Stock investors could have at least one less worry in the next earnings period: the suddenly limp U. S. dollar. The greenback, whose strong rally after the Nov. 8 U.S. election hit profits at many U.S. multinationals in the fourth quarter, has had a sharp reversal since the start of the year. Coupled with comments … Read more
The dollar recovered a little ground on Wednesday after recording its worst start to the year in three decades on concerns the United States was poised to ditch its two-decade-old “strong dollar” policy. The greenback skidded 2.6 percent against a basket of major peers .DXY in January, its worst showing since 1987. It fell first … Read more
Egypt pound has strengthened slightly at banks as demand for dollars slightly goes down. A dollar was being exchanged for around 18 pounds down from around 19 a week ago at most banks. This also saw banks paying clients around 17.8 per dollar. Most banks have been raising prices to attract dollar inflow due to … Read more
Gold edged up slightly in a technical rebound on Monday after one-month highs hit last week were undercut by the prospects of more interest rate hikes from the U. S. Federal Reserve. Spot gold edged 0.1 percent higher to $1,174.23 an ounce by 0715 GMT. Gold gained nearly two percent last week, its biggest weekly … Read more
2016 has been a roller coaster of a year, and currency markets are no exception. A few countries have fared well, but others have seen the value of their currencies fall dramatically. Here’s a list of the currencies that have been rocked hardest in 2016: Egyptian pound: -59% Egypt took the radical decision to let … Read more
A few countries have fared well, but others have seen the value of their currencies fall dramatically. Egypt took the radical decision to let its currency float freely in November. The move was part of an attempt to ease its deep economic crisis and secure an emergency loan from the International Monetary Fund. The Egyptian … Read more
A short-lived surge in the euro dominated this year’s last day of trade in major foreign exchange markets on Friday, with dealers citing a handful of orders as driving the dollar to its lowest since Dec. 8. The euro climbed to as much as $1.07, two full cents higher, and despite an immediate retreat was … Read more
The dollar slipped to a two-week low against the yen on Thursday, mirroring a fall in U. S. bond yields as weaker-than-expected economic data weighed on the greenback and waning risk appetite boosted Japan’s safe-haven currency. Japan’s Nikkei stock index .N225 – which tends to move in the opposite direction to the yen – shed … Read more
The dollar inched higher against the yen and a handful of other major currencies on Tuesday in trade curtailed by holidays in financial centres in Europe and Asia. Going into the final week of 2017, the trend remains towards a stronger U. S. currency, although a 1 percent retreat for the greenback before Christmas suggested … Read more
Yields on treasury securities continued their downturns as government’s appetite for short term securities declines. The week ending December 1 saw the rate of return on 91-day bill softening by 175 bps to 16.86 per cent. The yield on the 182-day treasury security also moderated to 19.62 per cent, down by 129 bps. The one-year … Read more
Zimbabwe has launched its own money for the first time since the country’s dollar was abandoned seven years ago amid rampant inflation. The bond note, which is worth one US dollar – the country’s main currency since 2009 – is raising fears of a return to the ill-fated local dollar. The move, first announced in … Read more
The cedi could be in for its toughest test this time in the year, as seasonal demand for the US dollar by importers, and the uncertainties surrounding the impending elections have begun to unsettle it somewhat. At a year-to-date depreciation of 4.6 percent, the careworn currency has demonstrated rare resilience, but an analysis of the … Read more
The Bank of Ghana(BoG) has refuted claims that the issuance of dollar denominated bond in the country will drain dollar accounts of banks. Government recently raised a total of 94.62 million dollars in its first local dollar denominated bond at a rate of 6.0 percent. Reacting to the move, the Managing Director of CAL Bank, … Read more
The Bank of Ghana(BoG) has refuted claims that the issuance of dollar denominated bond in the country will drain dollar accounts of banks. Government recently raised a total of 94.62 million dollars in its first local dollar denominated bond at a rate of 6.0 percent. Reacting to the move, the Managing Director of CAL Bank, … Read more
Zimbabwean human rights lawyers asked the High Court on Tuesday to strike down a decree by President Robert Mugabe allowing the introduction of “bond notes”, which have raised fears of a return to a local currency. Mugabe used his presidential powers on Oct. 31 to amend the Reserve Bank of Zimbabwe Act, designating bond notes … Read more
Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday as the U. S. dollar showed extensive strength. The most active gold contract for December delivery fell 2.6 U. S. dollars, or 0.21 percent, to settle at 1,221.70 dollars per ounce. The U. S. dollar rose unexpectedly sharply on Monday, … Read more
The Institute of Certified Economists of Ghana, has ruled out any likely effect on the performance of the cedi against the dollar in the short to medium term following the election of a new President in the US. Global markets including currency markets were rattled after Donald Trump was elected the 45th President of the … Read more
The Institute of Certified Economists of Ghana, has ruled out any likely effect on the performance of the cedi against the dollar in the short to medium term following the election of a new President in the US. Global markets including currency markets were rattled after Donald Trump was elected the 45th President of the … Read more
Egypt’s pound avoided the sharp drop that many had feared on its first day as a freely traded currency, but bankers said that was because years of dollar shortages had starved the market of liquidity. The pound weakened in interbank trade on Sunday, slipping from 15.50 per U. S. dollar to close at 16. Volumes … Read more
As the contention between some bankers and the Finance Minister continue over the issuance of local dollar denominated bond, Economist, Dr. Eric Osei-Assibey has warned that issuing such bonds must be measured. Criticizing the Finance Minister, the Managing Director of Stanbic Bank, Alhassan Andani cautioned that the move could lure Ghanaians to convert their local … Read more