Forex

Dollar Drops as Powell Set for Fed Nod; Bonds Slip

Published

7 years ago

November 2, 2017

United States Dollar - Investors King Ltd

Dollar Drops as Powell Set for Fed Nod; Bonds Slip

The dollar declined and Treasury yields steadied as investors digested news that President Donald Trump is poised to name Jerome Powell to lead the Federal Reserve. European stocks drifted, the euro rose and bonds in the region nudged lower.

The Stoxx Europe 600 was little changed even as data showed euro-area manufacturing is expanding at one of the fastest rates since the start of the millennium. Real estate stocks and banks outperformed and travel and technology shares lagged. Asian stocks were mixed as a rally that drove prices to the highest level in 10 years showed signs of tiring. Sterling slipped ahead of Thursday’s Bank of England meeting, where policy makers are expected to raise interest rates for the first time in more than a decade. Oil erased a loss to trade above $54 a barrel. Industrial metals pared some of yesterday’s rally.

Trump will nominate Fed Governor Powell to the top job at the U.S. central bank on Thursday at 3 p.m. Washington time, according to four people familiar with the decision. Powell is seen by investors as a continuity candidate and has generally backed current chair Janet Yellen’s cautious approach to withdrawing stimulus. The succession question overshadowed the Fed’s policy statement Wednesday, where it subtly upgraded its assessment of the economy and reinforced expectations of a December interest-rate hike.

The progress toward American tax reform is also on most investors’ radars, alongside corporate earnings and Friday’s U.S. jobs report. There have been conflicting reports about when and how the U.S. tax rate on companies would be lowered. House Republican leaders plan to unveil a bill Thursday that would cut the corporate tax rate to 20 percent — though it may not stay there.

Elsewhere, bitcoin extended gains for the fourth consecutive day, hitting $7,000 to establish a fresh record.

These are the main moves in markets:

Stocks

The Stoxx Europe 600 Index declined 0.1 percent as of 10:23 a.m. London time.
The U.K.’s FTSE 100 Index climbed 0.1 percent.
Germany’s DAX Index fell 0.2 percent.
Japan’s Nikkei 225 Stock Average climbed 0.5 percent to the highest in more than 21 years.
The MSCI Asia Pacific Index jumped 0.2 percent to the highest in about 10 years.
The MSCI Emerging Market Index increased less than 0.05 percent to the highest in more than two weeks.
Futures on the S&P 500 Index fell 0.1 percent.

Currencies

The Bloomberg Dollar Spot Index decreased 0.2 percent.
The euro climbed 0.2 percent to $1.1644.
The British pound dipped 0.1 percent to $1.3236.
The Japanese yen gained 0.1 percent to 114.09 per dollar.

Bonds

The yield on 10-year Treasuries increased less than one basis point to 2.38 percent.
Germany’s 10-year yield rose two basis points to 0.39 percent, the highest in a week.
Britain’s 10-year yield climbed two basis points to 1.363 percent, the highest in a week.
Japan’s 10-year yield declined one basis point to 0.055 percent, the lowest in four weeks.

Commodities

West Texas Intermediate crude rose 0.1 percent to $54.36 a barrel.
Gold increased 0.1 percent to $1,276.01 an ounce.
Copper fell 0.7 percent to $3.12 a pound.

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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.

Comments

Naira

Dollar to Naira Black Market Exchange Rate Today 4th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 4th, 2024 stood at 1 USD to ₦1,400.

Published

2 days ago

May 4, 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 4th, 2024 stood at 1 USD to ₦1,400.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,380 and sold it at ₦1,370 on Friday, May 3rd, 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.

How much is dollar to naira today in black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,400
Selling Rate: ₦1,390

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.

Naira

Black Market Dollar Rate Reaches ₦1,380 Today, May 3rd, 2024

US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 at the black market stood at 1 USD to ₦1,380

Published

3 days ago

May 3, 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 3rd, 2024 stood at 1 USD to ₦1,380.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,350 and sold it at ₦1,340 on Thursday, May 2nd, 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.

How much is dollar to naira today in black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,380
Selling Rate: ₦1,370

Naira

Dollar to Naira Black Market Today, May 2nd, 2024

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

4 days ago

May 2, 2024

Samed Olukoya

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 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 N1,310 and sell it at N1,300 on Monday, April 29th, 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.