Forex Market Outlook for the 7 days November 27 – December 01, 2017
Last week, the Thanksgiving week, the unite states $ was on the back foot. It Information Systems foreseen which the GDP development average going to be upgraded to 3.3 % in the 2nd estimate for the 3rd quarter. The reading for the 7 days came in below analysts' expectation of 240,000 claims. #14: Canada Unemployment average (12/01/2017 Friday 13:30 GMT)In Canada, the unemployment average rose with 0.1 % to 6.3 % in October, which was above analysts' expectation of 6.2 percent. #15: Canada GDP (12/01/2017 Friday 13:30 GMT)Canada's GDP contracted 0.1 % on a month-on-month foundation in August after residual at the same standard in the Former month.Naira Weakens As CBN Injects $288million Into Forex Market
as declared in The Central Bank of Nigeria (CBN) discovered on Friday which it has injected $287.89million into the currency market to meet demands in 4 industries for dollars, extending efforts to boost liquidity & alleviate shortages. The 4 industries targeted were agriculture, airlines, petroleum & raw materials, the CBN told in a statement. Reuters quoted the country's apex bank as telling which it would still to intervene in order to drive development in the economy & guarantee stability in the currency market. The $ discound came on the back of the sharp down in the price of the naira from 361/dollar final 7 days Friday to 364/dollar on Friday. Okorafor reiterated the Bank's commitment to ensuring liquidity in the inter-bank sector of the market, adding which it would still to intervene in order to drive development in the economy & guarantee stability in the market.CBN Boosts Forex Market by new $288m
As fraction of its bid to guarantee liquidity in the foreign interchange market, the Central Bank of Nigeria on Friday injected the sum of $287.89 into the Retail Secondary Market Intervention discounds (SMIS). The sums were in favour of the agriculture, airlines, petroleum products & raw materials & machinery sectors, the Bank said. Okorafor told the Bank was pleased with the state of the market, noting which the continued intervention with the CBN in the inter-bank forex market had largely checked unwholesome activities of currency speculators. It going to be recalled which the CBN on Monday, intervened in the inter-bank Foreign interchange Market to the tune of $210 million. Meanwhile, the naira maintained its steady average against great currencies around the globe, interchanging for N360/$1 in the BDC segment of the market.read more collected by :John Locas
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