Forex

Australian Economy Expands 0.6% in Q3; Australian Dollar Dips

Published

6 years ago

December 6, 2017

Australian Economy Expands 0.6% in Q3; Australian Dollar Dips

Weak consumer spending and rising household debt continued to dictate Australian economic direction in the third quarter of the year. Despite growing public infrastructure and private business investments supporting broad growth, economic growth slowed in the third quarter.

According to the Australian Bureau of Statistics, the economy expanded at 0.6 percent, quarter on quarter in the third quarter. This was slower than the 0.9 percent recorded in the second quarter and weaker than the 0.7 percent projected by most economists.

On a yearly basis, the economy expanded at 2.8 percent, still below the 3 percent expected by experts and suggested that the strong Australian dollar during the quarter subdued exports and impact the economy amid sluggish wage growth.

However, continuous investment in the construction sector added 0.9 percent to growth in the quarter, offsetting a 0.1 percentage decline from residential building.

“Investment was a big positive driver (up 1.8 per cent quarter-on-quarter), but was somewhat flattered by a sharp rise in non-dwelling construction which likely came from the installation of two LNG platforms in WA/NT,” BIS Oxford Economics head of economics for Australia Sarah Hunter wrote.

Despite improved investment, consumer spending which makes up about 60 percent of the economy grew at the slowest pace since 2008, expanding just 0.1 percent in the quarter. Suggesting that weak wage growth is hurting household spending and reinforced Tuesday’s projection that surged in retail sales might be a temporary upsurge. Therefore, it is unlikely the Reserve Bank of Australia will raise interest rates anytime soon.

The Australian dollar weakened further against the US dollar to 0.7578. This further validated our September projection that Australian dollar is overpriced and remained unattractive above 0.8080 price levels.

While the uncertainties surrounding tax cut and North Korea missile threat is 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 September 18-22 forex weekly outlook.

Taking into consideration strong US economic fundamental and the success of tax reform, the AUDUSD pair could easily close below 0.7500 price level in 2017 if geo-political tension subsides. Therefore, we remain bearish on AUDUSD and expect further drop in Aussie value towards 0.7333 in the first quarter of 2018.

Up Next

Bitcoin Crosses $12,000 on Futures Contracts

Don't Miss

Insurance Sector Growth Rate Dwindles in Third Quarter 2017

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

12 hours 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

2 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

2 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.