Connect with us

E-Financial

FXTM Analysis: The Dollar Sinks while Euro Remains Supported

Published

on

Kindly share this post

FXTM Research Analyst Lukman Otunuga comments on the IMF’s US growth forecast and the Euro.

The last remnants of the once phenomenal Trump rally were thoroughly crushed on Tuesday after the International Monetary Fund (IMF) trimmed its growth forecast for the US economy amid uncertainty over White House policies.

Although US President Donald Trump has, on multiple occasions, stated that he will “make America great again” the IMF seems unconvinced as it cut growth forecast for the US economy to 2.1% in 2017 and 2018, against April’s projections of 2.3% in 2017 and 2.5% in 2018.

With the world’s largest economy struggling to hit Trump’s 3% GDP target as it confronts issues ranging from an ageing population to low productivity, sentiment is likely to take a hit with the Dollar finding itself under renewed selling pressure.

Bearing in mind that the IMF’s growth projection for the US economy was revised due to flailing assumptions of Donald Trump moving forward with market shaking pro-growth policies, this is a big deal and it will be interesting to see how Fed policymakers react.

Dollar bullish investors who were in desperate need of inspiration to support the Greenback were left empty handed on Tuesday evening after Yellen maintained a safe distance from monetary policy at an event in London. Although she reiterated that “it will be appropriate to raise interest rates very gradually,” this was old news with nothing fresh brought to the table.

An interesting statement on Yellen’s part was how the banking reforms have currently made the financial system safe, with the next type of crisis that rattled the global markets in 2008 “hopefully not in our lifetimes.” While the comment continues to echo her overall optimism over the US and global economy, Dollar bears were unfazed with the Dollar Index sinking towards 96.20 as of writing.

GBPUSD pops above 1.2775
Sterling bulls were gifted an unexpected lifeline on Tuesday in the form of Nicola Surgeon putting the Scottish independence referendum bill on hold. With the delay of the proposed referendum reducing some political risk at home, the Pound was given room breath.
A weak Dollar played a role in the GBPUSD’s rebound as prices sprung towards 1.2850. While short-term technical bulls may have won the battle this week, the war still rages on with Brexit woes likely to limit gains in the medium to longer term.

Draghi inspires Euro bulls
Euro bulls were unstoppable during Tuesday’s trading session following the firmly hawkish comments from European Central Bank President Mario Draghi which boosted confidence over the health of the European Economy. With “deflationary forces being replaced by reflationary ones,” speculation has mounted over the central bank potentially tapering QE in the future.
Although the central bank president still highlighted that the inflation dynamics remain muted, there is optimism that the current factors hindering inflation are transitory and as such the Euro found further support.
A vulnerable US Dollar complimented the EURUSD’s upside with prices bursting above 1.1300. Technical traders could exploit the decisive break above 1.1300 to target 1.1450.

WTI Crude edges above $44
The fundamental reason why oil has remained depressed for such a prolonged period lies in the high global crude inventories. As long as the oversupply woes remain a dominant theme, the bearish sentiment towards oil should ensure sellers maintain control.
Although WTI Crude edged higher during Wednesday’s trading session, this technical bounce may provide a platform for bears to install renewed rounds of selling.
This remains a critical period for the oil markets especially when factoring in how the extended periods of low prices and US Shales resurgence could cause OPEC’s output cut deal to fall apart. A technical bounce on oil may be on the cards with traders observing how prices react to the daily 20 SMA which is coincidentally at $45.

Commodity spotlight – Gold
Gold bulls were unrestrained during Wednesday’s trading session with prices clipping $1252 as the combination of Dollar weakness and risk aversion boosted the metal’s safe-haven allure. The sharp losses observed at the start of the week have almost been clawed back with bulls eyeing $1260.
With the ongoing uncertainty of Brexit, political risk in Washington and jitters from depressed oil accelerating the flight to safety, Gold is likely to remain supported moving forward. Technical traders will be paying attention to how the metal behaves above $1250. A daily close above $1250 could encourage a further incline towards $1260.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Financial

Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs

Published

on

Kindly share this post

The sixteenth season of DiamondXtra, a savings and reward account where customers of Access Bank are rewarded with several prizes, have been unveiled in Lagos.

Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs

 L – R : Doris Okpara, Product Manager, DiamondXtra; Ngozi Igboanugo, Regional sales Manager Festac 1&2 & mainland Access Bank; Bolarinwa Animashaun, Regional Sales Director Lagos 2 Access Bank ; Emeka Ezikeugo, Diamondxtra N200,000 Onsite winner; and Adaeze Ume, Head Consumer liabilities, Access Bank during the launch of Diamondxtra Season 16 held at Alaba International Market Lagos yesterday.

The Season 16th of the special interest yielding hybrid account which allows deposit of both cash and third-party cheques has been upgraded as customers will win prizes to the value of N200 million and three SUVs, amongs other mouthwatering prizes.

Speaking at the unveiling in Alaba International Market, Lagos, Mr Bolarinwa Animashaun, regional sales director, Lagos, said the new season will bring more goodies to the customers as the bank has taken their interest at heart.

“In the last fifteen years, we have been able to ensure customer loyalty, reward committed customers over time and show that we are a bank that is ready to empower people and partner with people.

“If I take it into specific figures, we have rewarded 26,696 customers and we’ve given a total sum of N6.5 billion over the period.

This Season16is interesting, because, we have seen a lot of opportunities to expand into digital opportunities and this time around, we will be rewarding 15,786 customers, and 10,000 of them will be digitally rewarded.

“This is almost half of what we have done over the last 15 years. So that is what is making it special. We have takenit into the possibilities of how technology can expand our business and reward customers”.

The draws for the new season are going to be the same like the previous ones as it will be held in different regions.

“So, we start from the monthly draws, quarterly draws and the annual draws. What makes it extremely interesting this year is that we will be rewarding with up to N200 million in prizes and we have added some very interesting gifts. We will be given out three SUVs as part of the N200 million price for this year”, Animashaun added.

At the unveiling, Access Bank conducted onsite draws where 48 customers who have DiamondXtra accounts and were present at the unveiling won cash prizes ranging from N20,000 to N200,000.

Breakdown shows 40 customers won N20,000 each, five customers won N50,000, two customers won N100,000, while one customer went home with N200,000.

Among winners of the N20,000 prize was Mr Victor Edobor, who said he opened the DiamondXtra accounts 24-hours before the draws.

One of the two winners of the N100,000 prize, Mrs. Maureen Nneka Oforka, said she was surprised to have won at the well-attended event as that was her first time winning any prize.

She said, “I have never won any prize in my life. This is my first. I came here reluctantly and thank God, I am here and I am a winner of N100,000 which has already been paid into my account.

The grand prize winner of N200,000, Mr. Emeka Ezikeugo, a trader in Alaba, said. “I will forever be grateful to Access Bank for the prize as I was not expecting it. I thank the bank for showing leadership among its peers”.

To be part of the winning train and qualify for the DiamondXtra season 16 which is open to both new and existing customers, new customers are required to open a DiamondXtra savings account with just N5,000 by dialling *901*5# or walking into one of our branches to open the account.

However, the more multiples of N5,000 both new and old customers save, the higher their chances of winning at the monthly, quarterly and annual draws.

DiamondXtra is an interest yielding hybrid account which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features. The DiamondXtra reward scheme has given away over N6.5 billion in cash and household items to over 15,000 loyal customers over the last 15years.  Please click HERE to learn more.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

Lafarge Africa Launches Girls-in-Tech Programme to Empower Women Innovators

Published

on

Kindly share this post

Recognising the underrepresentation of women in the technology sector, Lafarge Africa Plc, has launched the Girls in Tech Program, a pioneering initiative aimed at empowering young women in technology.

Meticulously crafted to bridge the gender gap in tech and empower 10 young females between the ages of 18-25 years from Lafarge Africa Host communities in Cross River State, the program is poised to make a significant impact in the region.

The Girls in Tech Program seeks to harness the unique talents of these young women and introduce them to the dynamic world of technology. By providing them with essential skills and opportunities, the initiative aspires to equip them to become self-reliant as well as problem solvers in society.

In collaboration with Aptech and Arena Multimedia,globally recognized leaders in technology incubation and opportunity, as well as The Bridge Leadership Foundation, the boot camp promises to be a transformative experience for the participating girls, who are eager to make their mark in the tech industry.

Speaking during the onboarding to flag-off in Calabar recently, the Plant Manager, Lafarge Africa Plc, Sotirios Valsamakis, who was represented by the Human Resources Business Partner, Lafarge Africa Plc; Barong Ita, revealed that the program was in line with the company’s commitment to diversity and inclusion.

She also added that the initiative is designed to ignite a spark of inspiration, hope, and possibilities in the heart of the selected girls across the host communities.

“As an organization, people are an integral part of our sustainability drive, and we are invested in building lasting progress by empowering members of our host communities. We also recognize the need for greater and greener diversity and inclusivity within the tech sector.”

Today’s event is not just about launching a program. It is about igniting a spark of inspiration, hope, and possibilities in the hearts of these young women. It is about challenging stereotypes.”

Also speaking at the event, the Cross Rivers State Commissioner for Science, Innovation & Technology, Justin Beshel represented by Edwin Adie, Technical Senior Advisor, Cross Rivers State Ministry of Science & Technology commended Lafarge Africa for the initiative adding that it is in line with the State government’s plan towards science, technology and innovation development.


Kindly share this post
Continue Reading

E-Financial

Hydrogen, CCHub Partner to Encourage Fintech Startup Success

Published

on

Kindly share this post

As the country faces economic challenges, the need for adaptive strategies in the fintech industry becomes paramount. In line with this, leading Fintech startup, Hydrogen Payment Services Limited (‘Hydrogen’), has teamed up with Co-creation Hub (‘CcHub’) to host an insightful event themed, ‘Adapting Fintech Business Models to Economic Climes’.

The event, set to take place on Thursday, April 18, 2024, from 12:00 WAT at the CcHub office in Sabo, Lagos, will delve deep into the intricacies of Nigeria’s economic challenges and how these influence the fintech ecosystem.

Participants will gain actionable insights on how to adapt fintech business models to volatile economic conditions by prioritising flexibility, agility, and customer-centricity.

This collaboration underscores the shared commitment of both entities to empower aspiring founders venturing into the Fintech space amidst economic uncertainties.

By leveraging their respective expertise and resources, Hydrogen and CcHub aim to equip emerging entrepreneurs with the knowledge, tools, and support needed to thrive in today’s dynamic economic conditions.

Emeka Awagu, Chief Technology Officer at Hydrogen, commented on the strategic partnership with CcHUB: “Our alliance with CcHUB amplifies our shared commitment to pioneering transformative solutions in Nigeria’s fintech sector.

“By leveraging Hydrogen’s technological expertise alongside CcHUB’s innovative approach, we are primed to set a new standard for fintech excellence and drive impactful change across the industry.”

The event will feature a distinguished panel of industry experts and thought leaders, including, Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo; Emeka Awagu, Chief Technology Officer, Hydrogen, and Miracle Ezechi, Digital Marketing Manager, Hydrogen.

The panel discussion will be moderated to encourage an engaging and insightful conversation on the strategies and innovations required to thrive in Nigeria’s Fintech landscape amidst economic challenges.


Kindly share this post
Continue Reading

Trending