FXTM Research Analyst
It will be a relatively quiet week for
Nigeria data-wise as there are no Tier 1 reports scheduled for release.
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However, a buildup is likely as markets
prepare for the latest inflation figures and central bank decision next week.
While it is widely expected that the Central Bank of Nigeria will leave
interest rates unchanged, any signs or hints of a possible rate cut in the
future could boost sentiment towards the Nigerian economy. With the Federal
Reserve and other major central banks already signaling a willingness to cut
interest rates to support their local currencies, emerging markets could follow
these footsteps.
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In other news, Nigeria has signed an
agreement that has the potential to increase trade between African countries.
The African Continental Free Trade Area (AfCFTA) deal could become the world’s
largest. This is certainly an encouraging development for Nigeria, as increased
trade between partners across the continent is supportive of growth potential.
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Global markets should be sensitive and
highly reactive in the week ahead following last Friday’s “Goldilocks” US jobs
report. Signs of the US economy stabilizing will most likely complicate the
Fed’s decision to cut interest rates. Should speculation of a US interest rate
cut diminish further on improving fundamentals in the United States, Dollar
bulls could make an uninvited return – ultimately punishing the Rand and other
emerging market currencies.
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