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.

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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

2 days 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

2 days 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

3 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.