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Forex – Yen slightly weaker in light Asian data day

Forex – Yen slightly weaker in light Asian data day

Investing.com – Investing.com – The yen was a tad weaker in Asia on Friday with a relatively light data day in the region. USD/JPY changed hands at 113.28, up 0.02%, while AUD/USD traded at 0.7150, down 0.10%. The Reuters Tankan Index for February came in … Continue reading at moneycontrol.com

Naira on a free fall exchanges N400/$

The naira yesterday further depreciated in value to a record low of N400/$ following continued scarcity of the greenback as well as speculation occasioned by the forex policy of the Federal Government, BusinessDay findings reveal. Consequently, the naira … Continue reading at businessdayonline.com

ActTrader Synergy with Finstek Outsources Act2020 Platform Sales

Finstek - founded in 2010 and also based in New York -was described as having contributed to the creation of the Act2020 platform, which provides traders with access to Forex, CFD and Binary Options instruments. The release aims to highlight the … Continue reading at financemagnates.com

Foreign Exchange

FOREX-Yen gains as risk assets wobble

LONDON, Feb 19 Commodities-linked major currencies like the Australian and New Zealand dollars fell and the yen rose on Friday after a downbeat session for oil prices and Asian stock markets underlined nerves over global growth and finances. Sterling also … Continue reading at reuters.com

UAC boss seeks improved forex allocation to real sector

The Group Managing Director of UAC Plc, Larry Ettah, has advised the Bankers Committee to increase the allocation of foreign exchange to the country's real economic sector, in order to accelerate the nation's economic development. Ettah was reacting to … Continue reading at ngrguardiannews.com

Connected Instrumentals
Connected is a unique listening experience, one fusing jazz, hip-hop, R&B, and other musical styles into an enjoyable whole of eas…

Foreign Exchange: The Complete Deal: A comprehensive guide to the theory and practice of the Forex market (Applied Essentials)
The foreign exchange market is the largest and most liquid financial market in the world. In recent years its volatility has been …

“Angels” is the debut full-length from Raleigh, NC-based singer/songwriter Jeanne Jolly. The 10 song, Chris Boerner produced LP fe…

Foreign Exchange

Forex Market: USD/CAD edges higher ahead of US, Canadian data string

Yesterday's trade saw USD/CAD within the range of 1.3649-1.3754. The pair closed at 1.3739, rising 0.51% on a daily basis. It has been the 19th gain in the past 33 trading days and also the steepest one since February 5th, when the pair appreciated 1.18%. Continue reading at binarytribune.com

Forex markets closed today on account of 'Shiv Jayanti'

Indian forex and money markets are closed on Friday on account of 'Shiv Jayanti'. The Indian rupee ended almost flat at 68.46 against the US currency after touching a fresh 30-month low of 68.58 in intra-day trade on Thursday in a volatile trade. Continue reading at financialexpress.com

Manufacturing, the FX Situation and the Nigerian Economy

To be quite frank, the current forex situation is bad. Even the Manufacturers Association of Nigeria (MAN) and other organised private sector operators have raised the alarm over the unfavourable forex situation. There are lots of issues, from regulatory … Continue reading at thisdaylive.com

* Recent data has shown that growth in China has slowed to its lowest rate in the almost 25 years.
Despite the slowdown, China is still a steadily growing economy and has become the world's largest importer of crude oil, almost a third of which comes from Gulf countries.

China and the Middle East say they have a win-win partnership, in which they have increased the proportion of trade exchange.

Beijing considers the Gulf region the most attractive destination for its export market. Data in April showed China's economy slowing despite a rise in policy easing programmes.
Boosting growth
According to the International Monetary Fund (IMF) the Chinese economy grew 7.4% in 2014 and the most recent forecast is 6.8% for this year and 6.3% for 2016.

In light of a slowing economy, the People's Bank of China (PBOC) announced that it would reduce the rate on a one-year loan by 0.25 percent. This is the second interest rate cut to take effect this year.

The Chinese yuan rose against the US dollar last Thursday after the central bank set the the currency's average price at its highest level in 15 months. At the same time, the yuan renewed efforts to join the global currency basket.

The energy sector reached a record level, putting China at the top of oil import countries, surpassing the United States.

Chinese Customs Administration data showed that foreign purchases of oil hit a new record high at 7.4 million barrels per day last April, and in doing so passed US imports that amounted to 7.2 million barrels per day.

A third of oil imports come from the six Gulf Cooperation Council countries. China has increased its presences in the Middle East in several different ways. Recently, Beijing announced intentions to advance free trade talks with the GCC.

An analyst's view
For an analysis of China's growth and currency issues Daleen Hassan spoke to Mathieu Ghanem, Market analyst and Head of Sales, Asia Pacific for ADS Securities in Hong Kong.

Daleen Hassan: "The latest Chinese economic data is significant ,do you agree with analysts saying it is a hard landing?"

Mathieu Ghanem: "I do not agree. The Chinese economy is currently in a mutation period; it has reached a certain level of over capacity, especially in the industrial and real estate sector.
This combined with the intervention of the government to cool down shadow banking is resulting in what we believe is a soft landing, and so a healthy re-balancing for China. We still believe that this year the Chinese central bank will manage to reach its target of 7%."

Daleen Hassan: "What are the expected trends of the yuan now? Could the Yuan gain Reserve Currency Status later this year?"

Mathieu Ghanem: "So, though in a deflationary environment where oil prices remain weak, we have seen the POBC allow its currency to appreciate, to export its inflation. They have decided to continue to appreciate the yuan, also because (possibly) they want to liberalise their currency. So we think the yuan is already an international reserve currency and it's used by many central banks already. We expect this trend to continue as China will keep on pushing this year to have the yuan adopted by the IMF to be one of their currencies."

Daleen Hassan: "China has become the largest importer of oil in the world. Do you believe that their recent activity and
stockpiling of crude oil could affect market prices?"

Mathieu Ghanem: "With still high growth prospects and weaker oil prices it seems very logical that China is increasing its purchase of crude oil. It's a good time and a cheap time to buy. However, with oil supply from both the OPEC and US shale drillers set to expand over the year we don't think that China can effectively or strongly impact the prices.

"In addition to possibilities for the US dollar to resume its bullish trend, if the US economy outlook becomes better in the third quarter, we don't think China would tremendously affect prices on the short term.

Pushing partnerships
Daleen Hassan: "The Middle East is opening up to China.
From your position in Hong Kong, how do you see two-way investment partnerships growing?

Mathieu Ghanem: "We are witnessing this every day in Hong Kong - Abu Dhabi-based companies highly committed in Asia, with growing human capital, investment and growth prospects for our business. This represents an incomparable opportunity for GCC economies, and not only in the commodity business but in the financial business too.

Foreign Exchange

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