Currency News update around the world

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There has been a lot of happening today Thursday 23th February 2017 in the global financial market. A lot of countries on their own are adopting measures to strengthen their currencies, thus making their economy better.

Starting with Asia market, we would take a look at the two biggest economies; China and Japan.

News in China - the Chinese yuan is reported to have weakened despite the effort of the country central bank to strengthen it. The PBOC has for the last four consecutive days been fixing the value of the yuan relative to the dollar. This measure has had little effect on the value of the yuan.

Even with this weakness recorded, the yuan has recorded some improvement against the dollar this week compared to what has been the trend for more than a month. In another related development, though a positive one, according to the information released by SAFE (Online state administration of Foreign Exchange ), Chinese banks recorded a much-improved capital outflow for the first time in 2017, this is owned to the drop in the foreign exchange sales recorded.

News in Japan - The country prime minister Abe has debunked the news making round that president Trump of the United States comment on CCYS was directed to China and not his country, and also that FX was not part of the agenda that was discussed with President Trump.

In another related development, it was a bearish day that was recorded in the Tokyo stock market. A lot of profit takers among investors were said to be dumping their stocks so as to take advantage of the gain recorded by the yen currency.

U.K News - The major new making round in the UK today is the fall in the value of the pound sterling. This has fallen to a 10-day low relative to the euro. This can be attributed to the fall recorded in the retail sales data released during the week.

Africa: Nigeria News - The country central bank has reported a rise in her foreign exchange reserves. This has risen to $29 billion as at 15th of February. Though this is still far less than what it was as at August 2008, when it was at $64.

Despite this development regarding the increase in the country fx reserve, the naira has at today was reported to have plunged further in the parallel market, exchanging at the rate of N 516 to a dollar.

South Africa News - The Rand was said to weaken on Thursday compared to the dollars. The rand since August 2015, has recorded significant gain relative to the dollar. This could be said to be as a result of some economic indicators released from the US market, that has boosted the value of the dollar.

US News - The US President earlier complaints about the manipulation of the US currency by some countries is said to be gaining some ground in some quarters.

In another development, the dollar gained some ground relative to the sterling. This could be said to be due partly to the unexpected fall in the value of the retail sales data released.

Despite this improvement, the value of the dollar relative to the yen is still on a low side.

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