14 September, 2011, Sweetcrude, Lagos- International News
EUR – The euro dropped on Wednesday, back towards a seven-month low plumbed this week, with risk sentiment that was shaky ahead of debt talks between Greece, France and Germany further knocked by Australian inflation data.
.ZAR: South Africa’s rand fell as much as 1.7 percent against the dollar in nervous trade on Wednesday ahead of more European talks about Greece’s debt problems and amid concerns about weakening domestic growth
. GBP: Sterling fell to its lowest in eight months against a broadly firmer U.S. dollar on Wednesday as falls in equity markets amid a lack of a coherent plan to draw a line under the euro zone’s debt
crisis prompted investors to favour the perceived safety of the greenback and sell riskier currencies
Nigeria News
· Bonds – Very quiet market initially until news of the calendar for Q4 filtered into the market at which point the 3yr bond rallied as this month will be the last time there will be any primary issue below the 10.70% MAY 2018 maturity. The auctions come up tomorrow and we will possibly see the 3yr & 5yr bid aggressively and weaker demand on the 7yr yield up
· Bills – Still bearish on the short end with the September bills the main focus of trading as interest rates rise in the O/N market some players wish to unlock some of their liquidity to play in the interbank market.
· Money Market – OBB averaged 10.50% while unsecured O/N rates are up another 25bps to close at 11.00% as liquidity continues to thin out.”
· Interbank/WDAS ––$350m was offered at today’s WDAS auction
Fx
Hi Low Close Prev.Close
USD/NGN 155.56/66 155.33/43 155.36/46 155.35/45
