Weekly Market Recap and Forecast (5th - 9th February, 2024)
7 months ago MARKET NEWS Lagos 585 views Reference: 300
Location: Lagos
**Weekly Market Recap and Forecast (5th - 9th February 2024):**
Below is the market recap for the week in review:
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5th February, 2024:
**Morning:**
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Rates: 1,415/1,440, 1,500/1,558, 1,820/1,850
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Insights:
- Stable exchange rates with the USD starting at a buying rate of 1,415 and a selling rate of 1,440.
- Both the Euro and Pound maintained their strength.
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**Afternoon:**
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Rates: 1,440/1451, 1,530/1,555, 1,825/1,855
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Insights:
- Slight increase in USD rates, closing at a buying rate of 1,440 and a selling rate of 1,451.
- The Euro and Pound continued their stable performance.
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**Evening:**
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Rates: 1,445/1,455, 1,530/1,560, 1,830/1,860
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Insights:
- Further increase in USD rates in the evening, closing at a buying rate of 1,445 and a selling rate of 1,455.
- The Euro and Pound remained steady.
.
**6th February, 2024:**
- **Morning:**
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Rates: Not provided
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Insights: Data not available.
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**Afternoon:**
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Rates: 1,460/1,475, 1,548/1,573, 1,835/1,863
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Insights:
- Positive trend in USD rates, reaching a buying rate of 1,460 and a selling rate of 1,475.
- The Euro and Pound maintained their stable performance.
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**Evening:**
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Rates: 1,465/1,490, 1,555/1,573, 1,840/1,870
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Insights:
- USD rates continued to rise, closing at a buying rate of 1,465 and a selling rate of 1,490.
- The Euro and Pound remained resilient.
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**7th February, 2024:**
- **Morning:**
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Rates: 1,470/1,495, 1,560/1,580, 1,850/1,880
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Insights:
- USD maintained positive momentum, closing at a buying rate of 1,470 and a selling rate of 1,495.
- The Euro and Pound showed stability.
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**Afternoon:**
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Rates: 1,480/1,500, 1,575/1,600, 1,870/1,890
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Insights:
- Slight increase in USD rates, closing at a buying rate of 1,480 and a selling rate of 1,500.
- The Euro and Pound remained steady.
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**Evening:**
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Rates: 1,480/1,490, 1,575/1,600, 1,870/1,915
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Insights:
- Stability in USD rates, closing at a buying rate of 1,480 and a selling rate of 1,490.
- The Euro and Pound maintained their positions.
.
**8th February, 2024:**
- **Morning:**
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Rates: Not provided
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Insights: Data not available.
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**Afternoon:**
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Rates: 1,475/1,482, 1,560/1,580, 1,860/1,900
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Insights:
- USD displayed stability, with a buying rate of 1,475 and a selling rate of 1,482.
- The Euro and Pound continued their steady performance.
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**Evening:**
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Rates: Not provided
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Insights: Data not available.
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**9th February, 2024:**
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Morning:
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Rates: Not provided
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Insights: Data not available.
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**Afternoon:**
- *Rates:* 1,475/1,485, 1,540/1,580, 1,850/1,890
- **Insights:**
- USD maintained stability, closing at a buying rate of 1,475 and a selling rate of 1,485.
- The Euro and Pound showed resilience.
-
**Evening:**
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Rates: 1,478/1,488, 1,540/1,580, 1,850/1,890
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Insights:
- Consistent rates in the evening, with the USD closing at a buying rate of 1,478 and a selling rate of 1,488.
- The Euro and Pound remained stable.
.
**Forecast for Next Week (Based on Available Data):**
**USD:**
- Anticipated: N1,450-N1,500 (buying) and N1,500-N1,550 (selling).
**Euro:**
- Expected: N1,530-N1,580 (buying) and N1,580-N1,620 (selling).
- The Euro is forecasted to see a moderate increase in buying and selling rates, reflecting its consistent
performance over the past week.
**Pound:**
- Foreseen: N1,840-N1,930 (buying) and N1,900-N1,950 (selling).
- The Pound is expected to maintain its gradual uptrend, influenced by strong fundamental indicators
observed in the previous week.
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*Note: Forecasts are subject to market conditions and may vary based on unforeseen events.*
