Forex

NZDJPY Weekly Outlook For Jan 28 – Feb 1

Published

2 years ago

January 28, 2019

NZDJPY Weekly Outlook For Jan 28 – Feb 1

The New Zealand currency rebounded above key resistance last week to close at 74.88 against the Yen following better than expected consumer prices.

New Zealand’s consumer price index rose to 1.9 percent year-on-year, slightly below the midpoint of 1%-3% target.

However, with the confidence in Japanese Yen waning after the Bank of Japan lowered its 2019 projection for inflation and suggested a hard road ahead, NZDJPY is likely to sustain its bullish momentum in the main time.

Read AUDJPY outlook for the week here

NZDJPY has been on a bearish run since July 2017, dropping a total of 809 pips as shown by the descending channel. The weaker than expected commodity outlook since U.S-China trade war started weighed on Kiwi outlook despite reasonable fundamentals.

But with the U.S-China representatives meeting this week on trade, Yen losing its attractiveness, and NZDJPY closing substantially above the 73.96 price level, I will expect a continuation of the rebound started earlier in the year.

Therefore, I remain bearish on NZDJPY as long as the price stays above 73.96 support and will buy for 75.55 targets. Please note that a negative trade outcome is expected to weigh on the NZDJPY outlook in the main time and vice versa.

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AUDJPY Outlook Jan 28 – Feb 1

Samed Olukoya

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.

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Naira

Daily Naira Exchange Rates; Friday, January 15, 2021

Published

3 hours ago

January 15, 2021

Samed Olukoya

Daily Naira Exchange Rates; Friday, January 15, 2021

The Nigerian Naira remained under pressure against the United States Dollar at N475 exchange rate, while the value has not improved against the Euro and Pound, inflation rose to 15.75 percent in the month of December to further compound Nigeria’s predicament.

Date	USD	GBP	EURO	YUAN	Canadian	Australian
NGN	BUY/SELL	BUY/SELL	BUY/SELL	BUY/SELL	BUY/SELL	BUY/SELL
15/01/2021	470/475	635/642	573/580	60/70	375/385	245/293
14/01/2021	470/475	630/640	570/580	60/70	375/385	245/293
13/01/2021	470/474	630/637	570/580	60/70	375/385	245/293
12/01/2021	470/475	630/637	575/580	60/70	375/385	245/293
11/01/2021	468/675	625/635	575/582	60/70	372/382	245/293
08/01/2021	467/672	622/630	570/575	60/70	365/378	245/293
07/01/2021	465/470	620/628	570/575	60/70	365/378	245/293
06/01/2021	465/470	620/628	565/570	60/70	365/378	245/293
05/01/2021	465/470	620/628	565/572	60/70	365/378	245/293
04/01/2021	465/470	620/628	565/572	60/70	365/378	245/293
31/12/2020	465/470	620/628	567/573	60/70	365/378	245/293
30/12/2020	465/470	620/628	567/573	60/70	365/378	245/293
29/12/2020	465/470	620/628	565/573	60/70	365/378	245/293
28/12/2020	460/465	615/625	560/570	60/70	350/367	245/293
25/12/2020	460/465	615/625	560/570	60/70	350/367	245/293
24/12/2020	460/465	615/625	560/570	60/70	350/367	245/293
23/12/2020	470/475	622/632	575/580	60/70	350/367	245/293
22/12/2020	472/476	622/630	570/578	60/70	340/362	250/295
21/12/2020	472/476	622/632	570/580	55/68	340/362	250/295
18/12/2020	472/477	622/630	570/577	55/68	340/362	250/295

Bureau De Change Naira Rates

Date	USD	GBP	EURO
NGN	BUY/SELL	BUY/SELL	BUY/SELL
15/01/2020	460/475	630/638	570/577
14/01/2020	460/475	630/638	570/577
13/01/2020	460/470	626/633	565/576
12/01/2020	460/470	626/633	566/576
11/01/2020	460/470	620/630	560/573
08/01/2020	460/470	615/625	555/573
07/01/2020	460/470	615/623	550/570
06/01/2020	460/470	610/623	550/572
05/01/2020	460/470	615/624	550/572
04/01/2020	460/470	615/624	550/572
31/12/2020	460/470	600/626	550/573
30/12/2020	460/470	600/626	550/573
29/12/2020	455/475	600/626	550/573
28/12/2020	455/475	605/628	555/573
25/12/2020	455/475	600/628	550/575
24/12/2020	455/474	600/628	555/575
23/12/2020	460/475	621/632	568/580
22/12/2020	470/475	620/631	568/577
21/12/2020	470/475	620/631	568/577

Central Bank of Nigeria’s Official Naira Rates

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
1/15/2021	US DOLLAR	379	379.5	380
1/15/2021	POUNDS STERLING	516.9181	517.6001	518.282
1/15/2021	EURO	459.4996	460.1058	460.712
1/15/2021	SWISS FRANC	426.8499	427.413	427.9761
1/15/2021	YEN	3.6548	3.6596	3.6644
1/15/2021	CFA	0.6839	0.6939	0.7039
1/15/2021	WAUA	545.8708	546.5909	547.3111
1/15/2021	YUAN/RENMINBI	58.531	58.6087	58.6864
1/15/2021	RIYAL	101.0236	101.1568	101.2901
1/15/2021	SOUTH AFRICAN RAND	24.8724	24.9052	24.938

Naira

Naira Drops to N394.67 Against US Dollar on I&E FX Window

Published

12 hours ago

January 15, 2021

Samed Olukoya

Naira Drops to N394.67 Against US Dollar on I&E FX Window

Economic uncertainties amid the rising number of COVID-19 continues to weigh on the Nigerian Naira across key foreign exchange markets.

The Nigerian Naira depreciated against the United States Dollar on the Investors and Exporters (I&E) Foreign Exchange Window on Thursday.

The local currency depreciated by 0.34 percent to N394.67 per US Dollar, down from N392.69 it opened the day.

On Thursday, investors exchanged $215.63 million on the I&E window.

Despite efforts to ease forex scarcity with $20 billion diaspora remittance, the Naira continued to fall against global counterparts due to weak remittance inflows from developed nations.

Like other nationalities, Nigerians in the diaspora are struggling with lockdowns, surged in the unemployment rate and the drop in global earnings.

Also, weak foreign reserves amid rising debt servicing and other expenditures are hurting the central bank’s ability to intervene effectively across the foreign exchange markets as usual.

Forex

Stanbic IBTC Shut Down Bureau De Change Business

Published

2 days ago

January 13, 2021

Samed Olukoya

Stanbic IBTC Shut Down Bureau De Change Business

Stanbic IBTC Holdings Plc has shut down its bureau de change subsidiary, Stanbic IBTC Bureau De Change Limited (Stanbic IBTC BDC) due to the change in foreign exchange inflow policy.

It should be recalled that the Central Bank of Nigeria (CBN) adjusted the policy of diaspora remittance inflow to stimulate growth and ease forex scarcity across the nation.

Therefore, Stanbic IBTC said the decision to discontinue its bureau de change operations was because of the recent changes in diaspora inflow that now affords customers the opportunity of purchasing foreign exchange (PTA and BTA) directly from Stanbic IBTC Bank at any of its branches nationwide.

In a statement signed by Chidi Okezie, Company Secretary, Stanbic IBTC, said the bureau de change business was discontinued effective from 01 January 2021 through relinquishing of its operating license.

“The intention is to repurpose this subsidiary for other business ventures in the near future, and stakeholders would be duly notified when all engagements have been concluded in this regard,” it stated.