[Tree] Decline in Nigeria's capital importation in Q3 2024
Version 2.44 (2024-12-07 10:47:52.413000)
updates: Significant drop in capital importation reported
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Version 2.43 (2024-08-25 15:39:54.048000)
updates: Increased capital outflows and currency dynamics
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Version 2.42 (2024-08-24 12:43:22.355000)
updates: Naira strengthens; dollar weakens against the pound
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Version 2.41 (2024-08-23 21:54:07.111000)
updates: US Fed hints at interest rate cuts affecting Nigeria
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Version 2.4 (2024-08-23 12:41:50.867000)
updates: Naira's recent depreciation and market dynamics
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Version 2.39 (2024-08-22 14:51:58.623000)
updates: Naira's recent recovery and foreign exchange statistics
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Version 2.38 (2024-08-22 07:43:09.927000)
updates: Naira appreciates, remittances boost market liquidity
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Version 2.37 (2024-08-21 21:44:13.620000)
updates: Naira's first loss at auction; U.S. data impacts
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Version 2.36 (2024-08-21 13:46:00.803000)
updates: Naira trading at N1600/$; remittances rise significantly
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Version 2.35 (2024-08-21 12:45:26.926000)
updates: Naira depreciates against dollar, pound, and euro
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Version 2.34 (2024-08-20 10:39:01.451000)
updates: Naira appreciates slightly; FX turnover declines
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Version 2.33 (2024-08-18 09:51:15.787000)
updates: CBN reduces dollar rates amid duty-free imports
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Version 2.32 (2024-08-14 12:16:06.082000)
updates: Naira depreciation against the US dollar in the official market
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Version 2.31 (2024-08-11 14:17:42.753000)
updates: Includes information on the naira's appreciation in official and black markets
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Version 2.3 (2024-08-11 08:08:18.568000)
updates: Updates on the amount of dollars sold, naira appreciation in official and black markets, and disqualification of six banks
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Version 2.29 (2024-08-11 07:05:05.643000)
updates: CBN conducts retail sale of foreign exchange to end users through authorized dealer banks
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Version 2.28 (2024-08-11 04:07:50.263000)
updates: CBN conducts retail Dutch auction, disqualifies six banks
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Version 2.27 (2024-08-10 12:18:16.341000)
updates: The NAFEM's indicative exchange rate and dollar volume
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Version 2.26 (2024-08-10 10:04:09.475000)
updates: Updates on naira's performance in the parallel market and NAFEM
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Version 2.25 (2024-08-03 11:16:25.587000)
updates: Mixed performance of the naira in the foreign exchange market
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Version 2.24 (2024-08-01 13:06:57.371000)
updates: Naira appreciation in the official market, increase in FX turnover
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Version 2.23 (2024-08-01 11:17:40.554000)
updates: Positive performance of the naira in the Nigerian Autonomous Foreign Exchange Market (NAFEM)
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Version 2.22 (2024-07-31 11:06:38.917000)
updates: Naira continues losing streak against US dollar; US Federal Reserve interest rate decision takes spotlight
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Version 2.21 (2024-07-31 08:25:03.378000)
updates: The naira depreciated further at the official market
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Version 2.2 (2024-07-30 07:16:11.876000)
updates: Updated naira exchange rates and cryptocurrency market information
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Version 2.19 (2024-07-28 08:03:27.414000)
updates: CBN sells $148 million to authorized dealers to ease demand pressure
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Version 2.18 (2024-07-28 00:09:40.195000)
updates: Naira hits four-month low against US dollar amid summer seasonal rise
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Version 2.17 (2024-07-26 08:11:42.125000)
updates: Naira depreciation against the dollar due to FX liquidity squeeze
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Version 2.16 (2024-07-23 13:20:11.287000)
updates: Prediction by Lagos Chamber of Commerce on naira-dollar exchange rate
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Version 2.15 (2024-07-22 12:06:45.794000)
updates: Updated exchange rates in the parallel market and CBN's forex sales to BDC operators
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Version 2.14 (2024-07-22 08:12:26.186000)
updates: Updated information on naira depreciation and CBN's efforts
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Version 2.13 (2024-07-20 12:09:14.363000)
updates: Naira depreciates to N1,596/$1 at NAFEM despite CBN's efforts to boost FX liquidity
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Version 2.12 (2024-07-19 10:19:14.298000)
updates: Updates on naira appreciation in official market and depreciation in parallel market
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Version 2.11 (2024-07-16 08:57:05.004000)
updates: New information on the naira's depreciation due to high dollar demand and geopolitical uncertainty
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Version 2.1 (2024-07-13 15:57:30.410000)
updates: Updated information on naira depreciation and CBN intervention
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Version 2.09 (2024-07-12 18:58:30.712000)
updates: CBN's response to naira depreciation, strength of pound sterling, Nigeria's foreign reserves hitting a record high
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Version 2.07 (2024-07-12 07:57:55.957000)
updates: Naira appreciation in official FX market, cryptocurrency market movements
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Version 2.06 (2024-07-09 09:00:47.797000)
updates: Naira reverses gains, crashes in official and black markets
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Version 2.05 (2024-07-09 07:57:51.988000)
updates: Updates on naira depreciation in NAFEX and black market
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Version 2.04 (2024-07-07 18:56:17.042000)
updates: Mixed performance of naira in official and unofficial markets
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Version 2.03 (2024-07-05 11:57:14.560000)
updates: Naira depreciation in official and unofficial markets
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Version 2.02 (2024-07-03 12:58:23.186000)
updates: CBN directive on accepting lower US dollar denominations
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Version 2.01 (2024-07-03 07:59:13.849000)
updates: Information about Nigerian banks facing sanctions for rejecting US dollar notes
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Version 2.0 (2024-06-30 14:57:37.521000)
updates: CBN adjusts Customs FX rates to support cargo clearance
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Version 1.99 (2024-06-30 11:55:25.832000)
updates: Naira rated worst-performing currency in H1 2024
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Version 1.98 (2024-06-30 08:55:17.076000)
updates: Naira rated as worst-performing currency in the world in 2024
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Version 1.97 (2024-06-29 19:59:00.579000)
updates: Mixed performance of the naira in foreign exchange markets
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Version 1.96 (2024-06-27 08:55:00.092000)
updates: Updated information on naira depreciation and CBN's exchange rate policy
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Version 1.95 (2024-06-26 10:55:42.920000)
updates: Naira depreciation in both official and unofficial markets, CBN's promise to address the exchange rate
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Version 1.94 (2024-06-25 07:55:06.537000)
updates: CBN maintains customs exchange rate despite naira depreciation
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Version 1.93 (2024-06-16 17:55:31.481000)
updates: CBN reduces customs exchange rate after Eid-El-Kabir holidays
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Version 1.92 (2024-06-16 15:57:27.436000)
updates: Naira appreciates against pound and euro in black market
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Version 1.91 (2024-06-15 08:55:09.786000)
updates: Updated information on naira's decline and cryptocurrency market
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Version 1.9 (2024-06-14 07:59:43.440000)
updates: Naira's value weakens in official market, decrease in forex turnover
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Version 1.89 (2024-06-14 07:55:58.784000)
updates: Naira experiences decline in official and parallel markets
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Version 1.88 (2024-06-09 18:58:00.317000)
updates: CBN adjusts customs exchange rate to provide relief to importers
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Version 1.87 (2024-06-08 23:55:02.594000)
updates: Black market exchange rates for USD to Naira on June 9, 2024
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Version 1.86 (2024-06-08 23:54:36.075000)
updates: Updated black market exchange rates for 50 US dollars to Nigerian Naira
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Version 1.85 (2024-06-08 23:54:17.097000)
updates: Updated black market exchange rates for US dollars to naira
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Version 1.84 (2024-06-02 23:55:42.454000)
updates: Black market exchange rates for USD to NGN on June 3, 2024
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Version 1.83 (2024-06-02 23:55:11.676000)
updates: Updated black market exchange rates for $100 to Naira
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Version 1.82 (2024-06-02 16:55:36.154000)
updates: FG proposes new dollar rate for importers to clear goods
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Version 1.81 (2024-06-02 15:53:26.563000)
updates: Updates on naira depreciation in official market, BDC traders adjusting exchange rate
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Version 1.8 (2024-06-01 23:55:39.801000)
updates: New information on the black market exchange rate
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Version 1.79 (2024-06-01 23:55:22.632000)
updates: Added information about black market exchange rate for $100 to Naira
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Version 1.78 (2024-06-01 23:54:44.708000)
updates: Updated information on black market exchange rate for 50 US Dollars
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Version 1.77 (2024-06-01 20:56:05.387000)
updates: Inclusion of information on naira depreciation in the Nigerian Autonomous Foreign Exchange Market, value of foreign exchange transactions at the official market, naira weakening against Pound Sterling and Euro, bearish market for digital currencies, negative performance of NASD OTC Securities Exchange, and recommendations by the Presidential Fiscal Policy and Tax Reforms Committee
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Version 1.76 (2024-06-01 08:52:46.741000)
updates: Naira depreciation in May, additional details on foreign exchange market pressure
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Version 1.75 (2024-05-27 23:57:42.333000)
updates: Add information about the Aboki Dollar exchange rate
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Version 1.74 (2024-05-27 23:57:31.594000)
updates: Updated black market exchange rates for $100 to Naira
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Version 1.73 (2024-05-26 23:56:38.529000)
updates: Includes black market exchange rate for 50 USD to Naira
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Version 1.72 (2024-05-26 23:55:08.014000)
updates: Black market exchange rates for $100 to Naira
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Version 1.71 (2024-05-26 05:56:38.355000)
updates: Updated exchange rate for Aboki Dollar to Naira in the black market
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Version 1.7 (2024-05-24 07:02:18.573000)
updates: Naira depreciates in parallel market, lowest level since March 20
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Version 1.69 (2024-05-23 10:55:09.996000)
updates: Explanation for Naira depreciation, CBN's measures to stabilize currency
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Version 1.68 (2024-05-22 11:58:10.493000)
updates: Naira appreciates against pound sterling and euro in all forex markets
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Version 1.67 (2024-05-19 23:54:19.833000)
updates: Updated black market exchange rate for 50 US Dollars to Naira
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Version 1.66 (2024-05-19 23:53:47.863000)
updates: Updated black market exchange rate information
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Version 1.65 (2024-05-19 23:53:17.176000)
updates: Updated black market exchange rates for $100 to Naira
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Version 1.64 (2024-05-18 23:52:52.304000)
updates: Includes information about black market exchange rates
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Version 1.63 (2024-05-18 11:58:39.427000)
updates: New information on Naira appreciation, forex turnover decline, and cryptocurrency market
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Version 1.62 (2024-05-18 08:54:13.179000)
updates: Naira appreciates against US dollar in official and parallel markets
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Version 1.61 (2024-05-17 23:56:08.806000)
updates: Information about the black market exchange rate for USD to NGN on May 18th, 2024
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Version 1.6 (2024-05-15 10:00:04.564000)
updates: Naira continues to decline despite falling US dollar index
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Version 1.59 (2024-05-14 06:57:18.167000)
updates: Updates on Naira's depreciation, predictions by financial experts and Standard Bank
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Version 1.58 (2024-05-13 14:57:54.294000)
updates: Aliko Dangote loses KSh 339b due to naira depreciation
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Version 1.57 (2024-05-13 08:53:31.228000)
updates: New information on the naira's depreciation and the influence of U.S. inflation data
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Version 1.56 (2024-05-12 14:53:16.238000)
updates: Updates on the recent depreciation of the Naira against the US dollar and other major currencies, concerns about the impact on the economy and businesses, and measures being taken to stabilize the exchange rate
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Version 1.55 (2024-05-12 12:54:14.989000)
updates: Naira weakens further, official and parallel markets near convergence
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Version 1.54 (2024-05-12 07:54:22.132000)
updates: Updated information on Naira's depreciation in official and parallel markets
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Version 1.53 (2024-05-12 05:56:10.593000)
updates: Updates on U.S. dollar performance against major currencies
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Version 1.52 (2024-05-11 23:55:57.691000)
updates: Updated information on the Naira's depreciation and black market exchange rate
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Version 1.51 (2024-05-11 23:53:53.942000)
updates: Updated information on the black market exchange rates for $100 to Naira
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Version 1.5 (2024-05-11 14:58:16.971000)
updates: Updates on the Naira's depreciation, interventions by the CBN, and reforms implemented by the EFCC
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Version 1.49 (2024-05-10 12:54:00.886000)
updates: Updates on the falling US dollar index and its impact on the Naira
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Version 1.48 (2024-05-10 06:54:29.275000)
updates: Updates on the depreciation of the Naira and decline in forex turnover
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Version 1.47 (2024-05-09 07:53:11.059000)
updates: New data on the depreciation of the Naira in the official market and concerns expressed by Peter Obi
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Version 1.46 (2024-05-09 06:58:06.363000)
updates: Naira weakens further due to lack of interventions by CBN
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Version 1.45 (2024-05-08 07:53:00.511000)
updates: Naira loses ground in black market, US dollar strengthens
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Version 1.44 (2024-05-07 10:55:15.966000)
updates: Naira value rises against US dollar after Nigerian government's move
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Version 1.43 (2024-05-06 00:57:23.892000)
updates: Includes information about the exchange rate for US dollars to Nigerian Naira from Nigerian banks [32ba6c7a]
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Version 1.42 (2024-05-05 20:56:09.004000)
updates: Added information about the black market exchange rate in Nigeria
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Version 1.41 (2024-05-04 07:52:34.069000)
updates: Naira appreciates in official market despite concerns over policy momentum
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Version 1.4 (2024-05-03 11:54:40.910000)
updates: Updates on the Naira's depreciation and the impact of the falling US dollar index
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Version 1.39 (2024-04-30 07:58:39.637000)
updates: Added information on Naira depreciation and anxiety among traders
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Version 1.38 (2024-04-30 07:56:41.857000)
updates: Updates on Naira depreciation, banks selling dollars at new rates
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Version 1.37 (2024-04-29 14:58:30.948000)
updates: Updates on multiple exchange rates and CBN efforts to stabilize the currency
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Version 1.36 (2024-04-29 07:57:48.548000)
updates: ABCON's plan to establish a unified FX retail market to boost transparency and help discover the naira's value
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Version 1.35 (2024-04-28 23:58:25.499000)
updates: Updated information on black market exchange rates for USD to NGN
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Version 1.34 (2024-04-28 17:58:22.802000)
updates: CBN sets new customs exchange rate to clear goods at ports
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Version 1.33 (2024-04-28 17:57:29.777000)
updates: Senate expresses concern over naira fall, calls for stability
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Version 1.32 (2024-04-27 23:53:32.348000)
updates: Added information about the Aboki Dollar exchange rate in the black market
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Version 1.31 (2024-04-27 12:55:25.653000)
updates: Updates on naira exchange rates, cryptocurrency market, crude oil prices, and Nigeria-Japan relations
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Version 1.3 (2024-04-27 09:56:05.627000)
updates: Updated exchange rates in official and unofficial markets
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Version 1.29 (2024-04-24 10:56:07.297000)
updates: Naira depreciation continues despite CBN intervention
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Version 1.28 (2024-04-23 10:22:06.029000)
updates: Naira depreciation, blame on cryptocurrency platforms
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Version 1.27 (2024-04-23 03:19:34.523000)
updates: The naira has declined in value against the US dollar
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Version 1.26 (2024-04-22 00:24:13.339000)
updates: Updates on black market exchange rate for dollar to naira
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Version 1.25 (2024-04-21 16:22:12.997000)
updates: The Nigerian naira has depreciated due to the re-emergence of currency speculators using cryptocurrency platforms. Calls to stop the operations of these platforms have been made.
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Version 1.24 (2024-04-21 00:21:16.948000)
updates: Updated information on the exchange rate of Aboki Dollar to Naira in the black market
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Version 1.23 (2024-04-21 00:20:52.445000)
updates: Provides the current exchange rate of Aboki Dollar to Naira in Nigeria's black market
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Version 1.22 (2024-04-20 15:25:00.236000)
updates: Explains the recent rise in naira to dollar rate due to cryptocurrency trading
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Version 1.21 (2024-04-20 00:25:11.124000)
updates: Includes the exchange rate for Aboki Dollar to Naira in the black market
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Version 1.2 (2024-04-19 12:20:29.891000)
updates: Nigerian naira strengthens against US dollar, nears N1000 mark amid foreign exchange reforms
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Version 1.19 (2024-04-19 09:20:33.597000)
updates: Updates on the value of the Nigerian naira against the US dollar in the black market and official market, as well as the impact of mixed US economic data
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Version 1.18 (2024-04-19 08:25:36.296000)
updates: Naira depreciates against the US dollar in the official market
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Version 1.17 (2024-04-18 11:23:45.741000)
updates: The naira appreciated further to N1,000 a dollar, the highest level in seven months. The Nigerian Upstream Petroleum Regulatory Commission reports a 6.6% decline in crude oil production in March. Goldman Sachs has adjusted its exchange rate expectation from N1200 to N1000. Cordros Capital Limited expects the Naira to remain stable, supported by improved FX liquidity conditions and reduced speculation activities. The value of the Nigerian currency, the naira, appreciated against the United States dollar, pound sterling, and euro in both the official and unofficial markets. Against the pound sterling, the naira ended the day at N1,147.53/£1, an appreciation of N298.92 compared to the previous day. Against the euro, the naira gained N14.62 to quote at N1,220.17/€1. In the unofficial market, the naira appreciated N50 to trade at N1,050/$1.
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Version 1.16 (2024-04-17 05:20:30.027000)
updates: Filling stations reduce petrol pump price as naira appreciates
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Version 1.15 (2024-04-15 08:23:01.756000)
updates: Naira appreciation, new exchange rate, CBN sales to BDCs
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Version 1.14 (2024-04-14 23:20:43.866000)
updates: Integration of CBN's efforts to tame dark economy and reduce spurious FX demand
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Version 1.13 (2024-04-14 15:20:13.505000)
updates: Updates on FX inflows, reduced speculation, exchange rate expectations, and challenges in the Nigerian oil sector
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Version 1.12 (2024-04-13 09:21:20.543000)
updates: Updates on Naira's appreciation in official and parallel markets, mention of CBN policies
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Version 1.11 (2024-04-11 00:26:59.121000)
updates: Updated black market exchange rate for USD to NGN
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Version 1.1 (2024-04-10 07:24:49.475000)
updates: Updates on the appreciation of the Naira in the parallel market and the panic among currency speculators
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Version 1.09 (2024-04-09 11:25:32.119000)
updates: Inclusion of information about dollar inflows into Nigerian foreign exchange market
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Version 1.08 (2024-04-09 07:24:59.097000)
updates: Naira appreciation in NAFEM and black market, CBN injecting fresh FX into the market, Naira's value against Pound Sterling and Euro in the official market, cryptocurrency market performance
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Version 1.07 (2024-04-07 23:22:57.699000)
updates: Added information about the black market exchange rate for USD to NGN
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Version 1.06 (2024-04-06 23:24:52.575000)
updates: Added information about the black market exchange rate for USD to NGN
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Version 1.05 (2024-04-04 06:23:40.585000)
updates: Naira appreciation in official and parallel markets, cryptocurrency market performance, Dangote Refinery's plans to supply petrol
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Version 1.04 (2024-04-03 08:20:52.165000)
updates: Updates on the Naira's gains in the official and parallel markets, the impact of CBN's forex policies, and comments from Kingsley Moghalu and Lagos State Governor Babajide Sanwo-Olu
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Version 1.03 (2024-03-30 23:22:12.994000)
updates: Updated information on the black market exchange rate for USD to NGN
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Version 1.02 (2024-03-30 14:26:55.626000)
updates: Updated information on the Naira's appreciation in the parallel market and the dollar's crash in the official window
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Version 1.01 (2024-03-29 21:23:09.084000)
updates: Includes Lagos Governor Sanwo-Olu's acknowledgement of Naira's appreciation and discussion of economic policies
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Version 1.0 (2024-03-26 12:25:19.610000)
updates: Updates on Naira's appreciation in both markets
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Version 0.99 (2024-03-26 07:23:09.225000)
updates: CBN sells dollars to BDC operators at a cheaper rate, sets exchange rate limit
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Version 0.98 (2024-03-25 17:20:20.730000)
updates: Former CBN deputy discusses the possibility of Naira returning to N400/dollar exchange rate
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Version 0.97 (2024-03-25 14:22:25.724000)
updates: Currency dealers explain factors behind Naira's appreciation
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Version 0.96 (2024-03-25 00:21:08.097000)
updates: Black market exchange rate for 50 USD to NGN on March 24th, 2024
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Version 0.95 (2024-03-23 23:18:24.453000)
updates: Inclusion of black market exchange rate information
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Version 0.94 (2024-03-23 23:18:06.679000)
updates: Includes the black market exchange rate for USD to NGN
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Version 0.93 (2024-03-22 08:20:26.520000)
updates: New official exchange rate, clearance of Forex backlogs, increase in foreign reserves and remittances
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Version 0.92 (2024-03-20 09:26:59.589000)
updates: Includes information about the Naira's performance in the spot and parallel markets
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Version 0.91 (2024-03-19 10:28:30.470000)
updates: Updated information on short-term stability in Nigeria's FX market and global factors influencing the currency
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Version 0.9 (2024-03-19 07:22:15.936000)
updates: Naira's recovery against major currencies in all markets
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Version 0.89 (2024-03-17 23:21:10.864000)
updates: Black market exchange rate for 50 USD to NGN on March 18th, 2024
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Version 0.88 (2024-03-15 08:32:46.134000)
updates: Naira appreciation in NAFEM and parallel market
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Version 0.87 (2024-03-14 08:27:10.198000)
updates: Nigerian Brewery price increase, US assistance in combating kidnappings, Niger border reopening, Interswitch telecom services
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Version 0.86 (2024-03-12 10:21:34.601000)
updates: Naira appreciates in official market, Goldman Sachs predicts N1,200/$1 exchange rate
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Version 0.85 (2024-03-10 14:23:56.120000)
updates: Goldman Sachs predicts Naira to appreciate to N1200 against US Dollar
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Version 0.84 (2024-03-10 11:20:43.699000)
updates: Inclusion of EIU's forecast of Naira devaluation and economic risks in 2024
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Version 0.83 (2024-03-10 03:27:13.130000)
updates: Inclusion of black market exchange rate information
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Version 0.82 (2024-03-07 16:25:14.637000)
updates: CBN sells N1.3 trillion worth of treasury bills to boost Naira
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Version 0.81 (2024-03-07 12:23:11.324000)
updates: Naira's decline in official market, adjustment of foreign exchange rate for clearing imported goods
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Version 0.8 (2024-03-05 12:21:59.751000)
updates: Naira strengthens against US dollar in official market
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Version 0.79 (2024-03-04 07:19:53.817000)
updates: Updated information on U.S. jobs report and UK spring budget
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Version 0.78 (2024-03-03 16:19:48.699000)
updates: Pound to Dollar exchange rate forecast, UK budget release, Bank of England interest rate debate, US inflation, US Congress spending resolutions
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Version 0.77 (2024-03-01 11:18:47.716000)
updates: Retreat raises concerns of ending six-day advance
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Version 0.76 (2024-02-28 09:23:09.397000)
updates: Updates on mid-week setback, expectations for continued pound advance, Bank of England Deputy Governor's statements on inflation pressures, volatility data, upcoming U.S. economic data
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Version 0.75 (2024-02-27 12:23:46.981000)
updates: Updates on GBP/USD exchange rate and political landscape
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Version 0.74 (2024-02-26 13:19:39.416000)
updates: Inclusion of Pound US Dollar exchange rate forecast and central bank speeches
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Version 0.73 (2024-02-26 07:24:23.772000)
updates: Updated information on GBP/USD trading and Pound to Dollar exchange rate forecast
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Version 0.72 (2024-02-25 10:20:54.924000)
updates: Updated Pound to Dollar exchange rate forecast
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Version 0.71 (2024-02-18 07:17:20.759000)
updates: Inclusion of GBP/USD analysis and trading session updates
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Version 0.7 (2024-02-12 10:21:36.693000)
updates: GBP/USD faces crucial trading week as it tests key level
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Version 0.69 (2024-02-06 18:12:23.406000)
updates: GBP/USD breaks key support amid strong US economic figures
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Version 0.68 (2024-02-06 07:11:52.205000)
updates: GBP/USD breaks out of range, US economy strengthens
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Version 0.67 (2024-01-25 18:55:26.626000)
updates: US GDP rises 3.3% in Q4, indicating a strong US economy. GBP/USD fails to break above 1.28 and drifts lower. A move below 1.26 could trigger a sharper decline.
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Version 0.66 (2024-01-25 08:07:58.315000)
updates: Technical analysis of GBP/USD pair's rectangle pattern
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Version 0.65 (2024-01-25 00:54:38.486000)
updates: Updates on UK Flash PMI, former Fed official's comments on interest rates, and anticipation for US GDP data
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Version 0.64 (2024-01-24 19:54:55.271000)
updates: The GBP/USD rose on strong UK and US PMIs, ahead of the US GDP report. The UK's Manufacturing and Services PMIs outperformed expectations, driving the Composite PMI to a 7-month high, signaling sustained economic growth.
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Version 0.63 (2024-01-24 18:54:40.903000)
updates: The GBP/USD rose on strong UK and US PMIs, ahead of the US GDP report. The UK's Manufacturing and Services PMIs outperformed expectations, driving the Composite PMI to a 7-month high, signaling sustained economic growth. The US Dollar's strength waned despite a rise in US business activity and Treasury yields. The GBP/USD climbed during the mid-North American session on Wednesday after economic data suggested the UK’s economy remains solid. The major trades at 1.2726, gaining 0.36%. The UK Flash PMIs for January showed that economic activity gathered steam, with Manufacturing PMI rising from 46.2 to 47.3 and the Services index jumping from 53.4 to 53.8. The S&P Global Composite PMI rose from 52.1 to 52.5, hitting a 7-month high. The US Dollar gained some traction and dragged the GBP/USD from its daily high of 1.2774 to current exchange rates. The manufacturing index exited from recessionary territory, clocking 50.3 above forecasts and last month’s 47.9 reading, while the services sector advanced from 51.4 to 52.9. Traders seem convinced the US Federal Reserve (Fed) would cut rates by more than 150 basis points. US data from the last two weeks depicts the US economy remains robust and might dissuade Fed officials from relaxing monetary conditions. US Treasury bond yields are rising sharply in the belly and long end of the yield curve. The 10-year benchmark note rate is up four basis points at 4.17%. The US Dollar remains on the defensive, down 0.33% at 103.19 according to the DXY – US Dollar Index. The UK economic calendar is light, though the US docket would feature GDP and the Fed’s preferred gauge for inflation, the Personal Consumption Expenditures (PCE). From a technical standpoint, the GBP/USD remains upward biased but must reclaim the next cycle high hit on January 12 at 1.2785 before challenging the 1.2800 mark. Further gains are seen above December’s 28 swing high of 1.2821, followed by last July’s 27 high at 1.2995. On the flip side, if sellers keep the spot price below 1.2750, that could pave the way for a drop to first support at 1.2700. Up next would be the confluence of the 50-day moving average (DMA) and January’s 23 low of 1.2644/49m ahead of the 200-DMA at 1.2551. [e07539ed]
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Version 0.62 (2024-01-24 07:55:20.642000)
updates: Technical analysis and outlook for GBP/USD
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Version 0.61 (2024-01-23 06:55:20.504000)
updates: UK GDP growth in November, Bank of England's rate decision, UK Retail Sales data, preliminary UK S&P Global PMI data for January, geopolitical situation in the Middle East, Richmond Manufacturing Index for January
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Version 0.6 (2024-01-16 07:17:37.256000)
updates: Integration of new information about GBP/USD consolidating in a rising triangle pattern ahead of key UK economic data
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Version 0.59 (2024-01-12 11:38:21.374000)
updates: UK GDP growth, Bank of England's pressure to lower rates, US inflation
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Version 0.58 (2024-01-12 10:17:29.039000)
updates: Incorporated information about UK GDP growth and inflation in the UK and US
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Version 0.57 (2024-01-08 11:19:20.120000)
updates: Additional information on UK economy, construction sector, British house prices, US employment, services sector, and investors' focus on US inflation for policy guidance
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Version 0.56 (2024-01-04 03:22:03.859000)
updates: Updated information on GBP/USD consolidation and market sentiment
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Version 0.55 (2024-01-03 12:20:49.119000)
updates: Sterling holds steady before US data, nursing Tuesday’s heavy loss
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Version 0.54 (2024-01-03 10:18:38.421000)
updates: Added information about UK inflation and manufacturing sector
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Version 0.53 (2024-01-03 03:16:48.644000)
updates: Rebound in GBP/USD, weaker UK Business Confidence, US data releases
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Version 0.52 (2023-12-29 02:59:47.602000)
updates: Added information about GBP/USD recovering losses and US economic data
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Version 0.5 (2023-12-28 12:01:37.715000)
updates: Updates on GBP/USD exchange rate and factors affecting it
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Version 0.49 (2023-12-27 08:01:27.480000)
updates: Positive UK retail sales data, contraction in UK GDP, speculation on US dollar reversal
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Version 0.48 (2023-12-26 10:02:16.842000)
updates: Positive UK retail sales data boosts Pound's strength against US Dollar
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Version 0.47 (2023-12-22 13:09:37.449000)
updates: Inclusion of positive UK retail sales data for November
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Version 0.46 (2023-12-20 11:03:50.956000)
updates: Updates on the Pound US Dollar exchange rate and factors influencing it
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Version 0.45 (2023-12-20 08:01:29.711000)
updates: GBP/USD recovery, UK inflation data, US data, Euro, Gold, Bitcoin, Dow, Nasdaq
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Version 0.44 (2023-12-19 06:59:38.767000)
updates: Updates on Bank of England and US Federal Reserve policies
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Version 0.43 (2023-12-15 12:48:48.784000)
updates: GBP/AUD exchange rate slumps on strong AU data
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Version 0.43 (2023-12-15 12:48:48.784000)
updates: GBP/AUD exchange rate slumps on strong AU data
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Version 0.43 (2023-12-15 12:48:48.784000)
updates: GBP/AUD exchange rate slumps on strong AU data
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Version 0.42 (2023-12-11 05:12:02.678000)
updates: GBP/USD recovery, British pound forecast upgrade
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Version 0.41 (2023-12-11 01:54:48.528000)
updates: GBP/USD recovers lost ground, US Nonfarm Payrolls report exceeds expectations
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Version 0.4 (2023-12-09 17:01:08.602000)
updates: Updated information on the Pound to Dollar exchange rate forecast and factors affecting GBP/USD
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Version 0.39 (2023-12-08 07:28:01.217000)
updates: Inclusion of information on US Jobs Report and Consumer Confidence
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Version 0.38 (2023-12-07 12:13:25.101000)
updates: Technical analysis of GBP/USD and US Dollar recovery
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Version 0.37 (2023-12-04 17:51:30.236000)
updates: GBP/USD slips towards 1.2600 as Pound Sterling sheds weight
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Version 0.36 (2023-12-04 12:55:57.615000)
updates: Updates on Pound Sterling's strength against the US Dollar, mention of US Services PMI data
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Version 0.35 (2023-12-04 08:03:43.105000)
updates: Updates on UK retail sales, Bank of England's hawkish tone, US economic data
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Version 0.34 (2023-12-01 17:55:02.269000)
updates: Updates on GBP/USD technical outlook, US payrolls figures
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Version 0.33 (2023-12-01 09:46:39.443000)
updates: Includes information on the impact of Fed Chair Powell's comments on GBP rates
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Version 0.32 (2023-11-30 07:34:12.870000)
updates: The GBP price forecast suggests that the pound is being influenced by the US economy. Weaker US economic data and dovish Fed commentary have prompted this outlook. Money markets have priced in rate cuts by the Fed, and the upcoming core PCE price index will be a focal point for the week. The pound may find support if the actual data aligns with forecasts. Jobless claims will also be monitored to assess the labor market's strength. The GBP/USD pair is currently consolidating, but there is potential for a bullish continuation towards the 200-week moving average. US data is crucial for short-term directional bias on cable.
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Version 0.31 (2023-11-28 13:52:30.023000)
updates: The British pound remains steady against the dollar, reaching its highest point in nearly three months. European shares have fallen, while gold maintains its position near a six-month high. Oil prices are climbing as Brent surpasses $80 in anticipation of the upcoming OPEC+ meeting. The euro has strengthened against the dollar, and the U.S. dollar is steady against the Swiss franc. The dollar has edged lower against the yen. European shares have fallen for a second session after comments from European Central Bank policymakers dampened expectations of interest rate cuts next year. Gold is holding steady after reaching a six-month peak, and oil prices have risen due to the possibility of OPEC+ extending or deepening supply cuts. The Brent benchmark has surpassed $80 a barrel. The article also includes updates on economic data and market performance.
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Version 0.3 (2023-11-27 08:39:57.130000)
updates: The Pound to Dollar exchange rate is expected to continue rising
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Version 0.29 (2023-11-23 11:38:35.524000)
updates: Added information about Pound Sterling gains and factors affecting GBP/EUR and GBP/USD
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Version 0.28 (2023-11-21 17:13:57.692000)
updates: Updated information on GBP/USD pair and Bank of England's comments
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Version 0.27 (2023-11-21 12:14:01.998000)
updates: Added information about GBP/USD options and U.S. dollar depreciation
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Version 0.26 (2023-11-20 18:04:34.266000)
updates: Updated information on EUR/USD and GBP/USD pair movements
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Version 0.25 (2023-11-20 16:06:42.510000)
updates: Updated information on EUR/USD pair and added details on Fed easing bets and ECB rate cuts
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Version 0.24 (2023-11-15 09:40:59.485000)
updates: Euro rallies against the US Dollar, potential challenges for the Euro, upcoming US data
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Version 0.23 (2023-11-15 07:46:36.879000)
updates: Euro to Dollar forecast and factors affecting it
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Version 0.22 (2023-11-14 20:15:06.427000)
updates: EUR/USD pair surges on Dollar selloff triggered by US inflation data
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Version 0.21 (2023-11-14 07:58:50.408000)
updates: Restructured and enhanced content for improved clarity and impact
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Version 0.2 (2023-11-14 00:18:27.842000)
updates: Restructured and combined information from multiple sources
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Version 0.19 (2023-11-12 04:23:12.238000)
updates: Restructured and condensed the information for clarity and impact
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Version 0.18 (2023-11-10 15:28:59.080000)
updates: Restructured the content for clarity and impact
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Version 0.17 (2023-11-10 01:24:35.443000)
updates: Restructured and enhanced the narrative for clarity and impact
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Version 0.16 (2023-11-09 11:25:09.941000)
updates: Restructured and combined information from multiple sources
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Version 0.15 (2023-11-09 06:31:42.696000)
updates: Reorganized and condensed the information for improved clarity
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Version 0.14 (2023-11-08 20:38:59.229000)
updates: Restructured and combined information from multiple sources
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Version 0.13 (2023-11-08 09:24:11.044000)
updates: Combined two news stories about EUR/USD exchange rate
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Version 0.12 (2023-11-08 08:23:33.854000)
updates: Restructured and enhanced the narrative for clarity and impact
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Version 0.11 (2023-11-08 06:30:37.883000)
updates: Restructured and condensed the content for improved clarity and impact
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Version 0.09 (2023-11-07 11:27:15.296000)
updates: Restructured and enhanced the narrative for improved clarity and impact
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Version 0.08 (2023-11-06 20:24:58.981000)
updates: Reorganized and combined two news stories about the Euro to Dollar exchange rate forecast
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Version 0.07 (2023-11-06 07:28:49.309000)
updates: Restructured and enhanced the narrative for improved clarity and impact
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Version 0.06 (2023-11-05 10:24:10.117000)
updates: Rephrased and condensed information from the original article
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Version 0.05 (2023-11-03 08:30:20.943000)
updates: Rephrased and combined information from the original inputs
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Version 0.04 (2023-11-03 01:24:19.720000)
updates: Added information about the weakening of the US dollar and the rise in risk appetite
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Version 0.03 (2023-11-02 14:28:36.118000)
updates: Incorporated information about the US dollar approaching a crucial support level and the euro testing a resistance level
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Version 0.02 (2023-11-02 13:24:09.023000)
updates: Added information about the risk of a drop in the US Dollar Index
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