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    Home » Financial market update

    Financial market update

    September 5, 2011
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    5 September, 2011, Sweetcrude, Lagos – International News
    · EUR: The euro fell to a 3-week low versus the dollar on Monday as weak U.S. jobs data and worries over the euro zone’s debt crisis hit riskier assets and higher-yielding currencies. The euro fell to $1.4128 on its lowest since Mid-August, to trade down around 0.5 percent for the day.

    · GBP: Sterling fell to a 3-1/2 week low versus the dollar on Monday as investors shunned riskier currencies in favour of the U.S. dollar after jobs data on Friday showed U.S. jobs growth ground to a halt in August, raising concerns about a severe global economic slowdown.

    · CHF: The Swiss franc rose against the euro and the dollar on Monday amid renewed safe-haven demand ahead of a potentially risky week for the euro zone debt crisis.

    Nigeria News
    · Bonds – Volatile session on Friday with a scattered pattern in yields though volumes were relatively low.

    · Bills – Equally volatile session on Friday in the bill market with swings throughout the day. The auctions this week which is expected to attract significant demand should give an indication to the rate direction. It seems for now the auction will close relatively flat with the liquidity from the maturing 01/09/11 bills set to be reinvested this week which will also put downward pressure on the secondary market.

    · Money Market – Unsecured O/N rates remained unchanged and closed at 8.50% on Friday.

    · Interbank/WDAS – $400m is on offer at today’s WDAS auction.

    FX
    Hi              Low             Close            Prev.Close
    USD/NGN
           154.84/94    154.60/70   154.80/90       154.63/73

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