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    UK Court awards £20m Damages in favour of Nigeria against P&ID

    FG, States, LGs share ₦2.00 Trillion for month of July 2025

    SEC warns against investing with GVEST Global’s illegal schemes

    SEC warns against investing with GVEST Global’s illegal schemes

    Only 23% of Nigerians trust INEC- Report says

    APGA candidates win Anambra by-elections

    US deficit grows to US$291 billion in July – Reports

    US deficit grows to US$291 billion in July – Reports

    Onitsha River Port receives first container barge for 2025 season

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    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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    • Economic Data
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    • Companies
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    Shareholder’s resolutions at Guaranty Trust Bank’s Annual General Meeting

    GTBank gets ₦365.85 billion capital injection, meets new minimum capital requirement

    NNPC and Partners to build first methanol plant in Nigeria

    NNPCL is under Attack – Bayo Ojulari, Group CEO

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    Access Holdings Plc appoints Mr. Innocent Ike as Group MD/CEO

    Nigeria: Status of China loans and the satellite lost in space due to power failure

    International Energy Insurance Plc announces full and final repayment of JPY1.85 billion Coupon Bonds due 2028

    AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

    International Breweries appoints Temitope Oluwatosin as Company Secretary

    Outcome of Cadbury Nigeria Plc and Berger Paints Nigeria Plc Board meetings

    International Energy Insurance Plc calls an emergency Board meeting

    Wema Bank Plc surpasses recapitalisation target

    Wema Bank Plc surpasses recapitalisation target

    Augusto & Co. upgrades Globus Bank Limited’s rating to A and A1

    Augusto & Co. upgrades Globus Bank Limited’s rating to A and A1

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    STANBIC IBTC ETF 30 announces ₦3.144 interim Dividend

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    VFD Group Plc Employees and others sell millions of VFD Group shares

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    The Nigerian Exchange records impressive performance in H1 2025

    Cryptocurrency: XRP hits new All-Time High at US$3.65

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    NGX suspends trading in the shares of four listed companies

    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

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    Security features of the new naira notes revealed by the CBN

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    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

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Home Opinion & Analysis Columnists

CFDs Review August 7, 2020 to August 11, 2020: Forex, Indices and Commodities

Sunday, 13 September 2020, 11:44 pm
in Columnists, Opinion & Analysis
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CFDs Review June 29, 2020 to July 3, 2020: Forex, Indices and Commodities
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On Monday, It was a slow start to the week, with volumes at minimums due to a holiday in the US. The greenback remained generally strong, although most major pairs remained confined to tight intraday ranges.

The EUR/USD pair continued to hold above the 1.1800 level, stuck around 1.1820. GBPUSD was weak against the dollar due to Brexit concerns.

Due to US markets being closed, commodities were also confined to tight intraday ranges. Gold held around $1,930 a troy ounce, while WTI trades around $39.00 a barrel.

  • Read also; Big tech selloff drags Nasdaq to worst week in months
  • Nigerian Equities Market weekly review: Benchmark index lose 0.05% with N7.143 billion off Market Cap.

On Tuesday, the US dollar remained strong against major rivals except safe-havens as risk appetite soured. GBPUSD took a nosedive as Jonathan Jones, head of UK’s legal department quit on the back of bottlenecks relating to Brexit and other international matters.

Gold collapsed on dollar’s demand, bottoming at $1,906 a troy ounce. The metal, however, recovered sharply from the level to finish around 1,930.  Crude oil prices, in the meantime, fell to fresh 3-month lows with WTI settling at $37 a barrel.

The Dow Jones Industrial Average lost 632.42 points, or 2.25%, to 27,500.89, the S&P 500 dropped 95.12 points, or 2.78%, to 3,331.84 and the Nasdaq Composite fell 465.44 points, or 4.11%, to 10,847.69.

On Wednesday, Bloomberg reported that some ECB policymakers had become more confident in their forecasts for the region’s economic recovery, potentially reducing the need for more monetary stimulus this year, according to people familiar with the matter. EUR/USD jumped to 1.1820 from a fresh multi-week low of 1.1752, dwarfing the US dollar in strength.

Gold benefited the most from the intraday dollar’s weakness, surging to $1,950 a troy ounce, staying around the level at the end of the day. Crude oil prices were also able to recover some ground, but gains were modest. WTI settled at $38 a barrel.

Dow Jones Industrial Average rose 439.78 points or 1.6%. S&P 500 gained 67.22 points, or 2.02%. Nasdaq composite added 293.87 points, or 2.71%.

On Thursday, a London session opening with optimism due to new ECP monetary policies soon turned sour with GBPUSD collapsing below 1.2800 as the UK attempted to adopt the Internal Markets Bill, which could override parts of the Brexit withdrawal agreements with the EU. The EU responded with a threat of legal remedies should the UK fail to amend the bill.

Gold prices soared with the ECB but trimmed intraday gains with renewed dollar’s strength during the last trading session of the day. The bright metal closed the day with modest losses around $1,944 a troy ounce. WTI, in the meantime, was weighed down by equities, ending the day around $37.00 a barrel.

The Dow Jones Industrial Average fell by 405.89 points, or 1.5%, to 27,534.58, and the S&P 500 fell by 959.77 points, or 1.8% to 3,339.19. The Nasdaq Composite also slid into negative territory, down 221.97.7% to 10,919.59.

The greenback remained weak on Friday but moved off its daily lows following the release of U.S August inflation figures, which were upbeat. Core CPI in the country ticked higher to 1.7% from 1.6%.

GBPUSD remained unchanged for the day, finishing the week at lows last seen in July. AUDUSD, EURUSD and EURJPY finished the week largely unchanged.

Commodities closed the week with modest losses. Gold settled at $1,940 a troy ounce, while WTI finished at $37 a barrel.

Written by;

Nnadi Victor

An Independent Economics Researcher

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