FXTM Research Analyst
The Naira is set
to witness further stability against the Dollar after Nigeria’s foreign
exchange reserves increased by $295.12m to $45.087bn in May. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
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Rising foreign
reserves should provide the extra ammunition needed for the Central Bank of
Nigeria (CBN) to defend the Naira against a tornado of domestic and external
headwinds. Nevertheless, the nation still remains exposed to oil price
volatility. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html It is widely known that Nigeria relies
heavily on crude exports which account for over 90% of exports earnings and
over 70% of government revenues. The fact that oil prices are sinking towards
$55 today may lead to a fall in reserves in the coming months which has the
potential to impact exchange rate stability, inflation and economic growth.
Dollar blinks and loses hold on throne
Dollar bulls were
nowhere to be found today despite risk aversion accelerating the flight to
safety. Market fears over Trump’s trade disputes with Mexico and China
negatively impacting the US economy are weighing on the US Dollar. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html While the Greenback still remains a
prime destination of safety in times of uncertainty, the question is for how
long? When keeping in mind how the Fed funds futures are currently pointing to
a near 70% chance of a rate cut by September, the Dollar’s upside may be
limited. In regards to the technical picture, the Dollar Index has the
potential to sink back towards 97.50 if a weekly close below 98.00 is achieved.
Fellow Nigerians, are you aware that our crude oil will soon become
useless? Yes, it will, in no distant time, become valueless owing to the fact
that the countries that rely on it as their only source of energy are
developing more affordable alternative sources of energy. When this finally
happens, what will we do? How are we currently preparing for this imminent
economic doom? Which other sector will continue to stabilize our economy?
Nigerians, the only solution is developing the agricultural sector. In fact,
this is the only solution. Very soon, the major source of revenue will become
agriculture and agro-exports. How are you positioning yourself to play big in
agro-export business? Why don’t you get a practical manual that explains the
stages of export trade from processing and packaging of commodities to receipt
of payment by the foreign buyers? Yes, arm yourself with the contemporary
trends in export trade. This manual explains export operations, export
management, export documentations and methods of payment in export trade? Yes,
it is a contemporary step-by-step guide to export trade. It tells all the
contemporary dynamics in export trade. To get it, click on this link: http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
Commodity spotlight – Gold
Gold is extended gains on Friday amid
news of unexpected tariffs on Mexican goods, while ongoing US-China trade
tensions continued to support safe-haven demand. A depreciating Dollar is
supporting the upside with prices trading marginally below $1300 as of writing.
Market expectations over the Fed cutting interest rates in 2019 coupled with
concerns over slowing global growth are likely to ensure Gold remains buoyed
moving forward. Technical traders will continue to closely observe how Gold
behaves below the $1300. A solid breakout above this point should signal a move
higher towards $1324.
Oil set to register first monthly loss of 2019
Oil is on track to
register its first monthly loss of 2019 with WTI Crude sinking towards $55
thanks to Trump’s newly announced tariffs on Mexico and concerns over rising US
gasoline stockpiles. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html It is becoming increasingly clear that
oil markets remain highly reactive to news around supply and demand factors.
Such market dynamics will frame the upcoming OPEC meeting in June as a pivotal
event that will shape Oil’s outlook for the rest of the year. Even if OPEC+
decide to extend their supply cuts into the second half of the year, this may
be overshadowed by concerns over US-China trade tensions impacting the demand
for oil as global growth slows.
Are you an exporter? Do you like
to master the contemporary dynamics of non-oil export trade and avoid getting
defrauded by the foreign buyers of your exportable products? Click on the link
below: http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
Are
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colour? Do you desire your vehicle to look like a
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right time to come to GOF Autos Limited for priming, panel
beating, painting (with Sikkens paint) and oven baking at rate of N70,000
for cars and N80,000 for SUVs. For details, click: http://www.tectono-business.com/2017/06/gof-autos-limited-best-automobile.html
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