· USD: The dollar enjoyed a relief rally against the yen and Swiss franc on Monday as leaders in the U.S. Congress agreed on a deal to trim fiscal spending, easing concerns of an imminent U.S debt default and prompting traders to unwind safe haven plays.
. JPY: The yen pulled back from last week’s four-month peak against the dollar hitting, a rise that had lifted the Japanese currency close to a record and stirred some jitters about the possibility of yen-selling intervention by the Japanese authorities.
· CNY: The yuan hit a record high against the dollar on Monday morning as the People’s Bank of china set an all-time high mid-point fixing, following the sinking dollar index.
· Bonds – On the back of flows of about N710bio into the market, there was a return of buying pressure across the yield curve as the liquidity increase turned the market bullish. The shorter end experienced the most demand with investors more comfortable with buying up short end risk.
· Bills – Also a bullish session in the bill market on Friday with the increased liquidity in the markets putting buying pressure on government securities. The CBN offers N80bn OMO bills for auction today which should spur trading activity today. The results of the auction will set the pace for the week.
· Money Market – Unsecured O/N rates dipped another 25bps on Friday to close at 7.50% as the balance of the FAAC funds hit the system.
· Interbank/WDAS – $400m is on offer at today’s WDAS auction.
Hi Low Close Prev.Close
USD/NGN 153.30/40 152.90/00 152.92/02 152.80/90