Banks’ 10 percent exposure deadline plunges share prices

•AMCON board nomination brings temporary relief

The rush by banks to meet the deadline for reducing their exposure to the capital market, and for collecting all margin loan-related debts have continued to plunge the share prices of the troubled capital market, BusinessDay investigations indicated.

Nigerian banks, ETI are target as HSBC bid to win big in Africa

•HSBC needs more than Nedbank to succeed in Africa

HSBC will need more than just a controlling stake in South Africa’s Nedbank if Europe’s top lender aims to be a serious player on the fast-growing African continent.

Arik Air loses billions as NAMA grounds its operations

•Thousands of passengers stranded •Charges illegal - Arik •Resumes normal operations today

Arik Air, the nation’s biggest airline by fleet, is counting its loses in billions of naira as thousands of its passengers, expected to travel on Wednesday, were stranded at Lagos and other major cities after the Nigerian

Oyo, Osun lobby NUC not to withdraw LAUTECH’s licence

Oyo and Osun, owners of Ladoke Akintola University of Technology, are lobbying the National Universities Commission not to revoke the institution’s licence on Thursday.

Floods kill three, displace thousands in Katsina, Jigawa, Zamfara, others

Heavy rains in recent weeks have killed at least three people and displaced thousands in the North where entire villages have been submerged and farms destroyed, officials said Wednesday. “We lost a whole village and its crop fields to the flood,” said Hassan Suleiman, a director in Katsina State

Nigeria embarks on vast free trade zone with China

Nigeria is building a multi-billion dollar free trade zone with Chinese investors on the edge of its commercial capital Lagos to try to develop a local manufacturing base and help reduce its import dependence. The $5 billion first phase of the Lekki Free Zone, a 3,000 hectare site on the eastern fringe of the city, is 60

IBB, at PDP secretariat, says relationship with Jonathan cordial, presidential bid belongs to God

Former military leader, Ibrahim Babangida, on Wednesday said his good relationship with President Goodluck Jonathan subsists in spite of the electioneering for the 2011 elections, saying his presidential bid belongs to God. Babangida, who has declared his presidential bid on the platform of the Peoples Democratic Party (PDP), was at the

Key political risks to watch in Nigeria

Nigeria is due to hold elections in four months but uncertainty remains over whether President Goodluck Jonathan will stand, who his challengers might be and whether electoral reforms can be enacted in time. Jonathan has declined to say whether he will seek the ruling Peoples Democratic Party (PDP) nomination for the

Group petitions presidency, flays 35% import duty on cement

…says a bag could cost N3, 000 in December

Cement New Entrants Forum of Nigeria on Wednesday condemned the upward review of import duty on cement by 35 percent, warning that except stringent measures were taken to reverse it, a bag of cement would likely be sold for N3, 000 by December.

FG asks teachers to shelve planned strike action

Emeka Wogu, minister of labour and productivity, on Wednesday pleaded with the leadership of the Nigeria Union of Teachers (NUT) to shelve the proposed nationwide industrial action over non-implementation of the 27.5 percent enhanced professional allowances to some of its members across the country.

Outcome of the Meeting of The Financial Services Regulation Coordinating Committee (FSRCC) - 16th March 2010

The Financial Services Regulation Coordinating Committee (FSRCC) held its 40th meeting on Monday March 15, 2010 where it adopted policy directives for promoting a safe, sound and stable financial system. Click here for details.

Press Release On CBN Banking Reforms Get A Boost: Reps Pass AMCON Bill, Scales Second Reading at the Senate - 10th March 2010
The on-going banking reforms have received a significant boost with two key developments in the National Assembly on Wednesday 10/3/10. The Asset Management Corporation of Nigeria (AMCON) Bill scaled the second reading at the Senate following presentation of the required financial compendium on AMCON. The Bill has thus been referred to the Senate Committee on Banking, Insurance and other Financial Institutions.... Click here for more details.

Revised Microfinance Banks' Returns Template - 8th March, 2010
Following series of complaints on the Revised Microfinance Banks' returns template from the operators, a new version has been produced to ease the difficulties experienced by the institutions. Click here to download the new version of the Returns Template.

Press Release: Update on Establishment of Assets Management Corporation of Nigeria(AMCON)
It will be recalled that the Central Bank of Nigeria through the Executive had sent a draft Bill for the establishment of AMCON to the National Assembly for consideration and passage into law. The AMCON as a resolution vehicle is expected to soak the toxic assets of the CBN-intervened banks and provide liquidity to them as well as assist in their recapitalization.. Click here for more.

Press Release On MPC Boosts Real Sector: Stresses Need To Unlock the Credit Market - 2nd March 2010
In tandem with the desire of the Central Bank of Nigeria at ensuring that the financial sector contributes to the real economy as enunciated under the four pillars of the banking reforms, the Monetary Policy Committee (MPC) has taken far reaching decisions aimed at channeling credit to the real sector. Click here for more.

Central Bank of Nigeria Communiqué No. 68 of the 213th Monetary Policy Committee Meeting, March 1-2, 2010
The Monetary Policy Committee (MPC) met on 1st and 2nd March, 2010 to review domestic economic conditions for the first two months of 2010 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for the remainder of the year. Click here for more.

CBN Restructures into 25 Departments
As part of the ongoing efforts aimed at improving Accountability, Communication and Efficiency as well as Effectiveness in actualising CBN's strategic objectives (ACE), the Board of CBN has approved a new organisation structure for the Bank, effective March 1st, 2010.
Click here for summary of structure changes , Click here for the new Organisation Structure
Click here for more.

Central Bank Of Nigeria Help Desk For Complaints On ATM Transactions

The Central Bank of Nigeria (CBN) has noted with serious concern the growing complaints by the customers and the general public on ATM transactions and the inability of banks to resolve them within a reasonable time frame. In order to sustain public confidence in the Nigerian Payment System, the CBN has directed that henceforth all complaints on card transactions should be treated and responded to within 72 hours of receipt of the complaints by banks. Click here for more.

Re- Alleged limit to loan approval and five percent equity holding in banks
The attention of the Central Bank of Nigeria has been drawn to two publications, the first in the Vanguard Newspaper of January 28, 2010 titled: CBN to ensure 5% Equity Holding in Banks-Sanusi and the second on the front page of the Vanguard Newspaper of February 1, 2010,titled: CBN limits bank MDs, boards' loan approval. Click here for more.

Re- Alleged limit to loan approval and five percent equity holding in banks

The attention of the Central Bank of Nigeria has been drawn to two publications, the first in the Vanguard Newspaper of January 28, 2010 titled: CBN to ensure 5% Equity Holding in Banks-Sanusi and the second on the front page of the Vanguard Newspaper of February 1, 2010,titled: CBN limits bank MDs, boards' loan approval. Click here for more.

Brief On Guidelines For Tenure Of Managing Directors Of Deposit Money Banks And Related Matters
In furtherance of the on-going banking reforms, the Central Bank of Nigeria pursuant to the powers conferred on it by Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, (LFN), 2004 has issued the following guidelines to address some corporate governance issues in the deposit money banks: Click here for more.

New Monetary Policy Committee (MPC) Members
Click here for the new members of the Monetary Policy Committee.

Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process
The Central Bank of Nigeria held an interactive meeting with stakeholders of ten affected banks comprising their directors and principal shareholders on Friday, January 15, 2010. The objective of the meeting was to inform the stakeholders on plans for the implementation of the second phase of the on-going banking sector reforms. Click here for more.

Disclaimer On CBN Involvement In ATM Upgrade
This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers' pin code/password.
Click here for more.

CBN Appoints Executive Directors for Three Banks
The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones. Click here for more.

Brief On Guidelines For Tenure Of Managing Directors Of Deposit Money Banks And Related Matters

In furtherance of the on-going banking reforms, the Central Bank of Nigeria pursuant to the powers conferred on it by Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, (LFN), 2004 has issued the following guidelines to address some corporate governance issues in the deposit money banks: Click here for more.

New Monetary Policy Committee (MPC) Members
Click here for the new members of the Monetary Policy Committee.

Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process
The Central Bank of Nigeria held an interactive meeting with stakeholders of ten affected banks comprising their directors and principal shareholders on Friday, January 15, 2010. The objective of the meeting was to inform the stakeholders on plans for the implementation of the second phase of the on-going banking sector reforms. Click here for more.

Disclaimer On CBN Involvement In ATM Upgrade
This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers' pin code/password.
Click here for more.

CBN Appoints Executive Directors for Three Banks
The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones. Click here for more.

Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending
Following the release of the communiqué of the 212th MPC Meeting on January 5, 2010, the Central Bank hereby provides the following additional clarification with respect to the guarantee of Inter-bank and foreign credit lines.Click here for more.

New Monetary Policy Committee (MPC) Members

Click here for the new members of the Monetary Policy Committee.

Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process
The Central Bank of Nigeria held an interactive meeting with stakeholders of ten affected banks comprising their directors and principal shareholders on Friday, January 15, 2010. The objective of the meeting was to inform the stakeholders on plans for the implementation of the second phase of the on-going banking sector reforms. Click here for more.

Disclaimer On CBN Involvement In ATM Upgrade

This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers' pin code/password.
Click here for more.

CBN Appoints Executive Directors for Three Banks
The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones. Click here for more.

Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending
Following the release of the communiqué of the 212th MPC Meeting on January 5, 2010, the Central Bank hereby provides the following additional clarification with respect to the guarantee of Inter-bank and foreign credit lines.Click here for more.

Central Bank of Nigeria Communiqué No. 67 of the 212th Monetary Policy Committee Meeting, January 4-5, 2010
The Monetary Policy Committee (MPC) met on 4th and 5th January, 2010 to review domestic economic conditions in 2009 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for 2010.
Click here for more.

CBN Appoints Executive Directors for Three Banks

The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones.
Click here for more.
Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending
Following the release of the communiqué of the 212th MPC Meeting on January 5, 2010, the Central Bank hereby provides the following additional clarification with respect to the guarantee of Inter-bank and foreign credit lines.
Click here for more.

Central Bank of Nigeria Communiqué No. 67 of the 212th Monetary Policy Committee Meeting, January 4-5, 2010
The Monetary Policy Committee (MPC) met on 4th and 5th January, 2010 to review domestic economic conditions in 2009 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for 2010.
Click here for more.

Re: Publication Of Interest Rates
In line with the CBN policy to ensure that Transparency and Accountability are entrenched in the banking sector, banks are henceforth required to submit on weekly basis to the CBN their average deposit and lending rates in line with our previous circulars numbers BSD/DIR/GEN/CIR/02/019 dated January 29, 2009 and BSD/DIR/GEN/CIR/01/023 dated October 14, 2009.
Click here for more.

Press Statement On The CBN and Disengagement of Bank's Workers
The Central Bank of Nigeria has noted with dismay, several untrue reports in the media alleging that the Central Bank of Nigeria ordered the mass sack of Deposit Money Banks' staff and rationalization of their branches.
Click here for more.

Federal High Court Grants Mareva Injunction On Akingbola's Assets Worldwide - 31st Dec. 2009

A Federal High Court sitting in Lagos, on Thursday, December 31, 2009 has granted a freezing injunction and attachment worldwide on all assets of Dr. Erastus B. O. Akingbola, former Managing Director of Intercontinental Bank PLC, for total offences amounting to the tune of N346,185,841,243.75 and GBP Sterling 1,085,515.00.Click here for more.

Press Release On Third Quarter (Q3) Results Released By Deposit Money Banks - 11th Dec. 2009

In line with the Central Bank of Nigeria's new disclosure standards which are central to the Bank's ongoing banking sector reforms, all deposit money banks (DMBs) in Nigeria have announced financial results for the third quarter 2009 in line with clearly defined and transparent reporting requirements.
Click here for more.

Press Statement On Update on Banking Reforms 13th November, 2009

In furtherance of the banking reforms exercise aimed at ensuring the stability and soundness of Nigeria's banking industry, the Central Bank of Nigeria, (CBN), has appointed advisers that will work with the ten deposit money banks - Afribank Plc, Finbank Plc, Intercontinental Bank Plc, Oceanic International Bank Plc, Union Bank of Nigeria Plc, Bank PHB Plc Equatorial Trust Bank Limited and Spring Bank Plc - whose management were recently replaced, as well as Wema Bank Plc and Unity Bank Plc.
Click here for more.

Press Statement On Deregulation 4th November, 2009
The Central Bank of Nigeria (CBN) has noted reports in some sections of the press alleging in screaming headlines that the CBN is against the Federal Government's policy of deregulation of the downstream sector of the petroleum industry. These press reports arose from the Monetary Policy Committee, MPC briefing by the CBN Governor on Tuesday, 3 November 2009.Click here for details

Press Statement On Equatorial Trust Bank Limited 4th November, 2009
Following the Special Examination of all banks operating in the country, and the subsequent actions by the CBN, the shareholders of Equitorial Trust Bank Limited requested the permission of the Central Bank of Nigeria to be allowed to rectify lapses identified in the bank. In pursuance to that, the shareholders executed a Deed of Covenant, the specific terms and conditions of which included the following:Click here for details

Central Bank of Nigeria Communiqué No. 66 of the Monetary Policy Committee Meeting, November 03, 2009
The Monetary Policy Committee (MPC) at its meeting today reviewed the domestic and external economic and financial developments for the year so far. The international economic scene, in the Committee's view, has turned out to be better than was projected about six months ago Click here for details

Central Bank of Nigeria Communiqué No. 66 of the Monetary Policy Committee Meeting, November 03, 2009

The Monetary Policy Committee (MPC) at its meeting today reviewed the domestic and external economic and financial developments for the year so far. The international economic scene, in the Committee's view, has turned out to be better than was projected about six months ago Click here for details

Central Bank Of Nigeria Invitation For The Submission Of Quotations For The Supply Of Cybex Gym Equipment
The Central Bank of Nigeria requires the supply of Cybex Gym Equipment to the Bank under the Year 2009 Budget. Consequently, the Bank wishes to invite ONLY ACCREDITED MANUFACTURERS REPRESENTATIVES of Cybex Gym Equipment to submit quotations for the supply Click here for details

Central Bank Of Nigeria Invitation For The Pre-qualification Of Contractors For The Execution Of Capital Development Projects Under 2009 Budget
The Central Bank of Nigeria is desirous to undertake a pre-qualification exercise for the Refurbishment of the Burnt CBN Kano old Branch Building/Development of a Learning Centre (Ref No CBN/CDP2009/03). Consequently, the Bank wishes to invite reputable contractors to indicate interest to prequalify for the Project.Click here for details

Press Statement 23rd October, 2009
The Central Bank of Nigeria (CBN) has noted a story on the back cover of the Guardian Newspaper of Thursday, 22nd October 2009 alleging that the CBN has directed commercial banks "to place a lid on the loans they offer airlines in the country, which has put the airlines on the edge as they are finding it difficult to source funds to run their operations"Click here for details

Revised Microfinance Banks' Returns Template
For the benefits of all microfinance banks that attended the Workshop on Returns Rendition recently organized across three locations in the Country and those that could not attend, a revised template is now available Click here for details


Job Opportunities At The International Monetary Fund (IMF)
The International Monetary Fund (IMF) is planning a Recruitment Mission to Nigeria on
November 10, 2009. The Mission will identify suitable candidates for mid-carrier
economist pipeline in the Economist Program for recent PhD graduates and other
specialist positions. The Federal Ministry of Finance and the Central Bank of Nigeria are
coordinating the recruitment exercise on behalf of the IMF.Click here for details

Public Statement 17th Oct. 2009
The Central Bank of Nigeria (CBN) has noted the front page story of the Champion Newspaper of Friday 16th, October 2009 with the above caption alleging that the CBN Governor, Sanusi Lamido Sanusi had told the Senate that his life was in danger. The paper also attributed to the Governor "how a business associate of one of the sacked bank Managing Directors gave out loans in two separate payments to two of his friends, (and that) the bank chief had given out the loans to a friend who said he would refund it in less than one week".
Click here for details


Public Statement 16th Oct. 2009
Further to the recent regulatory action taken by the Central Bank of Nigeria (CBN) in respect of Bank PHB Plc, Spring Bank Plc, Unity Bank Plc, Wema Bank Plc and Equitorial Trust Bank Ltd, the CBN wishes to make these clarifications:Click here for details

Public Statement on Bank Debtors
In furtherance of the effort by the Central Bank of Nigeria (CBN) to assist the banks affected by the outcome of the recent CBN/NDIC Special Examination, we publish herewith the list of non-performing loans of N100m and above for Bank PHB, Spring Bank, Unity Bank, Wema Bank and Equitorial Trust Bank as at June 30, 2009. Click here for details

Press Statement on the Outcome of Special Examination of 14 Banks

In furtherance of the Central Bank of Nigeria's statutory duty to ensure a sound financial system in the country, the Governor of the Central Bank of Nigeria (CBN) ordered the Special Examination of all the 24 banks operating in Nigeria. The result of the Special Examination of the first set of 10 banks was made known on 14 August 2009. The CBN wishes to announce that the joint CBN-NDIC examination teams have completed the Special Examination of the remaining 14 banks- and as such the books and affairs of all 24 banks in the Nigerian banking system have now been examined.
Click here for more details

Questions and Answers on The Examination of 14 Banks

FAQ on the recent CBN intervention involving 5 banks

Six million facing new tax bills

HM Revenue and Customs says some 1.4 million people each owe about £1,500 in tax, while 4.3 million will get an average rebate of £418.

UN calls special food price talks

The United Nations' food agency calls a special meeting of policy makers to discuss the recent rapid rises in food prices.

HSBC threatens to quit London HQ

HSBC may quit its London headquarters if the UK government decides to break up big banks, a senior executive says.

Petrobras files $65bn share offer

The Brazilian state oil company, Petrobras, unveils plans to sell up to $64.5bn of new stock, in one of the world's largest share offers.

BP says oil spill cost up to $8bn

BP says the cost of its Gulf of Mexico oil spill has risen to $8bn - a rise of more than $2bn in the last month alone.

Bank customers in 'dire poverty'

Banks are accused of leaving some customers in "dire poverty" after taking money out of their accounts without permission.

Nigerian economy 'to grow by 10%'

Nigeria's economy will hit double-digit growth by the end of 2011 or early 2012, the country's finance minister says.

Shift in home loan availability

The cost of mortgages is continuing to fall and they are becoming more accessible to some borrowers, figures show.

US sees 54,000 jobs go in August

The US economy shed another 54,000 jobs in August, the third month in a row that jobs have been lost, official figures show.

UK builders and services falter

New data shows new construction orders contracted in the second quarter, while the services sector slowed sharply in August.

Dow back in the black for 2010

Stocks closed near session highs Friday, with the Dow erasing its losses for the year, as investors welcomed a better-than-expected report on the U.S. job market.

Oil roars into September 'like a lion'

After ending August in a slump, oil prices surged into September, rallying more than 3% Wednesday as the economic outlook brightened.

Treasurys fall on upbeat manufacturing data

Investors eased away from safe-haven Treasurys Wednesday, sending prices lower and yields higher after strong manufacturing data out of both the U.S. and China spurred optimism about the global economy.

Dollar slips on return to risk

As better-than-expected economic data boosted investor morale this week, the greenback lost some of its luster, falling against a basket of currencies.

Saks stock shoots up 20% on buyout rumors

Shares of luxury retailer Saks surged Tuesday after a British newspaper said the company could soon get a buyout offer of $1.7 billion.

Global economy going nowhere fast

So much for merger mania getting investors excited.

BlackBerry crumble: Why RIM is in trouble

In many businesses, it's not the worst thing in the world to be second or even third biggest.

Stocks slump at the close

U.S. stocks ended a choppy day of trading lower Monday, as a dismal economic outlook overshadowed earlier optimism fueled by takeover talk.

Treasurys edge higher

Prices for U.S. Treasurys rose slightly Monday as investors braced for $102 billion in auctions and several economic reports.

Stocks in for summer slip 'n' slide

Stocks are likely to face another choppy, downtrodden week, but that's no big surprise.

"Double-Dip" Deepens as Housing Collapses

The Double-Dip recession I’ve been predicting for some time is deepening. And nowhere is the emergence of this powerful economic force more clear than in the housing market. All the fresh economic data confirms that home sales are weakening … home inventories are rising … and home price pressure is building. Meanwhile, we’re seeing a fresh rise in early-stage mortgage delinquencies after a multi-quarter respite. Credit demand is contracting for real estate and other loans. And bank failures are

A quiet week with very thin market conditions

Overview A quiet week with very thin market conditions as summer holidays slowly end and we waited for August’s US Non-Farm Payroll (a better than expected –54K). Equity indices rallied, most erasing the losses of the last two or three weeks, Jakarta (3164) to a new record and Malaysia (1,441) its best since January 2008’s peak at 1,524. Currencies were mixed, yen (83.66) and Swiss francs (1.0065) originally in demand but reversing on Friday’s numbers, the Singapore dollar setting a new record

Risk-on payroll number sinks bonds

The shortfall in the loss of U.S. jobs created a risk-on environment spurring immediate gains for equity index futures, while sinking the dollar and bonds. Yields surged as the 10-year U.S. note sank by three-quarters of a point.  Eurodollar futures – Eurodollar futures fell out of bed at the back end of the curve with the December 2011 contract slipping six basis points compared to twice that loss at the December 2012 expiration. The recent flattening in the shape of the yield curve took

The dollar strengthens against yen after non-farm payrolls

The US dollar advanced against the Japanese yen after upbeat labor data from the US which showed that employers shed fewer workers last month. The news showed that 54,000 jobs were lost beating estimates of 105,000 while the prior reading was revised down to 54,000 from 131,000. On the other hand, unemployment rate remained at 9.5%, in line with medina estimates. This news continued the optimistic news released since the beginning of the week which reflected some improvement after the parade

Currency Currents: Betting on Black ...

A member of the Crooks family was recently talking about roulette, specifically how he thought that there must be a strategy that can put the odds of winning in your favor. Perhaps there is, but he wasn’t able to vocalize it and we weren’t buying it. Flipping a coin came to mind. Then we came across a book where the author thought he figured out such a strategy that would guarantee he made money – bet on black. Bet on black ... every time. And if you lose just bet more money than you’ve lost on

EURUSD – ECB turning hawkish

Labor market – weak, but to what extent? The US macro didn’t deliver many upside surprises in the past 3-4 months so anxiousness among investors at the beginning of the week (and ahead of the key monthly figures) really wasn’t that awkward. Meanwhile, the data didn’t turn out to be as bad and with a noticeable exception of the ADP report was not only above the consensus but also July’s readings. Consequently, ahead of the payrolls report investors are full of hope rather than fear. The market

Czech bond yields at all time lows

Headlines Currencies: CE currencies eye US payrolls report Fixed Income: Czech bond yields at all time lows Czech Republic The holiday season mood still prevailed in the Czech forex market as the EUR/CZK pair hovered around the 24.75 level yesterday. There were no domestic events, which could bring a stronger price action (driven by domestic impulses). On the other hand, the Czech fixed-income continued to rally as it digested yesterday’s release of the thin issuance calendar for the last

Sentiment remains EUR/USD supportive

Sentiment remains EUR/USD supportive, but markets are in a wait-and-see mode ahead of the payrolls On Thursday, European (equity) markets started the trading session on a cautions footing, digesting the strong gains from Wednesday. A similar reaction was visible on the FX markets as EUR/USD fell temporary back below the 1.28 mark. However, the underlying sentiment toward the single currency remained constructive and any dips were still considered a buying opportunity especially as European

Traders Await US Jobs Data

Markets remained nervous yesterday before today’s Non-Farm payroll measure of the US jobs market. GBP fell through the 1.20 level against the euro for the first time in 5 weeks while Jean-Claude Trichet was bold enough to raise growth predictions in the Eurozone. The dollar was flighty and traded within predetermined ranges as traders waited for today’s jobs whopper. Against the pound it was strong to 1.5330/50; the area that it has come up against resistance to any moves lower in its past few

Daily Forex Overview

Previous session overview The dollar rose slightly against the yen in Asia Friday as stable Japanese share prices prompted hedge funds to try to trigger automated stop-loss buying orders. The U.S. unit stood at JPY84.29 as of 0450 GMT from JPY84.21 in New York Thursday as Asian hedge funds were modestly buying the dollar in the thinly traded market. The dollar index (DXY), a measure of the U.S. unit against a basket of currencies, fell to 82.384 from 82.401 late Thursday. The euro was at