18 August, 2011, Sweetcrude –
· GBP: Sterling held near a 3-1/2 month high versus the dollar on Thursday as concerns about the euro zone and the U.S. economies fuelled demand for the UK currency, with traders saying the market was positioned for further sterling gains.
· CHF: The Swiss franc fell against the euro and the dollar on Thursday, with traders citing talk that the Swiss National Bank was adding liquidity via the currency forwards market.
· CNY: The yuan was steady against the dollar on Thursday as the People’s Bank of China set its mid-point slightly stronger but shy of the fixing’s record high during a visit to China by U.S. Vice President Joe Biden this week.
· Bonds – Quiet session for the most part of yesterday with some selling in the usual pre-auction fashion. The 3, 5 and 7yr maturities closed at 10.75%, 11.19% and 11.39% respectively. This expected to set the direction of market going forward.
· Bills – With the CBN mopping up N82bn in liquidity via an OMO auction of the 01/09/11 bills on Tuesday, market activity was muted yesterday. When the FAAC funds filter into the system we expect to see some demand filter into the market.
· Money Market – Unsecured O/N rates went up 50bps to 11.00% as the liquidity remains thin. The FAAC funds are expected in before the week’s end and should drive rates down to 7.00%.
· Interbank/WDAS – $350m was offered and sold at yesterday’s WDAS auction with demand at $475.68m. CBN intervened at $/NGN152.8635.
Hi Low Close Prev.Close
USD/NGN 154.00/10 153.60/70 153.68/78 153.70/80