Forex

Dollar Pauses Near Six-month Top Ahead of Big Economic Indicators

Published

6 years ago

July 16, 2018

Dollar Pauses Near Six-month Top Ahead of Big Economic Indicators

Major currencies held around recent ranges on Monday thanks to a lull in China-U.S. trade skirmishing and as investors await key data from the world’s two biggest economies to determine whether global growth is running out of puff.

The dollar paused at 112.39 yen, not far from a six-month top of 112.79 set on Friday.

The index that tracks the dollar against six other major the currencies was barely changed at 94.750.

The dollar index went as high as 95.241 last week but quickly reversed gains after latest trade figures from China suggested the threat of tariffs had not had a significant impact as yet.

Worries about the economic hit to China’s exports from stiff U.S. tariffs had sent the yuan crashing against the dollar in offshore markets. It was last at 6.7050 from an 11-month trough of 6.7326 touched on July 3.

Traders are now looking to second-quarter gross domestic product (GDP) data from China and June retail sales from the United States.

“Our economists think China’s second-quarter GDP and June activity data released today will hold up better,” JPMorgan analysts said in a note.

Analysts polled by Reuters expect the Chinese economy to expand an annual 6.7 percent from 6.8 percent a year ago.

“U.S. June retail sales and industrial production are also released today and tomorrow, and together with the Chinese data should provide reassurance that global growth remains resilient for now,” the analysts added.

“After sustained derating, and with second-quarter earnings another potential upside catalyst, the scene is set for very bearish current sentiment to improve. That could allow a sustained rally until we near the next round of escalation of trade tensions towards the end of August.”

U.S. President Donald Trump’s summit with his Russian counterpart in Helsinki later this week will also be closely watched.

Federal Reserve chief Jerome Powell will make a semiannual appearance before Congress later this week. Ahead of the meeting, the central bank released its accompanying policy report which showed U.S. economic growth and the Fed expecting to keep raising rates gradually.

The U.S. economy, which is on its second longest expansion on record, has not yet suffered from the ongoing trade row with China.

Elsewhere, the euro was subdued, but held above a nine-day trough of $1.1610 touched last week. It was last down 0.1 percent at 1.1677.

The pound was a shade lower at $1.1322 from last week’s low of $1.3101.

The tone for the two currencies will be set by eurozone inflation data this week and ongoing Brexit discussions with British Prime Minister Theresa May battling for her political survival.

On Monday, British lawmakers vote on amendments to legislation on the government’s post-Brexit customs regime. Leading eurosceptics are set to vote in favour of amendments that May opposes and back their own proposals to toughen up her exit plan.

While May is not expected to be defeated on the amendments, a high number of votes in favour of altering the customs bill by members of her party could further undermine her negotiating strategy.

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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

1 day 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

3 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.