Connect with us

Forex

Forex Weekly Outlook July 2-6

Published

on

U.S dollar - Investors King
  • Forex Weekly Outlook July 2-6

Trade tensions between the US and other nations continued to hurt market sentiment as the US insisted on additional trade tariffs on imported goods from China, Canada, the European Union, and presently pushing allies to stop the importation of Iranian crude oil by November 4th, leading to increased market uncertainty across both emerging and developed markets.

Trade tensions coupled with economic fundamentals have become key factors in projecting possible market direction in recent months, therefore, both will be used to broaden forex outlook ahead of unemployment data this week.

EURUSD

The US dollar gained on strong economic fundamentals and progressive rate hikes by the Federal Reserve, however, lower than expected economic growth rate and slowing consumer spending despite tax cuts weighed on US dollar outlook against the Euro currency last week.

On Friday, the Euro jumped 0.83 percent against the US dollar following an agreement reached by the European Union leaders on immigration control and better than expected Consumer Price Index ‘estimate’ released for the month of June. The agreement is now expected to put an end to the uncertainty surrounding Angela Merkel coalition party and boost business sentiment in the Euro area.

EURUSDWeekly

The EURUSD closed as a bullish pinbar as shown above but below 1.1740 resistance levels. While the data pointed to a better business sentiment in the region, the growing trade war with the US and the possibility of the European Union buying long-dated bonds from next year to maintain record low interest rates will impact the Euro outlook against the greenback and expected to contain rebound below the 1.1852 key resistance that doubled as double top.

Therefore, a break above 1.1740 resistance level should attract enough sellers to reinforce the bearish move started in February towards the ascending channel, a sustained break of that level should open up 1.1398 support.

Please note that a positive Fed report due on Thursday will further strengthen the US dollar outlook against the Euro while a weaker than expected unemployment number may temporarily weigh on EURUSD outlook.

USDCHF

The Swiss Franc gained across the board on Friday after Swiss Finance Minister Ueli Maurer said the Swiss franc-euro rate has normalised and is not a problem for the exports dependent nation. But while the currency surged against the US dollar, it formed an evening star pattern as shown below. Indicating a possible continuation below the 0.9900 support level.

USDCHFDaily

Despite the strong US dollar, the uncertainty surrounding trade war between nations is likely to increase demand for haven currencies like Swiss Franc going forward. Hence, the reason USDCHF is expected to extend downward to 0.9819 support levels on a sustained break of 0.9900 support.

AUDJPY

For a similar reason, the Japanese Yen may get stronger as the rush for haven currencies increases. Also, the Australian dollar is likely to be weighed upon by slowing Chinese economic growth, its largest trading partner, and the ongoing trade war.

Likewise, growing household debt and sluggish wage growth amid rising job creation are hurting Australian retail sales and the economy at large.

AUDJPYWeekly

Therefore, despite the pair closing as a bullish pinbar last week, a close above 83.22 resistance level is needed to validate bullish continuation. Otherwise, the trade war, new ‘steel’ import policy in China and global uncertainty will further push AUDJPY below the ascending channel. The reason I will be treating the pinbar as a temporary rebound and will expect a close below the 81.18 support level to open up 80.44 support.

GBPUSD

The pound remained unattractive below the 1.3357 resistance level, and with the uncertainty surrounding the UK economy ahead of Brexit. I am expecting a retest of 1.3100 support level as long as price remained below the 1.3357 resistance under the ascending channel. Especially with the renewed interest in the US dollar.

GBPUSDWeekly

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.

Continue Reading
Comments

Forex

CBN Cracks Down: Revokes Licenses of 4,173 Bureaux De Change Operators

Published

on

Bureau De Change Operator

The Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureaux De Change (BDC) operators across the country.

This action comes as the CBN exercises its authority under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the Revised Operational Guidelines for Bureaux De Change 2015.

The affected BDCs failed to adhere to essential regulatory provisions, including the payment of necessary fees for license renewal, timely rendition of returns, and compliance with CBN directives on Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.

Sidi Ali, the Acting Director of Corporate Communications at the CBN, explained that the revocation underscores the importance of strict adherence to regulatory guidelines in the financial sector.

The CBN also announced its intent to revise the regulatory and supervisory guidelines for Bureaux De Change operations, with compliance to be mandatory for all stakeholders.

The public has been advised to take note of the regulatory changes and act accordingly.

This crackdown underscores the CBN’s commitment to maintaining the integrity and stability of Nigeria’s financial system through stringent regulatory oversight.

Continue Reading

Naira

Black Market Dollar to Naira Exchange Rate Today, March 1st, 2024

As of March 1st, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,530 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

Naira Exchange Rates - Investors King

As of March 1st, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,530 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 N1,480 and sell it at N1,470 on Thursday, February 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.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,530
  • Selling Rate: N1,520

Continue Reading

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.

Published

on

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

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending