NNPC owes fuel suppliers $6 billion - trade sources

• Held London meeting in July to assure suppliers • Some suppliers may not be able to get credit The Nigerian National Petroluem Corporation (NNPC) owes fuel suppliers between $3 billion and $6 billion for previous imports, trade sources told Reuters, although the company said it was meeting its obligations.

Dangote Cement N2.13trn deal excites investors, brokers

As NSE Quotation Committee meets today Ahead of today’s decision by the Quotation Committee of the Nigerian Stock Exchange (NSE) on the Dangote Cement N2.13 trillion deal, the stock market was in a frenzy yesterday following BusinessDay’s report on the development.

FG considers guarantees for investment in power sector, others

•As US, Europe, China, others see Nigeria as investment haven •Aganga says public debt stood at $29.6 billion, end of June 2010 The Federal Government is considering providing risk mitigation in the form of guarantees to attract capital to

‘Textile intervention fund may be a mirage if smuggling persists’

Textile manufacturers are worried over the continued smuggling of textile into the country, saying it will defeat the purpose of the N100 billion textile intervention fund currently being disbursed to manufacturers by the government.

INEC says new voter register ready Dec. 9, N/Assembly poll holds January 8

Attahiru Jega, chairman, Independent National Electoral Commission (INEC), on Monday, announced that the new voter register that will be used for the 2011 elections would be ready by December 9, this year, a month before the conduct of the National Assembly poll.

Naira weakens on increased dollar demand

The Naira weakened to N151.20 to the U.S. dollar on the inter-bank market on Monday from N150.90 at last week’s close after demand outstripped supply at the central bank’s forex auction, traders said.

Armed robbery: Banks re-open in Ijebu-Ode after three-week closure

Banks in Ijebu-Ode in Ogun State re-opened for business on Monday after three weeks of closure due to cases of robbery.

FG targets 760 megawatts from Kanji, Jebba dams, reassures on power supply

…moves to stop 3 dams in Mali, Guinea Bissau, Niger Republic along River Niger

The Federal Government on Monday reaffirmed its commitment to up power generation as it unveiled plans to generate 760 megawatts of electricity from Kanji and Jebba hydro power dams.

More NITEL, MTEL employees to be laid off

Some workers of the beleaguered NITEL and its subsidiary, MTEL, are to be disengaged, a top union official said in Lagos on Monday.

EFCC arrests 2 council chiefs in Kwara

The Economic and Financial Crimes Commission (EFCC) said on Monday that its officials in Kwara had arrested two local government chairmen for alleged financial misconducts.

Outcome of the Meeting of The Financial Services Regulation Coordinating Committee (FSRCC) - 16th March 2010

The Financial Services Regulation Coordinating Committee (FSRCC) held its 40th meeting on Monday March 15, 2010 where it adopted policy directives for promoting a safe, sound and stable financial system. Click here for details.

Press Release On CBN Banking Reforms Get A Boost: Reps Pass AMCON Bill, Scales Second Reading at the Senate - 10th March 2010
The on-going banking reforms have received a significant boost with two key developments in the National Assembly on Wednesday 10/3/10. The Asset Management Corporation of Nigeria (AMCON) Bill scaled the second reading at the Senate following presentation of the required financial compendium on AMCON. The Bill has thus been referred to the Senate Committee on Banking, Insurance and other Financial Institutions.... Click here for more details.

Revised Microfinance Banks' Returns Template - 8th March, 2010
Following series of complaints on the Revised Microfinance Banks' returns template from the operators, a new version has been produced to ease the difficulties experienced by the institutions. Click here to download the new version of the Returns Template.

Press Release: Update on Establishment of Assets Management Corporation of Nigeria(AMCON)
It will be recalled that the Central Bank of Nigeria through the Executive had sent a draft Bill for the establishment of AMCON to the National Assembly for consideration and passage into law. The AMCON as a resolution vehicle is expected to soak the toxic assets of the CBN-intervened banks and provide liquidity to them as well as assist in their recapitalization.. Click here for more.

Press Release On MPC Boosts Real Sector: Stresses Need To Unlock the Credit Market - 2nd March 2010
In tandem with the desire of the Central Bank of Nigeria at ensuring that the financial sector contributes to the real economy as enunciated under the four pillars of the banking reforms, the Monetary Policy Committee (MPC) has taken far reaching decisions aimed at channeling credit to the real sector. Click here for more.

Central Bank of Nigeria Communiqué No. 68 of the 213th Monetary Policy Committee Meeting, March 1-2, 2010
The Monetary Policy Committee (MPC) met on 1st and 2nd March, 2010 to review domestic economic conditions for the first two months of 2010 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for the remainder of the year. Click here for more.

CBN Restructures into 25 Departments
As part of the ongoing efforts aimed at improving Accountability, Communication and Efficiency as well as Effectiveness in actualising CBN's strategic objectives (ACE), the Board of CBN has approved a new organisation structure for the Bank, effective March 1st, 2010.
Click here for summary of structure changes , Click here for the new Organisation Structure
Click here for more.

Central Bank Of Nigeria Help Desk For Complaints On ATM Transactions

The Central Bank of Nigeria (CBN) has noted with serious concern the growing complaints by the customers and the general public on ATM transactions and the inability of banks to resolve them within a reasonable time frame. In order to sustain public confidence in the Nigerian Payment System, the CBN has directed that henceforth all complaints on card transactions should be treated and responded to within 72 hours of receipt of the complaints by banks. Click here for more.

Re- Alleged limit to loan approval and five percent equity holding in banks
The attention of the Central Bank of Nigeria has been drawn to two publications, the first in the Vanguard Newspaper of January 28, 2010 titled: CBN to ensure 5% Equity Holding in Banks-Sanusi and the second on the front page of the Vanguard Newspaper of February 1, 2010,titled: CBN limits bank MDs, boards' loan approval. Click here for more.

Re- Alleged limit to loan approval and five percent equity holding in banks

The attention of the Central Bank of Nigeria has been drawn to two publications, the first in the Vanguard Newspaper of January 28, 2010 titled: CBN to ensure 5% Equity Holding in Banks-Sanusi and the second on the front page of the Vanguard Newspaper of February 1, 2010,titled: CBN limits bank MDs, boards' loan approval. Click here for more.

Brief On Guidelines For Tenure Of Managing Directors Of Deposit Money Banks And Related Matters
In furtherance of the on-going banking reforms, the Central Bank of Nigeria pursuant to the powers conferred on it by Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, (LFN), 2004 has issued the following guidelines to address some corporate governance issues in the deposit money banks: Click here for more.

New Monetary Policy Committee (MPC) Members
Click here for the new members of the Monetary Policy Committee.

Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process
The Central Bank of Nigeria held an interactive meeting with stakeholders of ten affected banks comprising their directors and principal shareholders on Friday, January 15, 2010. The objective of the meeting was to inform the stakeholders on plans for the implementation of the second phase of the on-going banking sector reforms. Click here for more.

Disclaimer On CBN Involvement In ATM Upgrade
This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers' pin code/password.
Click here for more.

CBN Appoints Executive Directors for Three Banks
The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones. Click here for more.

Brief On Guidelines For Tenure Of Managing Directors Of Deposit Money Banks And Related Matters

In furtherance of the on-going banking reforms, the Central Bank of Nigeria pursuant to the powers conferred on it by Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, (LFN), 2004 has issued the following guidelines to address some corporate governance issues in the deposit money banks: Click here for more.

New Monetary Policy Committee (MPC) Members
Click here for the new members of the Monetary Policy Committee.

Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process
The Central Bank of Nigeria held an interactive meeting with stakeholders of ten affected banks comprising their directors and principal shareholders on Friday, January 15, 2010. The objective of the meeting was to inform the stakeholders on plans for the implementation of the second phase of the on-going banking sector reforms. Click here for more.

Disclaimer On CBN Involvement In ATM Upgrade
This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers' pin code/password.
Click here for more.

CBN Appoints Executive Directors for Three Banks
The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones. Click here for more.

Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending
Following the release of the communiqué of the 212th MPC Meeting on January 5, 2010, the Central Bank hereby provides the following additional clarification with respect to the guarantee of Inter-bank and foreign credit lines.Click here for more.

New Monetary Policy Committee (MPC) Members

Click here for the new members of the Monetary Policy Committee.

Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process
The Central Bank of Nigeria held an interactive meeting with stakeholders of ten affected banks comprising their directors and principal shareholders on Friday, January 15, 2010. The objective of the meeting was to inform the stakeholders on plans for the implementation of the second phase of the on-going banking sector reforms. Click here for more.

Disclaimer On CBN Involvement In ATM Upgrade

This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers' pin code/password.
Click here for more.

CBN Appoints Executive Directors for Three Banks
The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones. Click here for more.

Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending
Following the release of the communiqué of the 212th MPC Meeting on January 5, 2010, the Central Bank hereby provides the following additional clarification with respect to the guarantee of Inter-bank and foreign credit lines.Click here for more.

Central Bank of Nigeria Communiqué No. 67 of the 212th Monetary Policy Committee Meeting, January 4-5, 2010
The Monetary Policy Committee (MPC) met on 4th and 5th January, 2010 to review domestic economic conditions in 2009 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for 2010.
Click here for more.

CBN Appoints Executive Directors for Three Banks

The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones.
Click here for more.
Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending
Following the release of the communiqué of the 212th MPC Meeting on January 5, 2010, the Central Bank hereby provides the following additional clarification with respect to the guarantee of Inter-bank and foreign credit lines.
Click here for more.

Central Bank of Nigeria Communiqué No. 67 of the 212th Monetary Policy Committee Meeting, January 4-5, 2010
The Monetary Policy Committee (MPC) met on 4th and 5th January, 2010 to review domestic economic conditions in 2009 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for 2010.
Click here for more.

Re: Publication Of Interest Rates
In line with the CBN policy to ensure that Transparency and Accountability are entrenched in the banking sector, banks are henceforth required to submit on weekly basis to the CBN their average deposit and lending rates in line with our previous circulars numbers BSD/DIR/GEN/CIR/02/019 dated January 29, 2009 and BSD/DIR/GEN/CIR/01/023 dated October 14, 2009.
Click here for more.

Press Statement On The CBN and Disengagement of Bank's Workers
The Central Bank of Nigeria has noted with dismay, several untrue reports in the media alleging that the Central Bank of Nigeria ordered the mass sack of Deposit Money Banks' staff and rationalization of their branches.
Click here for more.

Federal High Court Grants Mareva Injunction On Akingbola's Assets Worldwide - 31st Dec. 2009

A Federal High Court sitting in Lagos, on Thursday, December 31, 2009 has granted a freezing injunction and attachment worldwide on all assets of Dr. Erastus B. O. Akingbola, former Managing Director of Intercontinental Bank PLC, for total offences amounting to the tune of N346,185,841,243.75 and GBP Sterling 1,085,515.00.Click here for more.

Press Release On Third Quarter (Q3) Results Released By Deposit Money Banks - 11th Dec. 2009

In line with the Central Bank of Nigeria's new disclosure standards which are central to the Bank's ongoing banking sector reforms, all deposit money banks (DMBs) in Nigeria have announced financial results for the third quarter 2009 in line with clearly defined and transparent reporting requirements.
Click here for more.

Press Statement On Update on Banking Reforms 13th November, 2009

In furtherance of the banking reforms exercise aimed at ensuring the stability and soundness of Nigeria's banking industry, the Central Bank of Nigeria, (CBN), has appointed advisers that will work with the ten deposit money banks - Afribank Plc, Finbank Plc, Intercontinental Bank Plc, Oceanic International Bank Plc, Union Bank of Nigeria Plc, Bank PHB Plc Equatorial Trust Bank Limited and Spring Bank Plc - whose management were recently replaced, as well as Wema Bank Plc and Unity Bank Plc.
Click here for more.

Press Statement On Deregulation 4th November, 2009
The Central Bank of Nigeria (CBN) has noted reports in some sections of the press alleging in screaming headlines that the CBN is against the Federal Government's policy of deregulation of the downstream sector of the petroleum industry. These press reports arose from the Monetary Policy Committee, MPC briefing by the CBN Governor on Tuesday, 3 November 2009.Click here for details

Press Statement On Equatorial Trust Bank Limited 4th November, 2009
Following the Special Examination of all banks operating in the country, and the subsequent actions by the CBN, the shareholders of Equitorial Trust Bank Limited requested the permission of the Central Bank of Nigeria to be allowed to rectify lapses identified in the bank. In pursuance to that, the shareholders executed a Deed of Covenant, the specific terms and conditions of which included the following:Click here for details

Central Bank of Nigeria Communiqué No. 66 of the Monetary Policy Committee Meeting, November 03, 2009
The Monetary Policy Committee (MPC) at its meeting today reviewed the domestic and external economic and financial developments for the year so far. The international economic scene, in the Committee's view, has turned out to be better than was projected about six months ago Click here for details

Central Bank of Nigeria Communiqué No. 66 of the Monetary Policy Committee Meeting, November 03, 2009

The Monetary Policy Committee (MPC) at its meeting today reviewed the domestic and external economic and financial developments for the year so far. The international economic scene, in the Committee's view, has turned out to be better than was projected about six months ago Click here for details

Central Bank Of Nigeria Invitation For The Submission Of Quotations For The Supply Of Cybex Gym Equipment
The Central Bank of Nigeria requires the supply of Cybex Gym Equipment to the Bank under the Year 2009 Budget. Consequently, the Bank wishes to invite ONLY ACCREDITED MANUFACTURERS REPRESENTATIVES of Cybex Gym Equipment to submit quotations for the supply Click here for details

Central Bank Of Nigeria Invitation For The Pre-qualification Of Contractors For The Execution Of Capital Development Projects Under 2009 Budget
The Central Bank of Nigeria is desirous to undertake a pre-qualification exercise for the Refurbishment of the Burnt CBN Kano old Branch Building/Development of a Learning Centre (Ref No CBN/CDP2009/03). Consequently, the Bank wishes to invite reputable contractors to indicate interest to prequalify for the Project.Click here for details

Press Statement 23rd October, 2009
The Central Bank of Nigeria (CBN) has noted a story on the back cover of the Guardian Newspaper of Thursday, 22nd October 2009 alleging that the CBN has directed commercial banks "to place a lid on the loans they offer airlines in the country, which has put the airlines on the edge as they are finding it difficult to source funds to run their operations"Click here for details

Revised Microfinance Banks' Returns Template
For the benefits of all microfinance banks that attended the Workshop on Returns Rendition recently organized across three locations in the Country and those that could not attend, a revised template is now available Click here for details


Job Opportunities At The International Monetary Fund (IMF)
The International Monetary Fund (IMF) is planning a Recruitment Mission to Nigeria on
November 10, 2009. The Mission will identify suitable candidates for mid-carrier
economist pipeline in the Economist Program for recent PhD graduates and other
specialist positions. The Federal Ministry of Finance and the Central Bank of Nigeria are
coordinating the recruitment exercise on behalf of the IMF.Click here for details

Public Statement 17th Oct. 2009
The Central Bank of Nigeria (CBN) has noted the front page story of the Champion Newspaper of Friday 16th, October 2009 with the above caption alleging that the CBN Governor, Sanusi Lamido Sanusi had told the Senate that his life was in danger. The paper also attributed to the Governor "how a business associate of one of the sacked bank Managing Directors gave out loans in two separate payments to two of his friends, (and that) the bank chief had given out the loans to a friend who said he would refund it in less than one week".
Click here for details


Public Statement 16th Oct. 2009
Further to the recent regulatory action taken by the Central Bank of Nigeria (CBN) in respect of Bank PHB Plc, Spring Bank Plc, Unity Bank Plc, Wema Bank Plc and Equitorial Trust Bank Ltd, the CBN wishes to make these clarifications:Click here for details

Public Statement on Bank Debtors
In furtherance of the effort by the Central Bank of Nigeria (CBN) to assist the banks affected by the outcome of the recent CBN/NDIC Special Examination, we publish herewith the list of non-performing loans of N100m and above for Bank PHB, Spring Bank, Unity Bank, Wema Bank and Equitorial Trust Bank as at June 30, 2009. Click here for details

Press Statement on the Outcome of Special Examination of 14 Banks

In furtherance of the Central Bank of Nigeria's statutory duty to ensure a sound financial system in the country, the Governor of the Central Bank of Nigeria (CBN) ordered the Special Examination of all the 24 banks operating in Nigeria. The result of the Special Examination of the first set of 10 banks was made known on 14 August 2009. The CBN wishes to announce that the joint CBN-NDIC examination teams have completed the Special Examination of the remaining 14 banks- and as such the books and affairs of all 24 banks in the Nigerian banking system have now been examined.
Click here for more details

Questions and Answers on The Examination of 14 Banks

FAQ on the recent CBN intervention involving 5 banks

Diamond to be new Barclays chief

Bob Diamond is to become chief executive of Barclays, while HSBC chairman Stephen Green steps down to become a government trade minister.

Housing group 'near administration'

Connaught, the property services group that specialises in social housing, is on the brink of going into administration, the BBC learns.

EU's Barroso laments jobs gap

The European Commission President, Jose Manuel Barroso, highlights unemployment as a major challenge, in his first "state of the union" speech.

School clothes boost retail sales

Retail sales rose in August, partly thanks to strong sales of children's clothing ahead of the new school year, figures suggest.

Scam fear over electricity credit

Criminals have managed to clone prepayment meter keys in order to make money by offering discounted credit to customers.

US firm buys Realtime Worlds game

Part of collapsed computer games firm Realtime Worlds has been bought by an anonymous American company, administrators confirm.

Greek PM reshuffles his cabinet

Greek PM George Papandreou reshuffles his cabinet but leaves the key post of finance minister unchanged as his government battles a debt crisis.

Key Asian interest rates on hold

The cost of borrowing in Australia stays at 4.5% and Japan at near zero amid continuing global economic uncertainty.

Strike severely disrupts Tube

Services on the London Underground are severely disrupted on the first morning of a series of 24-hour strikes.

Demand for Equitable Life payout

Pensioners hit by the Equitable Life scandal are making a final attempt to persuade the government to pay them full compensation.

Wall Street faces an economy at a 'crossroads'

Stocks started September with a bang as investors cheered a rare dose of good economic news but investors may need to buckle in for the coming week: It's a holiday-shortened week with little on the docket to set the tone.

Dow back in the black for 2010

Stocks closed near session highs Friday, with the Dow erasing its losses for the year, as investors welcomed a better-than-expected report on the U.S. job market.

Oil roars into September 'like a lion'

After ending August in a slump, oil prices surged into September, rallying more than 3% Wednesday as the economic outlook brightened.

Treasurys fall on upbeat manufacturing data

Investors eased away from safe-haven Treasurys Wednesday, sending prices lower and yields higher after strong manufacturing data out of both the U.S. and China spurred optimism about the global economy.

Dollar slips on return to risk

As better-than-expected economic data boosted investor morale this week, the greenback lost some of its luster, falling against a basket of currencies.

Saks stock shoots up 20% on buyout rumors

Shares of luxury retailer Saks surged Tuesday after a British newspaper said the company could soon get a buyout offer of $1.7 billion.

Global economy going nowhere fast

So much for merger mania getting investors excited.

BlackBerry crumble: Why RIM is in trouble

In many businesses, it's not the worst thing in the world to be second or even third biggest.

Stocks slump at the close

U.S. stocks ended a choppy day of trading lower Monday, as a dismal economic outlook overshadowed earlier optimism fueled by takeover talk.

Treasurys edge higher

Prices for U.S. Treasurys rose slightly Monday as investors braced for $102 billion in auctions and several economic reports.

Czech state easily sells EUR 2bn of Eurobond

Headlines Currencies: CEE currencies slightly lower in step with global sentiment Fixed Income: Czech state easily sells EUR 2bn of Eurobond Czech Republic Czech koruna eased as it party tracked the weakening forint on Monday. The forex market just monitored a mixed bag of domestic macro data and completely shrugged of a successful issuance of the Czech government Eurobond. Recall, that the Czech state easily sold EUR 2bn of the new 10Y Eurobond denominated in euro. The demand was huge – more

Markets rebound, but the mood is still cautious

Markets revive, backed by positive regional indicators Asian markets were on the upside over the last week, encouraged by strong regional indicators and improved global sentiment. China’s PMI and 2Q GDP for Australia underscore Asia’s economic vitality China posted a better-than-expected August PMI (see Highlights). Moreover, 2Q GDP growth in Australia also beat expectations (3.3% y/y, consensus: 2.8%), as domestic and external demand improved. That said, Korean exports fell in August (see

Equity markets remain tied to US macro data

U.S. remains the focus... After a summer where the concern about the growth of developed countries (especially US growth), has been on the forefront, markets awaited Bernanke´s words at the Jakson Hole meeting. The chairman said that the Fed is ready to do whatever it takes to support the economy if growth prospects deteriorate significantly. Still, while he remarked that the economy has lost track, he considers that growth is likely to pick up next year. Macro data this week was better than

Labor not painful…

Given the Labor day setting markets were fairly quiet yesterday with the lack of liquidity not affecting flows in a meaningful way. Sterling was sold heavily however breaking to new monthly lows against the newly resurgent euro. The pair reached a low of 1.1918 before crawling back towards the mid 1.19s. We do see GBPEUR moving towards the 1.18 level however today’s move was at the behest of irrational market conditions. Overnight however BRC shop prices have continued the pressure on sterling

The calendar of eco data and events is again not very inspiring

On Monday, EUR/USD trading took a very slow start of the new trading week. US markets were closed for the Labour day Holiday and no important eco data were on the agenda in Europe. So, there was no big story to inspire trading. EUR/USD reached a new correction high early in European trading close to 1.2920, but a test of the 1.2923 resistance level (August 18 reaction high) was rejected. European equities had a soft spot during the morning session. EUR/USD dipped lower in step and the pair was

EURUSD – 1,2920 holds, pair in consolidation

AUDUSD – RBA on hold, Labor party forms government As expected, RBA didn’t change interest rates, citing uncertainty in global prospects. Weaker US economy and steps taken by the Fed may indeed discourage RBA from further tightening any time soon, but then again, a cut – speculated as recently as 2-3 weeks ago – seems to be definitely out of the picture. The key news from Australia, however, refers to politics. After some drama, Labor Party attracted 2 of 3 independent lawmakers, just enough

RBA & BoJ Keep Rates On Hold

Market Brief The Reserve Bank of Australia (RBA) kept their benchmark interest rate unchanged at 4.50% this morning. Amidst the rather healthy data releasing from Australia (the recent Q2 GDP), the fourth straight pause was largely expected. Growth down under has been close to trend, the inflation level is close to target and with the global growth recovery still shaky, policymakers from down under don’t want to be too aggressive in tightening monetary policy. The Aussie has been weaker across

Calmness in currency market

Today, movements are within narrow range in the absence of economic fundamentals from major economies and due to Labor Day holiday in the United States and Canada. The dollar is showing slight incline against a basket of major currencies as depicted by the dollar index which rebounded from support at 81.90 to record a high of 82.13 after falling over the past two weeks. Concerning the euro-dollar pair, it is showing slight decline on the daily and 4-hour charts as a correction after four

Double-Dip: Whatever happened to Cherry and Orange flavour?

Although the news out recently did not seem to be too worrying as far as the UK was concerned, it was a week which felt a bit like a dormant volcano. It appears that as the week progressed there was more and more chance of a renewed recession, which is instilling fear into the economy and into sterling. Last week we saw GBPEUR drop from 1.22 point to today’s circa 1.19, a clear sign that there is something circling in the waters below our lilo. Last week I spoke about the housing market which

Forex Daily Outlook - September 7

Australian rate decision is the major event on our calendar. Here Is an outlook on today’s market moving events. In Europe, German Factory Orders a leading indicator of production released monthly has registered 3.2% rise in June. A smaller rise of 0.6% is expected in July. In Great Britain, Halifax HPI a leading indicator of the housing industry’s health experienced a promising 0.6% rise in July however a drop of 0.3% is expected in August. More in Great Britain, BRC Shop Price Index released