Forex

Greek Banks Reopen, Gold and Aud Decline

Published

9 years ago

July 20, 2015

Greek banks reopen today for the first time since being closed on June 29. The central bank said in a statement made available to reporters that capital controls stay in place, 60 euro per day and 420 euro per week until the outcome of ECB and IMF parliaments vote is known. The country is expected to pay 4.2 billion euros ($4.5 billion) to ECB today as part of its loan repayment plans.

According to Ken Wattret, an economist at BNP Paribas SA in London “the issue of repayment is imperative because failure to do that would question Greece’s commitment to the austerity measures and subsequently daunt the whole bailout process”. Greece has refused to make any payments for the past 5 months.

ECB said Greece has reached the deadline they can’t afford to miss, as the realization dawned that Greece was facing a painful exit from the monetary union, the government has stepped back to look into possible consequences of their decision and its implication on the Greece people.

Mario Draghi, ECB president persuaded his Governing Council to increase the emergency liquidity assistant on Thursday. Draghi said he is confident ECB would get its money back on its Greek bonds, and that the idea that Greece will default is off the table.

Haratsis, a stockbroker in Greece, said the stock market should be reopened later in the week. German Chancellor Angela Markel reiterated that since Greece wish to remain inside the euro, rule out writing off 30 to 40 percent of its debt since it violates European law.

Currencies

The Australian dollar reached 7 years low against the US dollar in the early Asia session ahead of the monetary policy meeting due later in the day, the currency dropped to 0.73266, the price level that was last seen during the 2008 economic recession. The consumer price index (CPI) that measures Change in the price of goods and services purchased by consumers is due to be released later tomorrow. Reserve Bank of Australia Governor, Glenn Stevens is expected to speak on the situation of the economy.

New Zealand Kiwi gained back part of last week’s losses and seem to establish a double bottom candlestick on the weekly chart, support is established at 0.64970 (NZDUSD), a strong 6 years low of July 2009. The direction of the currency would be determined later in the week when the Official Cash Rate and RBNZ Rate Statement would be released.

Gold /Crude Oil

Gold drop further to an alarming 5 years low of 1071.28, Chinese government continue to buy gold and has purchased 604 tons since 2009. Crude oil currently trading at $51.10 per barrel, pulling back from last week low of $50.11

Up Next

UK Interest Rate Increase is Near, BOE

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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Forex

Yen Hits 34-Year Low Against Dollar Despite Bank of Japan’s Inaction

Published

3 days ago

April 26, 2024

Samed Olukoya

The Japanese yen plummeted to a 34-year low against the US dollar, sending shockwaves through global financial markets.

Despite mounting pressure and speculation, the Bank of Japan (BOJ) chose to maintain its key interest rate.

The yen’s relentless slide, extending to 0.7% to 156.66 against the dollar, underscores deep concerns about Japan’s economic stability and the efficacy of its monetary policies.

BOJ Governor Kazuo Ueda’s remarks at a post-meeting news conference did little to assuage fears as he acknowledged the impact of foreign exchange dynamics on inflation but downplayed the yen’s influence on underlying prices.

Investors, already on edge due to the yen’s dismal performance this year, are now bracing for further volatility amid speculation of imminent intervention by Japanese authorities.

The absence of decisive action from the BOJ has heightened uncertainty, with concerns looming over the potential repercussions of a prolonged yen depreciation.

The implications of the yen’s decline extend far beyond Japan’s borders, reverberating across global markets. The currency’s status as the worst-performing among major currencies in the Group of Ten (G-10) underscores its significance in the international financial landscape.

Policymakers have issued repeated warnings against excessive depreciation, signaling a commitment to intervene if necessary to safeguard economic stability.

Finance Minister Shunichi Suzuki reiterated the government’s readiness to respond to foreign exchange fluctuations, emphasizing the need for vigilance in the face of market volatility.

However, the lack of concrete action from Japanese authorities has left investors grappling with uncertainty, unsure of the yen’s trajectory in the days to come.

Market analysts warn of the potential for further downside risk, particularly in light of upcoming economic data releases and the prospect of thin trading volumes due to public holidays in Japan.

The absence of coordinated intervention efforts and a clear policy stance only exacerbates concerns, fueling speculation about the yen’s future trajectory.

The yen’s current predicament evokes memories of past episodes of currency turmoil, prompting comparisons to Japan’s intervention in 2022 when the currency experienced a similar downward spiral.

The prospect of history repeating itself looms large, as market participants weigh the possibility of intervention against the backdrop of an increasingly volatile global economy.

As Japan grapples with the yen’s precipitous decline, the stakes have never been higher for policymakers tasked with restoring stability to the currency markets. With the world watching closely, the fate of the yen hangs in the balance, poised between intervention and inertia in the face of unprecedented challenges.

Naira

Dollar to Naira Black Market Today, April 25th, 2024

As of April 25th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,300 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

4 days ago

April 25, 2024

Samed Olukoya

Naira to Dollar Exchange- Investors King Rate - Investors King

As of April 25th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,300 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 N1,260 and sell it at N1,250 on Wednesday, April 24th, 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: N1,300
Selling Rate: N1,290

Naira

Dollar to Naira Black Market Today, April 24th, 2024

As of April 24th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,260 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

5 days ago

April 24, 2024

Samed Olukoya

As of April 24th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,260 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 N1,250 and sell it at N1,240 on Tuesday, April 23rd, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined slightly 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.