[Tree] Nigeria's capital outflows and economic implications

Version 2.43 (2024-08-25 15:39:54.048000)

updates: Increased capital outflows and currency dynamics

Version 2.42 (2024-08-24 12:43:22.355000)

updates: Naira strengthens; dollar weakens against the pound

Version 2.41 (2024-08-23 21:54:07.111000)

updates: US Fed hints at interest rate cuts affecting Nigeria

Version 2.4 (2024-08-23 12:41:50.867000)

updates: Naira's recent depreciation and market dynamics

Version 2.39 (2024-08-22 14:51:58.623000)

updates: Naira's recent recovery and foreign exchange statistics

Version 2.38 (2024-08-22 07:43:09.927000)

updates: Naira appreciates, remittances boost market liquidity

Version 2.37 (2024-08-21 21:44:13.620000)

updates: Naira's first loss at auction; U.S. data impacts

Version 2.36 (2024-08-21 13:46:00.803000)

updates: Naira trading at N1600/$; remittances rise significantly

Version 2.35 (2024-08-21 12:45:26.926000)

updates: Naira depreciates against dollar, pound, and euro

Version 2.34 (2024-08-20 10:39:01.451000)

updates: Naira appreciates slightly; FX turnover declines

Version 2.33 (2024-08-18 09:51:15.787000)

updates: CBN reduces dollar rates amid duty-free imports

Version 2.32 (2024-08-14 12:16:06.082000)

updates: Naira depreciation against the US dollar in the official market

Version 2.31 (2024-08-11 14:17:42.753000)

updates: Includes information on the naira's appreciation in official and black markets

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

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

Version 2.28 (2024-08-11 04:07:50.263000)

updates: CBN conducts retail Dutch auction, disqualifies six banks

Version 2.27 (2024-08-10 12:18:16.341000)

updates: The NAFEM's indicative exchange rate and dollar volume

Version 2.26 (2024-08-10 10:04:09.475000)

updates: Updates on naira's performance in the parallel market and NAFEM

Version 2.25 (2024-08-03 11:16:25.587000)

updates: Mixed performance of the naira in the foreign exchange market

Version 2.24 (2024-08-01 13:06:57.371000)

updates: Naira appreciation in the official market, increase in FX turnover

Version 2.23 (2024-08-01 11:17:40.554000)

updates: Positive performance of the naira in the Nigerian Autonomous Foreign Exchange Market (NAFEM)

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

Version 2.21 (2024-07-31 08:25:03.378000)

updates: The naira depreciated further at the official market

Version 2.2 (2024-07-30 07:16:11.876000)

updates: Updated naira exchange rates and cryptocurrency market information

Version 2.19 (2024-07-28 08:03:27.414000)

updates: CBN sells $148 million to authorized dealers to ease demand pressure

Version 2.18 (2024-07-28 00:09:40.195000)

updates: Naira hits four-month low against US dollar amid summer seasonal rise

Version 2.17 (2024-07-26 08:11:42.125000)

updates: Naira depreciation against the dollar due to FX liquidity squeeze

Version 2.16 (2024-07-23 13:20:11.287000)

updates: Prediction by Lagos Chamber of Commerce on naira-dollar exchange rate

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

Version 2.14 (2024-07-22 08:12:26.186000)

updates: Updated information on naira depreciation and CBN's efforts

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

Version 2.12 (2024-07-19 10:19:14.298000)

updates: Updates on naira appreciation in official market and depreciation in parallel market

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

Version 2.1 (2024-07-13 15:57:30.410000)

updates: Updated information on naira depreciation and CBN intervention

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

Version 2.08 (2024-07-12 09:59:57.800000)

updates: Naira depreciates in parallel market

Version 2.07 (2024-07-12 07:57:55.957000)

updates: Naira appreciation in official FX market, cryptocurrency market movements

Version 2.06 (2024-07-09 09:00:47.797000)

updates: Naira reverses gains, crashes in official and black markets

Version 2.05 (2024-07-09 07:57:51.988000)

updates: Updates on naira depreciation in NAFEX and black market

Version 2.04 (2024-07-07 18:56:17.042000)

updates: Mixed performance of naira in official and unofficial markets

Version 2.03 (2024-07-05 11:57:14.560000)

updates: Naira depreciation in official and unofficial markets

Version 2.02 (2024-07-03 12:58:23.186000)

updates: CBN directive on accepting lower US dollar denominations

Version 2.01 (2024-07-03 07:59:13.849000)

updates: Information about Nigerian banks facing sanctions for rejecting US dollar notes

Version 2.0 (2024-06-30 14:57:37.521000)

updates: CBN adjusts Customs FX rates to support cargo clearance

Version 1.99 (2024-06-30 11:55:25.832000)

updates: Naira rated worst-performing currency in H1 2024

Version 1.98 (2024-06-30 08:55:17.076000)

updates: Naira rated as worst-performing currency in the world in 2024

Version 1.97 (2024-06-29 19:59:00.579000)

updates: Mixed performance of the naira in foreign exchange markets

Version 1.96 (2024-06-27 08:55:00.092000)

updates: Updated information on naira depreciation and CBN's exchange rate policy

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

Version 1.94 (2024-06-25 07:55:06.537000)

updates: CBN maintains customs exchange rate despite naira depreciation

Version 1.93 (2024-06-16 17:55:31.481000)

updates: CBN reduces customs exchange rate after Eid-El-Kabir holidays

Version 1.92 (2024-06-16 15:57:27.436000)

updates: Naira appreciates against pound and euro in black market

Version 1.91 (2024-06-15 08:55:09.786000)

updates: Updated information on naira's decline and cryptocurrency market

Version 1.9 (2024-06-14 07:59:43.440000)

updates: Naira's value weakens in official market, decrease in forex turnover

Version 1.89 (2024-06-14 07:55:58.784000)

updates: Naira experiences decline in official and parallel markets

Version 1.88 (2024-06-09 18:58:00.317000)

updates: CBN adjusts customs exchange rate to provide relief to importers

Version 1.87 (2024-06-08 23:55:02.594000)

updates: Black market exchange rates for USD to Naira on June 9, 2024

Version 1.86 (2024-06-08 23:54:36.075000)

updates: Updated black market exchange rates for 50 US dollars to Nigerian Naira

Version 1.85 (2024-06-08 23:54:17.097000)

updates: Updated black market exchange rates for US dollars to naira

Version 1.84 (2024-06-02 23:55:42.454000)

updates: Black market exchange rates for USD to NGN on June 3, 2024

Version 1.83 (2024-06-02 23:55:11.676000)

updates: Updated black market exchange rates for $100 to Naira

Version 1.82 (2024-06-02 16:55:36.154000)

updates: FG proposes new dollar rate for importers to clear goods

Version 1.81 (2024-06-02 15:53:26.563000)

updates: Updates on naira depreciation in official market, BDC traders adjusting exchange rate

Version 1.8 (2024-06-01 23:55:39.801000)

updates: New information on the black market exchange rate

Version 1.79 (2024-06-01 23:55:22.632000)

updates: Added information about black market exchange rate for $100 to Naira

Version 1.78 (2024-06-01 23:54:44.708000)

updates: Updated information on black market exchange rate for 50 US Dollars

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

Version 1.76 (2024-06-01 08:52:46.741000)

updates: Naira depreciation in May, additional details on foreign exchange market pressure

Version 1.75 (2024-05-27 23:57:42.333000)

updates: Add information about the Aboki Dollar exchange rate

Version 1.74 (2024-05-27 23:57:31.594000)

updates: Updated black market exchange rates for $100 to Naira

Version 1.73 (2024-05-26 23:56:38.529000)

updates: Includes black market exchange rate for 50 USD to Naira

Version 1.72 (2024-05-26 23:55:08.014000)

updates: Black market exchange rates for $100 to Naira

Version 1.71 (2024-05-26 05:56:38.355000)

updates: Updated exchange rate for Aboki Dollar to Naira in the black market

Version 1.7 (2024-05-24 07:02:18.573000)

updates: Naira depreciates in parallel market, lowest level since March 20

Version 1.69 (2024-05-23 10:55:09.996000)

updates: Explanation for Naira depreciation, CBN's measures to stabilize currency

Version 1.68 (2024-05-22 11:58:10.493000)

updates: Naira appreciates against pound sterling and euro in all forex markets

Version 1.67 (2024-05-19 23:54:19.833000)

updates: Updated black market exchange rate for 50 US Dollars to Naira

Version 1.66 (2024-05-19 23:53:47.863000)

updates: Updated black market exchange rate information

Version 1.65 (2024-05-19 23:53:17.176000)

updates: Updated black market exchange rates for $100 to Naira

Version 1.64 (2024-05-18 23:52:52.304000)

updates: Includes information about black market exchange rates

Version 1.63 (2024-05-18 11:58:39.427000)

updates: New information on Naira appreciation, forex turnover decline, and cryptocurrency market

Version 1.62 (2024-05-18 08:54:13.179000)

updates: Naira appreciates against US dollar in official and parallel markets

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

Version 1.6 (2024-05-15 10:00:04.564000)

updates: Naira continues to decline despite falling US dollar index

Version 1.59 (2024-05-14 06:57:18.167000)

updates: Updates on Naira's depreciation, predictions by financial experts and Standard Bank

Version 1.58 (2024-05-13 14:57:54.294000)

updates: Aliko Dangote loses KSh 339b due to naira depreciation

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

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

Version 1.55 (2024-05-12 12:54:14.989000)

updates: Naira weakens further, official and parallel markets near convergence

Version 1.54 (2024-05-12 07:54:22.132000)

updates: Updated information on Naira's depreciation in official and parallel markets

Version 1.53 (2024-05-12 05:56:10.593000)

updates: Updates on U.S. dollar performance against major currencies

Version 1.52 (2024-05-11 23:55:57.691000)

updates: Updated information on the Naira's depreciation and black market exchange rate

Version 1.51 (2024-05-11 23:53:53.942000)

updates: Updated information on the black market exchange rates for $100 to Naira

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

Version 1.49 (2024-05-10 12:54:00.886000)

updates: Updates on the falling US dollar index and its impact on the Naira

Version 1.48 (2024-05-10 06:54:29.275000)

updates: Updates on the depreciation of the Naira and decline in forex turnover

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

Version 1.46 (2024-05-09 06:58:06.363000)

updates: Naira weakens further due to lack of interventions by CBN

Version 1.45 (2024-05-08 07:53:00.511000)

updates: Naira loses ground in black market, US dollar strengthens

Version 1.44 (2024-05-07 10:55:15.966000)

updates: Naira value rises against US dollar after Nigerian government's move

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]

Version 1.42 (2024-05-05 20:56:09.004000)

updates: Added information about the black market exchange rate in Nigeria

Version 1.41 (2024-05-04 07:52:34.069000)

updates: Naira appreciates in official market despite concerns over policy momentum

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

Version 1.39 (2024-04-30 07:58:39.637000)

updates: Added information on Naira depreciation and anxiety among traders

Version 1.38 (2024-04-30 07:56:41.857000)

updates: Updates on Naira depreciation, banks selling dollars at new rates

Version 1.37 (2024-04-29 14:58:30.948000)

updates: Updates on multiple exchange rates and CBN efforts to stabilize the currency

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

Version 1.35 (2024-04-28 23:58:25.499000)

updates: Updated information on black market exchange rates for USD to NGN

Version 1.34 (2024-04-28 17:58:22.802000)

updates: CBN sets new customs exchange rate to clear goods at ports

Version 1.33 (2024-04-28 17:57:29.777000)

updates: Senate expresses concern over naira fall, calls for stability

Version 1.32 (2024-04-27 23:53:32.348000)

updates: Added information about the Aboki Dollar exchange rate in the black market

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

Version 1.3 (2024-04-27 09:56:05.627000)

updates: Updated exchange rates in official and unofficial markets

Version 1.29 (2024-04-24 10:56:07.297000)

updates: Naira depreciation continues despite CBN intervention

Version 1.28 (2024-04-23 10:22:06.029000)

updates: Naira depreciation, blame on cryptocurrency platforms

Version 1.27 (2024-04-23 03:19:34.523000)

updates: The naira has declined in value against the US dollar

Version 1.26 (2024-04-22 00:24:13.339000)

updates: Updates on black market exchange rate for dollar to naira

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.

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

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

Version 1.22 (2024-04-20 15:25:00.236000)

updates: Explains the recent rise in naira to dollar rate due to cryptocurrency trading

Version 1.21 (2024-04-20 00:25:11.124000)

updates: Includes the exchange rate for Aboki Dollar to Naira in the black market

Version 1.2 (2024-04-19 12:20:29.891000)

updates: Nigerian naira strengthens against US dollar, nears N1000 mark amid foreign exchange reforms

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

Version 1.18 (2024-04-19 08:25:36.296000)

updates: Naira depreciates against the US dollar in the official market

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.

Version 1.16 (2024-04-17 05:20:30.027000)

updates: Filling stations reduce petrol pump price as naira appreciates

Version 1.15 (2024-04-15 08:23:01.756000)

updates: Naira appreciation, new exchange rate, CBN sales to BDCs

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

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

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

Version 1.11 (2024-04-11 00:26:59.121000)

updates: Updated black market exchange rate for USD to NGN

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

Version 1.09 (2024-04-09 11:25:32.119000)

updates: Inclusion of information about dollar inflows into Nigerian foreign exchange market

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

Version 1.07 (2024-04-07 23:22:57.699000)

updates: Added information about the black market exchange rate for USD to NGN

Version 1.06 (2024-04-06 23:24:52.575000)

updates: Added information about the black market exchange rate for USD to NGN

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

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

Version 1.03 (2024-03-30 23:22:12.994000)

updates: Updated information on the black market exchange rate for USD to NGN

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

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

Version 1.0 (2024-03-26 12:25:19.610000)

updates: Updates on Naira's appreciation in both markets

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

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

Version 0.97 (2024-03-25 14:22:25.724000)

updates: Currency dealers explain factors behind Naira's appreciation

Version 0.96 (2024-03-25 00:21:08.097000)

updates: Black market exchange rate for 50 USD to NGN on March 24th, 2024

Version 0.95 (2024-03-23 23:18:24.453000)

updates: Inclusion of black market exchange rate information

Version 0.94 (2024-03-23 23:18:06.679000)

updates: Includes the black market exchange rate for USD to NGN

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

Version 0.92 (2024-03-20 09:26:59.589000)

updates: Includes information about the Naira's performance in the spot and parallel markets

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

Version 0.9 (2024-03-19 07:22:15.936000)

updates: Naira's recovery against major currencies in all markets

Version 0.89 (2024-03-17 23:21:10.864000)

updates: Black market exchange rate for 50 USD to NGN on March 18th, 2024

Version 0.88 (2024-03-15 08:32:46.134000)

updates: Naira appreciation in NAFEM and parallel market

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

Version 0.86 (2024-03-12 10:21:34.601000)

updates: Naira appreciates in official market, Goldman Sachs predicts N1,200/$1 exchange rate

Version 0.85 (2024-03-10 14:23:56.120000)

updates: Goldman Sachs predicts Naira to appreciate to N1200 against US Dollar

Version 0.84 (2024-03-10 11:20:43.699000)

updates: Inclusion of EIU's forecast of Naira devaluation and economic risks in 2024

Version 0.83 (2024-03-10 03:27:13.130000)

updates: Inclusion of black market exchange rate information

Version 0.82 (2024-03-07 16:25:14.637000)

updates: CBN sells N1.3 trillion worth of treasury bills to boost Naira

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

Version 0.8 (2024-03-05 12:21:59.751000)

updates: Naira strengthens against US dollar in official market

Version 0.79 (2024-03-04 07:19:53.817000)

updates: Updated information on U.S. jobs report and UK spring budget

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

Version 0.77 (2024-03-01 11:18:47.716000)

updates: Retreat raises concerns of ending six-day advance

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

Version 0.75 (2024-02-27 12:23:46.981000)

updates: Updates on GBP/USD exchange rate and political landscape

Version 0.74 (2024-02-26 13:19:39.416000)

updates: Inclusion of Pound US Dollar exchange rate forecast and central bank speeches

Version 0.73 (2024-02-26 07:24:23.772000)

updates: Updated information on GBP/USD trading and Pound to Dollar exchange rate forecast

Version 0.72 (2024-02-25 10:20:54.924000)

updates: Updated Pound to Dollar exchange rate forecast

Version 0.71 (2024-02-18 07:17:20.759000)

updates: Inclusion of GBP/USD analysis and trading session updates

Version 0.7 (2024-02-12 10:21:36.693000)

updates: GBP/USD faces crucial trading week as it tests key level

Version 0.69 (2024-02-06 18:12:23.406000)

updates: GBP/USD breaks key support amid strong US economic figures

Version 0.68 (2024-02-06 07:11:52.205000)

updates: GBP/USD breaks out of range, US economy strengthens

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.

Version 0.66 (2024-01-25 08:07:58.315000)

updates: Technical analysis of GBP/USD pair's rectangle pattern

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

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.

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]

Version 0.62 (2024-01-24 07:55:20.642000)

updates: Technical analysis and outlook for GBP/USD

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

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

Version 0.59 (2024-01-12 11:38:21.374000)

updates: UK GDP growth, Bank of England's pressure to lower rates, US inflation

Version 0.58 (2024-01-12 10:17:29.039000)

updates: Incorporated information about UK GDP growth and inflation in the UK and US

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

Version 0.56 (2024-01-04 03:22:03.859000)

updates: Updated information on GBP/USD consolidation and market sentiment

Version 0.55 (2024-01-03 12:20:49.119000)

updates: Sterling holds steady before US data, nursing Tuesday’s heavy loss

Version 0.54 (2024-01-03 10:18:38.421000)

updates: Added information about UK inflation and manufacturing sector

Version 0.53 (2024-01-03 03:16:48.644000)

updates: Rebound in GBP/USD, weaker UK Business Confidence, US data releases

Version 0.52 (2023-12-29 02:59:47.602000)

updates: Added information about GBP/USD recovering losses and US economic data

Version 0.51 (2023-12-28 22:02:17.487000)

updates: GBP/USD tumbles from 20-week high

Version 0.5 (2023-12-28 12:01:37.715000)

updates: Updates on GBP/USD exchange rate and factors affecting it

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

Version 0.48 (2023-12-26 10:02:16.842000)

updates: Positive UK retail sales data boosts Pound's strength against US Dollar

Version 0.47 (2023-12-22 13:09:37.449000)

updates: Inclusion of positive UK retail sales data for November

Version 0.46 (2023-12-20 11:03:50.956000)

updates: Updates on the Pound US Dollar exchange rate and factors influencing it

Version 0.45 (2023-12-20 08:01:29.711000)

updates: GBP/USD recovery, UK inflation data, US data, Euro, Gold, Bitcoin, Dow, Nasdaq

Version 0.44 (2023-12-19 06:59:38.767000)

updates: Updates on Bank of England and US Federal Reserve policies

Version 0.43 (2023-12-15 12:48:48.784000)

updates: GBP/AUD exchange rate slumps on strong AU data

Version 0.43 (2023-12-15 12:48:48.784000)

updates: GBP/AUD exchange rate slumps on strong AU data

Version 0.43 (2023-12-15 12:48:48.784000)

updates: GBP/AUD exchange rate slumps on strong AU data

Version 0.42 (2023-12-11 05:12:02.678000)

updates: GBP/USD recovery, British pound forecast upgrade

Version 0.41 (2023-12-11 01:54:48.528000)

updates: GBP/USD recovers lost ground, US Nonfarm Payrolls report exceeds expectations

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

Version 0.39 (2023-12-08 07:28:01.217000)

updates: Inclusion of information on US Jobs Report and Consumer Confidence

Version 0.38 (2023-12-07 12:13:25.101000)

updates: Technical analysis of GBP/USD and US Dollar recovery

Version 0.37 (2023-12-04 17:51:30.236000)

updates: GBP/USD slips towards 1.2600 as Pound Sterling sheds weight

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

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

Version 0.34 (2023-12-01 17:55:02.269000)

updates: Updates on GBP/USD technical outlook, US payrolls figures

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

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.

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.

Version 0.3 (2023-11-27 08:39:57.130000)

updates: The Pound to Dollar exchange rate is expected to continue rising

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

Version 0.28 (2023-11-21 17:13:57.692000)

updates: Updated information on GBP/USD pair and Bank of England's comments

Version 0.27 (2023-11-21 12:14:01.998000)

updates: Added information about GBP/USD options and U.S. dollar depreciation

Version 0.26 (2023-11-20 18:04:34.266000)

updates: Updated information on EUR/USD and GBP/USD pair movements

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

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

Version 0.23 (2023-11-15 07:46:36.879000)

updates: Euro to Dollar forecast and factors affecting it

Version 0.22 (2023-11-14 20:15:06.427000)

updates: EUR/USD pair surges on Dollar selloff triggered by US inflation data

Version 0.21 (2023-11-14 07:58:50.408000)

updates: Restructured and enhanced content for improved clarity and impact

Version 0.2 (2023-11-14 00:18:27.842000)

updates: Restructured and combined information from multiple sources

Version 0.19 (2023-11-12 04:23:12.238000)

updates: Restructured and condensed the information for clarity and impact

Version 0.18 (2023-11-10 15:28:59.080000)

updates: Restructured the content for clarity and impact

Version 0.17 (2023-11-10 01:24:35.443000)

updates: Restructured and enhanced the narrative for clarity and impact

Version 0.16 (2023-11-09 11:25:09.941000)

updates: Restructured and combined information from multiple sources

Version 0.15 (2023-11-09 06:31:42.696000)

updates: Reorganized and condensed the information for improved clarity

Version 0.14 (2023-11-08 20:38:59.229000)

updates: Restructured and combined information from multiple sources

Version 0.13 (2023-11-08 09:24:11.044000)

updates: Combined two news stories about EUR/USD exchange rate

Version 0.12 (2023-11-08 08:23:33.854000)

updates: Restructured and enhanced the narrative for clarity and impact

Version 0.11 (2023-11-08 06:30:37.883000)

updates: Restructured and condensed the content for improved clarity and impact

Version 0.1 (2023-11-08 06:27:57.901000)

updates: Restructured and condensed the information

Version 0.09 (2023-11-07 11:27:15.296000)

updates: Restructured and enhanced the narrative for improved clarity and impact

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

Version 0.07 (2023-11-06 07:28:49.309000)

updates: Restructured and enhanced the narrative for improved clarity and impact

Version 0.06 (2023-11-05 10:24:10.117000)

updates: Rephrased and condensed information from the original article

Version 0.05 (2023-11-03 08:30:20.943000)

updates: Rephrased and combined information from the original inputs

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

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

Version 0.02 (2023-11-02 13:24:09.023000)

updates: Added information about the risk of a drop in the US Dollar Index

Version 0.01 (2023-11-02 13:23:40.996000)

updates: Restructured and streamlined the inputs

Version 0.0 (2023-11-02 10:30:53.964000)

updates: