Forex

Forex Weekly Outlook January 15-19

Published

6 years ago

January 13, 2018

Samed Olukoya

Forex Weekly Outlook January 15-19

EURUSD

The German coalition agreement and the change in European Central Bank’s stance towards monetary policy boosted Euro attractiveness against G10 currencies last week. The Euro single currency rose to a 3-year high against the U.S. dollar following a series of weaker than expected economic numbers.

The Euro gained 163 pips against the U.S. dollar to trade above 1.2116 levels on Friday, suggesting that the strong economic growth in the region amid political accord reached in Germany is supporting Euro bullish run. Even though the region economy remained strong with rising demand, the U.S. fundamentals are equally strong with consumer prices gradually picking up and businesses like Wal-Mart announcing pay rise following the tax cut. The U.S. economy is poised for more gains in 2018.

Therefore, break of 1.2116 levels is needed to validate bullish continuation, especially with the odds of the Fed raising rates many times in 2018 increasing. Again, while 1.2500 price level is feasible in 2018, we don’t see it just yet and will treat the current upsurge as a temporary bullish move.

GBPUSD

In the U.K., the pound sustained its gains against the U.S. dollar for the fourth week in a roll despite the uncertainty surrounding the Brexit and slowdown in economic data. The pound has gained 420 pips against the U.S. dollar in the last one month to peak at an 18-month high for two main reasons, one, traders believe the pound is undervalued and sold off merely because of Brexit uncertainty. Two, the resiliency of the economy, despite political and economic uncertainties, to expand better than expected in 2017 while at the same time maintaining a record-low unemployment rate. Means, the widely projected global economic growth and expanding economic activities would boost British economic outlook better in 2018 and support the sluggish wage growth.

Again, while the weak U.S. dollar aided this pair move above the 1.3665 level, the renewed interest in the pound is likely to further bolster the pair towards 1.3798 resistance level. Hence, we remain bullish on GBPUSD in the near term as long as the price stays above 1.3665 support levels.

USDJPY

Since the Bank of Japan announced it will reduce its long-dated bond-buying program on Wednesday, the Yen has surged against the U.S. dollar to 111.03. But with experts treating the unexpected change in monetary stance as a sign of growing economy, the Yen is expected to gain even further as traders are already predicting rate hike by the middle of the year.

Also, with the U.S. dollar not very attractive at the moment, the haven status of the Yen and improved global economy fueling growth in the world’s third-largest economy is more likely to aid USDJPY to 109.16 support levels in the coming days. This week, we are bearish on USDJPY with 109.16 as the target.

EURNZD

The rebound in the Euro single currency following the news of German coalition accord and the change in ECB’s monetary stance erased EURNZD’s weekly gains. But as long as 1.7094 holds, our bearish view on this pair stands. One, because of improved in commodity-dependent economies like the New Zealand and the fact that we do not see this pair toppling 1.7481 reached in November 2017.

So we will be treating the bullish pin bar as temporary rebound and wait for further confirmation above or below the 1.6804 levels to affirm our position on EURNZD. Meaning, this week we are neutral on EURNZD but will update on the first sign of confirmation.

USDCHF

Despite the weak Swiss fundamentals, the Swiss Franc sustained its gains against the U.S. dollar last week.

As previously stated, the weak U.S. dollar sentiment is weighing on this pair and expected to continue this week. Therefore, we are bearish on USDCHF this week with 0.9610 as the target.

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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

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

13 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.