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Forex

AUDUSD on the Move Following Drop in Commodity Prices

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Australian dollar
  • AUDUSD on the Move Following Drop in Commodity Prices

As explained in the forex weekly outlook, a break below the ascending trend line will reinforce sellers’ interest and further aid price towards our 0.7764 targets.

AUDUSD

Again, while the uncertainties surrounding tax cut and North Korea missile threat are weighing on the US dollar outlook. The Australian dollar, on the other hand, is overpriced and likely to remain less attractive in coming days.  An excerpt from FX weekly outlook of September 18-22.

However, the strong U.S. dollar and plunged in the Chinese commodity prices, Australian largest trading partner, dipped this pair this week. But the uncertainties remain, especially the possibility of Donald Trump not delivering on proposed tax reforms might halt progress. The reason for quick Thursday rebound.

“In our view, USD will continue to trade on the defensive until we have more details on the proposed tax reform impact on US fiscal policy and foreign capital flows to the US,” said Elias Haddad, senior currency strategist at the Commonwealth Bank. “Also, the legislative process to get tax reform passed by Congress will most likely take some time.”

Drop in the prices of Iron Ore is impacting Australian dollar performance and will continue even with a moderate U.S. dollar strength.

“AUD will largely ignore the release of Australia’s August private sector credit report,” Haddad says. “Instead, AUD/USD will continue to be guided by the performance of iron ore prices and the USD.”

Therefore, we remain bearish on AUDUSD and expect a sustained break of 0.7784 targets to open up 0.7621 support level in days to come. The Australian dollar is overpriced, and as stated by the Governor of Reserve Bank of Australia, Philip Lowe, high foreign exchange rates would hurt economic progress.

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, February 29th, 2024

As of February 29th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,480 NGN in the black market, also referred to as the parallel market or Aboki fx.

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NAIRA - Investors King

As of February 29th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,480 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 N1,600 and sell it at N1,590 on Wednesday, February 28th, 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.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,480
  • Selling Rate: N1,470

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Naira

Black Market Dollar to Naira Exchange Rate Today, February 28th, 2024

As of February 28th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,600 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

New Naira notes

As of February 28th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,600 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 N1,530 and sell it at N1,520 on Tuesday, February 27th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined 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: N1,600
  • Selling Rate: N1,590

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Forex

Nigeria’s Move $26 Billion Through Binance in One Year

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Binance - Investors King

Following the decision of the Central Bank of Nigeria (CBN) to raise the interest rate by 400 basis points to 22.75%, the Governor of the apex bank Olayemi Cardoso has heaped the blame on activity of Nigerian on Binance.

According to the governor, Nigerians traded and moved $26 billion through Binance in the last year.

“In the case of Binance, in the last year alone, $26 billion has flowed through Binance Nigeria from sources and users that we cannot adequately identify,” he stated.

Cardoso highlighted that this activity has contributed to the nation’s widening foreign exchange rate and subsequently affected Nigeria’s economy.

He assured that the CBN would address all pending verified forex requests and emphasized the bank’s commitment to safeguarding investors’ interests.

Cardoso mentioned that the CBN is collaborating closely with relevant government agencies to prevent market manipulation and optimize its performance.

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