Tuesday, May 24, 2016

INR to USD forex rates today: Rupee snaps 9-day losing run, recoups 20 paise vs USD


SourceDownload Lagu Online

Forex scarcity: Marketers still depend on NNPC

By Clara Nwachukwu

Despite the 'relief' from the pains of scarcity, following the increase in the pump price of premium motor spirit, PMS, also called petrol to N145 per litre, and liberalisation of sourcing for foreign exchange, FOREX, majority of the oil marketers still depend on the Nigerian National Petroleum Corporation, NNPC, for their supplies.

Dependence on NNPC supplies follows challenges being faced by petroleum products importers and oil marketers in sourcing for the requisite forex to enable them bring in refined products.

Nevertheless, with the gains of the pump price increase, marketers are now more willing to expand investments in downstream operations, including investing in private refineries.

Pending final decisions on the refineries, the Major Marketers Association of Nigeria, MOMAN, revealed that its members has already invested about $2 million in ultra-sonic metering system for a more reliable volume capture from the vessel.

OIL-MARKETERS

Speaking on the post-pump price increase status of Nigeria's downstream petroleum sector at an interactive session with journalists in Lagos yesterday, the Executive Secretary of MOMAN, Mr. Obafemi Olawore, revealed that the hurdles in sourcing for forex from secondary sources were not yet over.

He attributed such hurdles to marketers' continued reliance on NNPC for fuel supplies, to complement the quantities they were able to bring in, noting that at N145/litre exchange rate was put at $1 to N285, while many marketers access forex at between N320 and N350 from the parallel market.

As a result, he said: "Marketers still depend on NNPC supplies, and the only way we can be free from this is for the full deregulation of the downstream sector."
Denying widely held belief that marketers were reaping bounty profits at the expense of consumers through pump price increases, Olawore said: "Far from it, nobody is making premium profit anywhere. In fact we have remained in business for as long as we are able to cover costs."

Against this backdrop, he argued that the current practice of price adjustments ahead of full deregulation was very necessary. He said: "This is the closes we have come to deregulation, as every pump price increase is one step further to deregulation.

"With this latest increase, marketers will start making some reasonable money, with which we can reinvest in the downstream. For instance, we have invested about $2 million in ultra-sonic meters because over the years, we have had issues of mistrust between marketers and NNPC agreeing on the volumes discharged from the vessel. But with these ultra-sonic meters, there will be no disagreements.

"Also, some of our members are also doing feasibility studies in private refineries and soon, people will begin to see a lot more investments in the sector to improve and enhance efficiency."

Explaining how the current pump price was arrived at, the MOMAN scribe, who was also a member of the Price Adjustment Committee, revealed that a number of prices were touted before arriving at the price band of between N135 to N145/litre, even as most marketers preferred the upper band.

He said: "N145/litre looked like the most affordable price. Initially, NNPC's retail price was put at N104/litre at an exchange rate of N197 to $1, while other marketers was put at N145/litre at N285 to $1, but we argued that it will be suicidal for other marketers, so it was moved up to N120/litre.

" Again, we said that if the price margin between NNPC and other marketers was too wide, the purpose of the adjustment will be defeated, and it now became N143 for NNPC and N145 for other marketers."

Olawore insisted that with full deregulation, marketers will not only be able to invest in refineries, as according to him, "full deregulation starts from the refining process. Marketers will be able to refine their own crude, sell at his own cost and be able to sell different grades of the same PMS such as regular, super, premium and five-star."

He recalled that this was the practice in the past in Nigeria, before the indigenisation programme, which saw the acquisition of foreign owned assets by the Federal Government in the 1970s, including the Old Port Harcourt Refinery, a joint venture asset of the then BP and Shell .


SourceDownload Lagu Online

Forex - Aussie gains ahead of construction data, all eyes on Fed

© Reuters. Aussie up ahead of construction data© Reuters. Aussie up ahead of construction data

Investing.com - The was up ahead of construction data later Wednesday and the yen drifted weaker as investors increasingly turn attention to the Federal Reserve on interest rates.

In Australia, for the first quarter is due with a 1.5% drop seen quarter-on-quarter.

Earlier, New Zealand reported the trade balance for April showed a deficit of NZ$3.66 billion , and a surplus of NZ$292 million .

traded at 0.6753, up 0.24%, after the data.

The , which measures the greenback's strength against a trade-weighted basket of six major currencies, was last quoted at 95.59.

Overnight, the dollar pushed higher to hit a fresh two-month peak against the other major currencies on Tuesday, after data showed that U.S. new home sales rose far more than expected in April added to expectations for a June rate hike by the Federal Reserve.

The U.S. Commerce Department said new home sales rose by 16.6% to 619,000 units last month, compared to expectations for a 2.0% increase.

New home sales in March were revised to show a 1.3% decline to 531,000 units, from the prior reading of a 1.5% slump.

The data came after St. Louis Fed President James Bullard said Monday that more factors favored a gradual rate increase versus keeping them steady.

Separately, San Francisco Fed President John Williams said he still sees the central bank raising interest rates two to three times this year.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


SourceMP3 Lagu Baru

Forex: CBN throws Naira into open market, nullifies N197/$ exchange rate

By Emeka Anaeto, Economy Editor, Emma Ujah, Peter Egwuatu & Franklin Alli
ABUJA — The Central Bank of Nigeria, CBN, yesterday, announced a flexible exchange rate regime aimed at making foreign currencies more accessible.

With this action, the CBN has nullified the official exchange rate regime of N197/dollar.

The CBN took the measure following severe pressures on external reserve and foreign exchange supply crisis.

Governor of the CBN, Mr. Godwin Emefiele, who announced this at the end of the Monetary Policy Meeting, in Abuja, also said the Monetary Policy Rate, MPR, was retained at 12 per cent; Cash Reserve Ratio, 22.5 per cent; and Liquidity Ratio, 30 per cent.

MEETING: From left, Governor, Central Bank of Nigeria (Cbn), Mr Godwin Emefiele; Director-General, Economic Policy, Cbn, Mrs Sarah Alade and Director-General, Operations, Mr Suleiman Barau, at the Monitoring Policy Committee meeting, in Abuja, yesterday. Photo: Nan.

MEETING: From left, Governor, Central Bank of Nigeria (Cbn), Mr Godwin Emefiele; Director-General, Economic Policy, Cbn, Mrs Sarah Alade and Director-General, Operations, Mr Suleiman Barau, at the Monitoring Policy Committee meeting, in Abuja, yesterday. Photo: Nan.

In the face of severe pressures on external reserves and foreign exchange supply crises, the  CBN abandoned its fixed rate policy in favour of a flexible and multiple market model, which implied a floating exchange rate regime.

The apex bank's Monetary Policy Committee, MPC, which made this decision, chose to retain its Monetary Policy Rate, MPR, at 12 per cent, Cash Reserve Ratio, CRR, at 22.5 per cent and Liquidity Ratio at 30 per cent.

Details of the new foreign exchange market policy, according to the CBN Governor, Mr. Godwin Emefiele, would be released in due course.

He, however, said the apex bank would retain a special window to fund critical transactions in foreign exchange, which would likely attract a concessionary rate.

By this development, the interbank foreign exchange market, which has been dead for sometime now, is revitalised on unrestricted exchange rate basis, while the Bureaux de Change, BDCs, would continue their operations, thus creating multiple exchange windows.

He, however, ruled out any consideration for channelling foreign exchange to the BDCs.

Briefing the media after the MPC meeting, Emefiele explained that "the MPC voted unanimously to adopt a flexible exchange rate policy to restore the automatic adjustment properties of the exchange rate," adding that it voted also to "retain a small window for funding critical transactions" and that "details of operations of the market would be released by the Central Bank at the appropriate time."

Policy implications

By the new exchange rate regime, CBN would allow the Naira to float against the US dollar at the inter-bank market, rather than holding on to a fixed peg.

What this means, however, is that buyers of foreign exchange for importation of goods, holiday, school fees, medical tourism, online payments etc, will have to source from the inter-bank market-determined rates and will no longer be able to buy forex at N199 or whatever official rate the CBN decides to adopt.

By this development, the parallel market would have been suppressed, while there would be a near rate convergence among the different market segments except the special window.

It also means that round tripping and arbitrage have been curtailed.

However, exchange rate is expected to spike, even as many dealers have already speculated  that rates would go up by over 50 per cent today.

Analysts at Nairametrics said yesterday: "It is unclear how this will work as the CBN will need to put a massive structural operational framework in place to ensure this works perfectly.

"A market determined rate will also require strong regulations around a market that involves everyone with prices that are market determined.

"One expects the black market to disappear as all you need to do is walk to the bank and ask to buy forex at the market rate."

Analysts questioned the wisdom of announcing a major shift in policy without spelling out how to implement it.

"Any real liberalisation would be accompanied by some tightening, as a stabilisation measure, at least in the short term," said Razia Khan, Chief Africa Economist at Standard Chartered in London.

"That does not appear to have been considered. This is at best curious, at worst very worrying."

Reacting to the development, analysts from Cowry Assets Management Limited said: "The CBN adopted a more flexible exchange rate policy.  A flexible exchange-rate system is a monetary system that allows the exchange rate to be determined by supply and demand.

"In our opinion, the policy decisions will impact the economy on several fronts:  We expect current inflationary pressure will continue unrestrained as budgetary disbursement commences.  Also, Interest Rate is expected to continue to hover at current levels with an increased double digit outlook. Likely increase in liquidity mop up through Open Market Operation in response to expected increase in budgetary spending.  Naira will remain under pressure ,as market forces adjust the fixed CBN's clearing rate to a more realistic parallel market rate.  There will likely be foreign exchange inflows from domiciliary accounts estimated at USD20 billion as currency exchange risk minimises and capital market activities expected to witness gradual recovery as foreign exchange risk diminishes, with the adoption of a more flexible exchange rate regime."

Inflation to spike further

However, analysts at Vetiva Capital Management expect inflation to spike in the near term. They said that "it is clear that the MPC has chosen its battle carefully, deciding to loosen one of the key impediments to economic growth (the FX illiquidity). Following from this, we expect the inflation picture to worsen in the near term as a result of the emergence of a new exchange rate to consumer prices. Like we had noted in our April inflation note, we expect inflation to recoil in 2017 from base effects. We believe this view could have further emboldened the MPC's resolve to adopt the more flexible FX framework."

Markets to cheer development, stocks, bonds to rally

The Vetiva analysts added: "We recall that financial markets had rallied shortly after the announcement of the liberalization of the Downstream Petroleum sector, partly in expectation of an official pronouncement on the FX framework. Now that the news is official, we expect a knee-jerk reaction to push equity and fixed income markets higher in the coming sessions, pending the unveiling of the new framework by the CBN. Any sustainability, thereafter, would be determined by how markets assess the new framework and its prospects of improving forex  liquidity. Overall, we view this development as positive for Nigeria."

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

LCCI demands clarification of 'special window for critical transactions'

The Lagos Chamber of Commerce and Industry, LCCI, yesterday, applauded the Central Bank of Nigeria (CBN) for its new foreign exchange rate policy but demanded that the bank should clarify what it described as a special window for critical transactions for which preferential rates will apply.

In a statement, Muda Yusuf, Director-General of LCCI, said: "LCCI commends the decision of the  CBN for the adoption of  a flexible exchange rate regime at its recent Monetary Policy Committee meeting, because of its  benefits to the economy.

"However, we would like CBN to clarify the window for critical transactions because of possible abuse and distortions that such a window could create. It could pose a risk to the entire system.  We would like to be assured that the window for the critical transactions will be managed transparently and in a manner that will not create distortions in the economy.

"We also welcome the decision of the CBN to refrain from further tightening of monetary policy at this time.

"However, as the CBN articulates the framework for the new forex regime, we propose that due consideration should be given to the following:

"The economy desires a transparent FOREX market which guarantees a level playing fields for all investors. Need for clarity on what the CBN describes as a special window for critical transactions for which preferential rates will apply. We would like to caution against possible abuse and distortions that such a window could create. It could pose a risk to the entire system. We would like to be assured that the window for the critical transactions will be managed transparently and in a manner that will not create distortions in the economy.

"Export proceeds, capital importation and diaspora remittances should be allowed into the economy through the autonomous window at prevailing market rates. And the owners of such funds should have unhindered access to their funds.

"CBN should revisit the list of items that have been placed on exclusion list of the forex market. Many critical inputs of manufacturing companies are on the list and this has crippled the operations of such companies creating significant job and output losses," he said.

Pressure on CBN

The apex bank has been under immense pressures from the International Monetary Fund, IMF, some financial analysts and interests that represented foreign investors to devalue the Naira.

The Buhari administration has until now resisted the calls, explaining that being an import-dependent nation, it did not see how such a strategy would benefit the economy.

In fact, it argued that the Nigerian economy would be worse off with a further devaluation of the Naira.

Weak economy

Mr. Emefiele said the economy had been weakened to the point of contraction which was aggravated by the delay in the passage of the 2016 budget that should have provided the needed fiscal stimulus. The fuel crisis,       increase in electricity tariff, high unemployment rate were identified as factors that led to the over 13 per cent current inflation level.

The governor said: "The committee (MPC) acknowledged a severely weakened macroeconomic environment as reflected particularly by the inflationary pressures, contraction in real output and rise in unemployment.

"Unfortunately the delay in the passage of the 2016 budget constrained the much-desired fiscal stimulus, thus edging the economy towards contractionary output."

He pledged, however, that "the CBN would deploy all its instruments with the hope of keeping the economy afloat."

NESG worries over economy

"Having a flexible interbank market is a good step in the right direction. The decision by the MPC to embrace flexible option for the interbank market is laudable and this is indicative of much more relief for the overheated forex market. With the reintroduction of flexible foreign exchange market, we expect, in due time, to see more forex inflow through diaspora remittances and foreign investment.

"We appeal to the CBN to ensure that the new policy is implemented as quickby as possible so as to stem the sliding tide. We opine that the small window for funding critical transaction being proposed by the CBN should be limited to government transactions only, especially in the area of infrastructure development."

Banks unsure of what happens today

Most of the bankers that spoke to Vanguard appear unsure of what the market direction would be today or this week in respect of foreign exchange trading.

President of the bank treasurers' association, Mr. David Adepoju, said bankers would not trade outside the existing policy as CBN had not rolled out the details of the new policy.

According to him, if the apex bank allocates foreign exchange on the basis of the existing policy which fixed exchange rate at between N197 and N199 to USD1 the banks would stay on that official rate.

However, a treasurer in one of the banks told Vanguard that from today, there would be dual rates in the banks where the official rate might persist on foreign exchange supplied by CBN at the official rate, while independently sourced foreign exchange would trade at market rate ranging from N300 to about N350 to USD1.


SourceMP3 Lagu Baru

CBN adopts flexible forex policy as reserves dip to $26.6bn

CBN Governor, Mr. Godwin Emefiele

Akinpelu Dada, Oyetunji Abioye, Ifeanyi Onuba and Anna Okon

The Monetary Policy Committee of the Central Bank of Nigeria has directed the management of the apex bank to adopt a flexible exchange rate policy in the inter-bank forex management structure.

The CBN Governor, Mr. Godwin Emefiele, disclosed this on Tuesday while addressing journalists shortly after the two-day MPC meeting held at the apex bank's headquarters in Abuja.

He said with the directive, the bank would soon release a new guideline on the management of foreign exchange in the country, adding that it would retain a small window for critical transactions.

The governor gave some of such transactions as importation of vital machineries for production as well as essential basic raw materials critical for manufacturing, which, by their nature, could not be sourced locally.

A flexible exchange rate system is a monetary system that allows the exchange rate to be determined by supply and demand.

The implication of this is that with a high demand for the dollar in Nigeria, there is every likelihood that the naira will experience a further decline in the coming months.

The CBN had been under pressure over the last few months to either devalue the naira or adopt a flexible exchange rate policy.

Emefiele said following the recent decrease of the country's foreign exchange reserves, the time had come for the bank to introduce greater flexibility in the management of forex.

He said all the members of the committee voted unanimously to introduce greater flexibility in the inter-bank forex market structure and to retain a small window for critical transactions.

According to him, while the country awaits the new policy to be unveiled soon, the CBN will only fund critical transactions as the apex bank does not have enough foreign exchange to meet all the demand by users.

He added that those who desired foreign exchange should seek for it from autonomous sources.

The governor also ruled out the possibility of the CBN providing foreign exchange to fund the operations of Bureau De Change operators under the new policy.

He recalled that the committee had in its last two consecutive meetings signalled the imperative of the reforms that needed to be carried out in the foreign exchange market.

Emefiele said, "The committee observed that while the bank had been working on a menu of options to ensure increased supply of foreign exchange, there was no easy and quick fix to the foreign exchange scarcity problem as supply remained essentially a function of exports and the investment climate.

"The committee is aware that a dynamic foreign exchange management framework that guarantees flexibility could not replace the imperative for the economy to increase its stock of foreign exchange through enhanced export earnings.

"Consequently, such a structure must evolve to provide a basis for radically improved investment climate to attract new investments. The committee recognises the exchange rate as a very important macroeconomic variable, which must be earned by increased productive activity and exports.

"Accordingly, the MPC decided that the bank should embrace some level of flexibility in the foreign exchange market."

On the negative Gross Domestic Product growth rate recorded in the first quarter of this year, Emefiele said the delay in the passage of the 2016 budget was a major factor that contributed to this.

While acknowledging the severely weakened macroeconomic environment, as reflected particularly in increased inflationary pressure, contraction in real output and rising unemployment, the CBN governor recalled that in July 2015, the committee had hinted on the possibility of the economy falling into a recession.

This, according him, would have been averted if appropriate complementary measures were taken by the monetary and fiscal authorities to stimulate the economy.

He added, "A lot of activities are predicated on the budget, because with the budget, construction workers will return to sites; people will buy gravel and sand as well as other building materials. People will earn income from these activities.

"Unfortunately, the delayed passage of the 2016 budget constrained the much desired fiscal stimulus, thus edging the economy towards a contractionary output.

"As a stop-gap measure, the central bank continued to deploy all the instruments within its control in the hope of keeping the economy afloat. The actions, however, proved insufficient to fully avert the impending economic contraction.

"With some of the conditions that led to the contraction in the first quarter of 2016 still largely unresolved, the recession, which was signalled in July 2015, now appears imminent."

Also at the meeting, the MPC decided to retain the Monetary Policy Rate at 12 per cent, the Cash Reserve Requirement at 22.5 per and the liquidity ratio at the current rate of 30 per cent.

While reacting to the decisions of the MPC, the President, Manufacturers Association of Nigeria, Dr. Frank Jacobs, said the group was in support of the flexible exchange rate policy, adding, "It is what we have been advocating for all this while: that the government should allow market forces to determine the exchange rate instead of fixing it. At the end of the day, the law of demand and supply will usher in an effective and even exchange rate.

"It will help us to plan and know where we are going instead of depending on speculation all the time. Initially, the rate may be volatile; but as time goes on, it is going to stabilise."

Similarly, the Lagos Chamber of Commerce and Industry commended the decision to adopt a flexible exchange rate regime.

According to the chamber, the new regime will lead to improvement in the efficiency of foreign exchange allocation; reduction in the distortions that currently characterise the forex market and bring the economy closer to equilibrium; improvement of liquidity in the foreign exchange market; and reduction in the current trade arrears.

The Director-General, LCCI, Mr. Muda Yusuf, said it would also lead to reduction in the arrears of remittances, which had accumulated for the past 18 months; reduce uncertainty that investors had been grappling with over the last one year; and boost investor confidence as well as attract greater forex inflows to the economy.

Economic experts also hailed the decision of the MPC, saying it was long overdue.

The Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, who lauded the new exchange rate policy, said the development would eliminate the fears that foreign investors had been nursing about the Nigerian forex policy.

According to him, the decision may make the naira to depreciate initially, but it will find its equilibrium price against the dollar and other major currencies over time.

The FDC boss, however, warned the CBN against further creating a separate forex market where the central bank could sell dollars at cheaper rates for some critical goods and services.

The Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, said the flexible market-determined exchange rate regime was long overdue, describing it as "a much-awaited decision."

"We have been canvassing this for a very long time; we are happy that the CBN has finally adopted it," he said.

A professor of Economics at the Olabisi Onabanjo University, Ago Iwoye, Sherriffdeen Tella, also hailed the adoption.

He said the exchange rate policy the CBN was using would have worked for the country but unpatriotic elements, especially in the banking sector, frustrated it.

The Head, Investment and Research, Afrinvest West Africa Limited, Mr. Ayodeji Ebo, said the MPC's decision would enhance liquidity in the market and help to stabilise the naira.

Ebo foresees the naira-dollar exchange rate at something close to 300.

An economic analyst and Head, Investment Advisory, Sterling Capital, Mr. Sewa Wusu, also hailed the MPC's decision.

"The muted economic growth was traceable to structural issues such as scarcity of forex and scarcity of fuel. The MPC's latest decision on the exchange rate will help to stimulate growth. It is a right move," he added.

The National President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, also hailed the decision of the MPC, saying it would help to enhance liquidity in the forex market.

He said the decision to rule out the sale of forex to the BDCs was right, adding that it had been overtaken by events in the forex market.

Meanwhile, the naira weakened slightly in the parallel market on Tuesday following the MPC decision.

The currency closed at 346 to the dollar on the parallel market, weaker from 345 at Monday's close.

At the official interbank window, commercial lenders were quoting 199 naira to the dollar, close to its peg of 197.

Also, the external reserves fell by 2.7 per cent to $26.56bn as of Monday from a month earlier, according to the CBN data.

The external reserves have lost over $2bn this year and were down by 10.7 per cent a year ago when they stood at $29.77bn.

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SourceMP3 Lagu Baru

Forex - Dollar pushes higher against yen, euro

© Reuters. Dollar moves higher against yen, euro on Fed rate hike view© Reuters. Dollar moves higher against yen, euro on Fed rate hike view

Investing.com - The dollar moved higher against the yen on Tuesday, having fallen in the previous session amid diminishing expectations that Japan will move to weaken the currency after a fresh warning against intervention from the U.S. last week.

was up 0.31% at 109.57, after falling to lows of 109.10 on Monday.

The yen strengthened on Monday after a weekend meeting of G7 leader's ended with the U.S. reiterating a warning to Japan against intervening in the foreign exchange market to weaken the yen.

said Tuesday he must be extremely careful in discussing specific forex rates.

The remark came after earlier reports that he said it would be good if the dollar yen pair settled around 109 yen.

Demand for the dollar continued to be underpinned after comments by Federal Reserve officials signaled that interest rates could rise in the coming months.

St. Louis Fed President James Bullard said Monday that more factors favored a gradual rate increase versus keeping them steady.

Separately, said he still sees the central bank raising interest rates two to three times this year.

The remarks came after last week's minutes of the Fed's April meeting revived expectations for a rate hike as soon as next month.

The dollar was also higher against the euro, with down 0.39% at 1.1176.

In the euro zone, data on Tuesday showed that , boosted by strong private consumption and increased construction investment.

The , which measures the greenback's strength against a trade-weighted basket of six major currencies, rose 0.27% to 95.48.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


SourceDownload Lagu Terbaru

Forex technical analysis: USDCAD takes a quick tumble

Shutterstock photo

Falls to the 100 hour MA

The USDCAD has taken a quick tumble to the 100 hour MA at the 1.30987 level. The pair fell below the low for the day at the 1.3126 level and fell the next 28 pips without much in the way of support. There is some slowing at the 100 hour MA. The lows from yesterday also come in at 1.3098. So a key level.  


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.




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Forex, epileptic power hampering growth of aviation industryĆ¢€” Otubusa

The Coordinator of the Christian Fellowship of National Airspace Management Agency, Mr. Funsho Otubusa has identify the new forex policy and epileptic power supply as factors hindering the growth and development of the aviation industry in Nigeria

Folunrosho made this known in an interview at the 18th Bi-Annual National Prayer for the Safety of Nigeria Airspace organized by the African Children of Peace Club an affiliate of African Foundation for Peace and Love Initiative held at the fellowship hall of Nigeria Airspace Management Agency and NCAA Fellowship hall at the airport, Murtala Mohammed, Ikeja, Lagos.

The programme tagged "taking the roots downward and bear fruit upward" brought together over 30 children from across Lagos State which was held in NAMA and NCAA respective on the same day. It features prayers, thanksgiving service and prophetic ministration. Prayers were made for the President, management of the agencies, workers and other stakeholders in the industry.

According to him, `the new forex policy of the Central Bank of Nigeria has become a major constraints for the purchase of the new spare parts sourced outside of the country which require urgent intervention because if the forex keep rising, it will affect the purchase of new ones.

He said "most of the equipment used in the aviation industry are not locally accessed but purchase abroad and if we do not have enough forex, we would not be able to purchase new equipment needed to keep our industry growing, safe and secure for everyone.

He also added that epileptic power supply has been a growing concern for the aviation industry which should be work upon to ensure efficiency of staff and management in the sector.
Although he asserted that the right infrastructure put in place is very critical for the sector.

"we believe in God safety as He has a role to play. No matter the infrastructure, expertise and wisdom put in place, the fear of God is key as things would ordinary fall into pleasant places for us," he said.

In his address, the President of the African Foundation For Peace and Love Initiative, Rev Titus Oyeyemi called on Nigerians to continue to pray and support the Nigeria aviation industry so that we can have an airspace free of disaster.

He said that the need for Nigerian to support the aviation industry with prayers can never be over emphasized as the world faces growing threat to free airspace


SourceDownload Lagu Terbaru

Forex - US Chart Sep Eurodollar Update: 50-week MA at 99.10 is next key lower target

See the data by clicking on the headline link...

Asterisk denotes strength of level

14:20 GMT - EDU6 is still doing its best to work lower to the 50-week MA at 99.10, but so far only very minor progress lower today. Despite that, 99.10 is due for a test and then we
wait to see if the shorts will want to be more aggressive at the 50-week MA or decide to take profits there. Upside capped at 99.145 for now, the 200-day MA. R.Z


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Forex - Euro hits 2-month low as U.S. data boosts dollar

© Reuters. Euro hits 2-month lows against stronger dollar after robust U.S. housing data© Reuters. Euro hits 2-month lows against stronger dollar after robust U.S. housing data

Investing.com - The euro extended losses against the dollar on Tuesday, falling to two-month lows as boosted the greenback and also pressured the single currency lower.

was down 0.6% at 1.1153, the weakest level since March 23.

The dollar received a boost after data showing that soared to the highest level since the start of 2008 in April.

The Commerce Department said new home sales rose by 16.6% to an annual unit rate of 619,000 last month.

March's home sales were revised to show a 1.3% decline to 531,000 units, from a previously reported drop of 1.5%.

Economists' had expected a 2.0% rise from the initial March number to a total of 523,000 units.

Demand for the dollar continued to be underpinned after recent comments by Federal Reserve officials signaled that interest rates could rise in the coming months.

St. Louis Fed President James Bullard said Monday that more factors favored a gradual rate increase versus keeping them steady.

Separately, said he still sees the central bank raising interest rates two to three times this year.

The remarks came after last week's minutes of the Fed's April meeting as soon as next month.

The euro fell to three month lows against the pound, with dropping 1.43% to 0.7636.

Sterling strengthened after showed the 'Remain' campaign with a big lead with one month to go until the referendum on Britain's European Union membership.

The latest ORB poll, published in Tuesday's Telegraph newspaper, showed that the "Remain' campaign has a 13-point lead over the 'Leave' campaign.

Support for remaining in the EU stood at 55%, while support for Brexit was at 42%.

Sterling was also higher against the dollar following the report, with advancing 0.75% to 1.4590.

defended the central bank's decision to flag Brexit risks on Tuesday, after saying earlier this month there was a risk of recession.

Carney said the outcome of the June 23 referendum could require the BoE to make a big reassessment to how it sets interest rates.

The , which measures the greenback's strength against a trade-weighted basket of six major currencies, rose 0.4% to a two-month high of 95.6.

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