The Central Bank of Nigeria (CBN) yesterday announced that it has intervened in the inter-bank Foreign Exchange market to the tune of $413.5 million (£326.80 million), further underscoring its resolve to guarantee liquidity in the market as well as shore up the international value of the naira.
The Dollar Yen had an interesting session yesterday, moving rather notably against the broader market trend as the USD picked up some momentum. Whilst much of this movement is explainable by weaker bond yields and a leaky stock market, this fundamental bias is likely to be countered in the coming session as the market repositions to better reflect the developing technical bias.
The Aussie fell after Australia’s central bank held steady as expected in its latest interest rate decision on Tuesday as investors detected tones of a more neutral bias and with investors cautious ahead of a meeting this week between U.S. President Donald Trump and Chinese President Xi Jinping in Florida expected to be contentious on trade.
Australia and New Zealand Bank Group (ANZ), which was cited in the Competition Commission’s referral to the Competition Tribunal for foreign-exchange market rigging, has agreed to pay a A$3m (£1.87m) fine in Australia for “improper conduct relating to the forex market”, which may bolster the commission’s case.