Daily Ghanaian Market Update for 29th Dec from Barclays Bank

Local Money Market: O/N AIBOR shed further 15bps to close yesterday’s takers market at 5.95%. With the money market excessively long amid limited takers, rates are expected to continue to move downwards in today’s session.

Local FX Market: USD/GHS: GHS was 0.15 percent down in Wednesday’s thin volume trading to close at $1.6395/20 – down from the day’s open of $1.6370/95. We expect stability in the $1.6385 – $1.6430 band today as local corporate supply is expected to match demand. On the Forex Bureau market, USD, EUR and GBP are selling at 1.6550, 2.1800 and 2.5870 respectively. BBG sells USD, EUR and GBP cash at 1.6500, 2.1410 and 2.5595 respectively.

Global Commodity Market:

Euro: The euro hit a 10-year low against the yen on Thursday, pressured by selling from Japanese retail investors and exporters, with moves amplified in poor year-end liquidity.

Global Commodity Market:

Gold: Gold wallowed near a three-month low on Thursday, remaining under pressure due to a firm dollar, while investors fretted over an important Italian bond auction later in the day. Spot gold was slightly changed at $1,555.69 an ounce at the time of writing.

Oil: Brent crude oil steadied above $107 a barrel on Thursday, as a stronger dollar and rising U.S. crude stocks offset Iranian threats to halt a vital oil trade route. Brent rose 14 cents to $107.70 a barrel in early trades.

Cocoa: U.S cocoa futures tumbled on Wednesday on pressure from rallying U.S. dollar. Key March cocoa dropped $83 or 3.8 percent, to settle at $2,183 per tonne

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