Dollar retreats ahead of U.S. tax bill as pound prepares for rate decision
Businessam Staff
November 2, 2017
The dollar pulled back from a 3-1/2-month high versus the yen and also fell back against the euro on Thursday, sagging ahead of a U.S. tax bill that will be unveiled after a one-day delay. The dollar slipped 0.25 percent to 113.920 yen JPY=. It had gained about 0.5 percent overnight and approached 114.450, its […]
South Africa’s rand slumps 1.3% against US dollar as Zuma reshuffles cabinet
Businessam StaffOctober 20, 2017
South Africa’s rand led emerging-market currency declines against the dollar amid speculation that President Jacob Zuma is preparing to fire his deputy Cyril Ramaphosa days after removing another critic from his cabinet. The rand dropped as much as 1.3 percent and traded 1.1 percent weaker at 13.6309 per dollar by 9:37 a.m. in Johannesburg, bringing […]
Pound surges as markets bring forward Bank of England rate-rise expectations
Businessam StaffSeptember 14, 2017
The pound surged and U.K. government bonds fell as the Bank of England said it sees scope for stimulus reduction in coming months, spurring markets to bring forward expectations for a rate increase. Sterling rose to the highest in a year against the dollar and strengthened versus all of its Group-of-10 peers, with a rate increase fully […]
China’s yuan fully recovers from 2016, analysts say there’s still room to run
Businessam StaffSeptember 6, 2017
China’s yuan has been on a tear all year and has now recouped last year’s losses, and analysts say there’s still room to run. At its strongest level Tuesday, the yuan was changing hands at 6.5151 against the U.S. dollar, pushing gains to more than 6 percent this year, according to Reuters data. The currency’s appreciation had quickened […]
Euro rises to 18 month high against dollar
Businessam StaffAugust 29, 2017
The euro has hit $1.20 for the first time since January 2015 as the prospect of a US interest rate rise recedes. Hurricane Harvey’s impact has led analysts to assume the US central bank will not want to risk curbing economic growth and fears over North Korea’s activities have unnerved investors. A rise in interest […]
British pound in eight-year low against euro on Eurozone industry surprises
Businessam StaffAugust 23, 2017
The British pound hit an eight-year low against the pound in early Wednesday trading as a closely followed survey showed stronger than expected performance from European industry. The manufacturing purchasing managers’ index (PMI) rebounded strongly to reach a reading of 58.1 in August, according to data compiler IHS Markit, well above the 50-point level indicating […]
Guide to figure out Nigeria naira’s worth
Businessam StaffAugust 21, 2017
For now, this is as close as it gets to a devaluation in Nigeria. Monetary policy officials unified some of their multiple exchange rates when they let currency dealers quote naira levels used in actual trades this month. They did it to entice back bond investors who fled in 2014 and 2015 as oil prices collapsed and the […]
British pound rises against dollar after UK July retail sales beat analyst expectations
Businessam StaffAugust 17, 2017
The British pound rose against the dollar Thursday after official figures showed United Kingdom’s retail sales beat expectations in July, despite growth slowing as consumers tightened their belts. The currency climbed 0.3 per cent against the euro to €1.0991 as figures showed retail sales excluding fuel had risen 1.5 per cent in the year to […]
Nigerian naira depreciates 0.27% on the street as traders worry over thinning margins
Oluwafemi OgunjobiAugust 15, 2017
Nigeria’s currency, the naira, Tuesday depreciated at the parallel market, losing 0.27 percent to N368 to the dollar from N367 it traded Monday, just as traders complain about thinning margins. The naira closed flat against the Pound Sterling and the Euro to exchange at N476 and N432 respectively. Baba Abana, a forex trader in Lagos […]
Buoyant bitcoin stirs crypto-bubble fears
Businessam StaffAugust 10, 2017
Bitcoin and other “cryptocurrencies” are big money, virtually as big as Goldman Sachs and Royal Bank of Scotland combined. The price of a single bitcoin hit an all-time high of above $3,500 this week, dragging up the value of hundreds of newer, smaller digital rivals in its wake. Now some investors fear a giant crypto-bubble […]