extension of the U.S. debt limit
EUR/USD rises 0.1% to 1.1929 versus 1.1916/35 range
- ECB’s Draghi will speak after policy meeting in Frankfurt
- “We expect Draghi to strike a cautious balance between giving the first clear hints at the upcoming tapering and dovish sounds to rein in FX markets,” Rob Carnell, head of research and chief economist for Asia at ING in Singapore, writes in note
Aussie dips back under 0.80 after July retail sales and trade balance miss estimates
AUD/USD falls 0.1% to 0.7991 after reaching 0.7985
- AUD/USD FX options for A$625m at strike price of 0.8025 expire Thursday
- Thursday’s data-driven dip in currency shouldn’t extend that much against the kiwi, according to Peter Dragicevich, FX strategist at Nomura

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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

1 day 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

1 day 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

2 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.