Senior Research Analyst, FXTM
Nigeria will unveil updates on key
economic metrics in the week ahead with the Purchasing Managers' Index (PMI) and foreign exchange reserve
figures under the spotlight.
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Investors will be paying very close
attention to Nigeria’s manufacturing and non-manufacturing industry which
should offer some insight into how the economy fared in July. Manufacturers
across the globe have been hit by trade tensions and decelerating global
growth.
The impacts will most likely be
reflected in Nigeria’s manufacturing PMI report for July which is projected to
decline to 57.1. While a disappointing print will dent sentiment over the
Nigerian economy, it must be kept in mind that everyone is feeling the impact
of trade tensions and slow growth.
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The Naira may be in store for a welcome
boost mid-week if foreign exchange reserves jump in July to $46 billion Dollars
as projected. Rising reserves will offer the Central Bank of Nigeria (CBN) more ammunition to defend the Naira
from external and domestic risks. These risks revolve around Brexit, trade
tensions and depreciating Oil prices.
Outside of Nigeria, the Federal Reserve
will be the main talking point as it prepares to cut interest rates for the
first time in over 10 years. The Bank of
England is likely to signal a potential rate cut while the Bank of Japan is expected to keep rates
steady. With the US jobs report scheduled for release on Friday, this will
certainly be a very eventful trading week for financial markets.
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