Lukman Otunuga,
FXTM Research Analyst
Growth in the
largest economy in Africa slowed to 2.01% during the first quarter of 2019,
thanks to external risks and contraction in the Oil sector. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
Although the
non-Oil sector grew by 2.47%, the Oil sector, which remains the country’s
biggest foreign exchange earner, shrank by 2.40%. While Nigeria remains on a
quest to break away from the chains of Oil reliance, the nation remains exposed
to external shocks and this was reflected in the latest GDP figures. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html Will the deceleration in growth
momentum pressure the Central Bank of Nigeria to cut interest rates in an
effort to jumpstart the economy? This is a question on the minds of many
investors.
Sterling struggles to nurse wounds as political risk continues to
bite
The return of
domestic political turmoil in the United Kingdom has led to a flurry of selling
momentum for the British Pound, which fell over 300 pips during the previous
trading week. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
The selling momentum returned once again in the early hours of
Monday morning and the news flow circulating around UK Prime Minister, Theresa May, needing to state her
leaving date, coupled with Labour leader, Jeremy
Corbyn, stating that Brexit discussions have broken down makes it doubtful
for buyers to be tempted back into the GBPUSD.
Taking a look at the technical picture,
the GBPUSD remains firmly bearish on both the daily and weekly charts. There
have been consistently lower lows and lower highs while the MACD has crossed to
the downside. The solid weekly close below 1.2820 has opened the doors towards
1.2700 and 1.2620 in the near term.
Commodity spotlight – Gold
The past few days
have certainly not been kind to Gold and this continues to be reflected in the
bearish price action. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
Signals over the direction of US-China
trade talks have caused risk sentiment to swing back and forth, ultimately
impacting the appetite for Gold. While Gold bulls are clearly losing the battle
as prices trade towards $1274, the war still rages on.
The sentiment
pendulum could easily swing in favour of bulls this week, if trade tensions
intensify and concerns over slowing global growth accelerate the flight to
safety. With Gold still supported by core themes in the form of a cautious
Federal Reserve and speculation over a potential US rate cut in 2019, the
precious metal remains shielded by downside shocks. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html Looking at the technical picture,
sustained weakness below $1280 is seen opening a path towards $1268 in the
short-to-medium term.
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