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Markets

Flour Mills’ dividend may increase by 20% despite economic headwinds

Flour Mills projects its dividend payout may increase by 20%.

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Flour Mills of Nigeria Plc

As companies begin to turn in the reports of their audited financial results, close observations point to the fact that Nigeria’s prevailing economic headwinds and unfriendly operating environment may have been hugely responsible for the performances, especially for 2018 business year. According to available data, the country’s economic slow pace of growth since its recovery from the recession has been reflected in the financial records of some quoted companies in recent times.

The manufacturing sector is not left out of this quandary as some of the companies continue to strive to remain profitable and justify shareholder investment. From recent statistics, manufacturing production in Nigeria increased by 0.40 per cent in March 2019 compared to the same month in the previous year.

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Flour Mills of Nigeria Plc

Looking across the companies especially in the face of dwindling consumer purchasing power are companies like Flour Mills of Nigeria Plc, Dangote Flour, Honeywell Flour Mills Pc, Unilever, PZ, International Breweries Plc, Honeywell Flour Mills Plc, Skyway Aviation Handling Company Plc (SAHCO), amongst others.

[READ ALSO: Flour Mills seeks license for power generation]

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A glance: While International Breweries recorded a loss before tax of N8 billion in 2018 from the N3.23 billion that was recorded in 2017, SAHCO’s loss before tax stood at N302.895 million in stark contrast to a Profit Before Tax of N125.901 million recorded in 2017. With this, the aviation company witnessed a reversal of fortune in its profitability, resulting in a loss after tax of N665.649 million in the year under review as against the profit of N217.727 million it posted in the year before.

Similarly, Honeywell Flour Mills Plc witnessed a profit decline from N4.42 billion in 2018 to N68.36 million in 2019. As expected, profit also falls for Flour Mills Nigeria Plc, as the company witnessed contractions in sales and profitability having recorded a net profit decline from N13.6 billion in the prior fiscal period to the N4 billion it recorded in its 2019 financial period.

A look into Flour Mills of Nigeria Plc’ 2018 fiscal year: For the year ended March 31, 2019, the company’s turnover dropped from N542.67 billion in 2018 to N527.40 billion in 2019. Gross profit dropped from N68.8 billion in 2018 to N53.3 billion in 2019.

More so, profit before tax declined to N10.17 billion in 2019 as against N16.54 billion in 2018. After taxes, net profit dropped to N4 billion in 2019 as against N13.6 billion in 2018. Consequently, earnings per share dropped from N4.83 in 2018 to N1 in 2019.

Laudable highlights:  From information contained in its financial statement, the company’s finance costs fell 30 per cent to N22.9 billion in 2019 from N32.7 billion in 2018 and N32.5 billion in 2017, while the group’s Q4 2018/19 improved by N1.9 billion.

According to the investor presentation on its website, the company said “Flour Mills will continue active balance sheet management and the objective is to achieve additional reduction in finance costs in the current year”.

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In view of Flour Mills’ impressive performance in the last quarter of the fiscal period as a result of the company’s series of strategic actions, Flour Mills proposed dividend increase of N0.20k to N1.20k per share, which is a 20 per cent increment.

Commenting on the 2019 Q4 result, the company’s Group Chief Finance Officer (CFO), Anders Kristiansson said the company’s strategy to restructure the balance sheet base and optimize the financing costs, have started to yield the desired results, as the business records increasing levels of efficiency.

Kristiansson said, “Despite ongoing pressures on consumer disposable income in many of our target categories, we continued delivered a stronger quarter 4 than last year.”

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About the company: Incorporated in September 1960 and quoted on the Nigerian Stock Exchange (NSE) in 1978, Flour Mills of Nigeria Plc is one of Nigeria’s leading food and agro-allied companies. With a broad basket of food products, an iconic brand “Golden Penny” and robust pan-Nigerian production, distribution, and supply chain network, Flour Mills is a fully integrated and diversified food and agro-allied group.

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NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

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Stock Market

GTBANK, GUINNESS, OKOMUOIL trigger bulls, as ASI gains 0.19%

Nigerian bouse’s market capitalization in value terms presently stands at N13,063 trillion.

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Global stocks sell-off persists as resurgence of COVID-19 frighten investors 

The Nigerian Stock Market ended this week’s trading session on a bullish note, as the All Share Index gained 0.45% to close at 25,041.89 basis points as against +0.19% appreciation recorded yesterday. The Year-to-Date (YTD) returns currently stands at -6.71%.

Also, the Nigerian bouse’s market capitalization in value terms presently stands at N13,063 trillion.

UBA ADS

The NSE trading turnover closed negative, as volume moved down by -3.80%. GUARANTY, FBNH, and STERLNBANK were the most active to boost market turnover. GUARANTY and OKOMUOIL topped the market value list.

Market breadth closed positive as LEARNAFRCA led 22 gainers, compared to 5 losers topped by UACN at the end of today’s session. This indicates an improved performance when compared with the previous outlook.

Top gainers

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  • VALUEFUND up 9.98% to close at N113.5
  • GUINNESS up 4.44% to close at N14.1
  • DANGSUGAR up 3.48% to close at N11.9
  • OKOMUOIL up 2.74% to close at N77
  • GUARANTY up 2.53% to close at N24.35

Top losers

  • UACN down 9.49% to close at N6.2
  • CHIPLC down 8.89% to close at N0.41
  • JAIZBANKdown 3.39% to close at N0.57
  • AIICOdown 3.23% to close at N0.9
  • TRANSCORP down 1.61% to close at N0.61

Outlook

The Nigerian bourse, against all odds, finished five straight days on a bullish note. However, Narametrics still envisages cautious buying due to the relatively thin market liquidity that is currently being experienced.

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Currencies

Daily Parallel Market exchange rate – ₦486/$1

The US dollar stands at ₦486/US$1 in the parallel market

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Forex, NIGERIA: Daily Parallel Market, Exchange Rate

The exchange rate between the naira and the US dollar as of Friday, August 7th 2020 stands at 486/US$1 in the parallel market. The exchange rate closed at 486/US$1 on Thursday 6th August 2020.

  • Naira:486
  • Dollar: $1
  • Date: August 7th, 2020

The exchange rate between the naira and the British pound sterling stands at  ₦585/₤1 on Friday 7th August same as recorded on Thursday 6th August 2020.

UBA ADS
  • Naira: ₦585
  • Pounds Sterling: ₤1
  • Date: August 7th, 2020

Explore Economic Research Data From Nairametrics on Nairalytics

The exchange rate between the naira and the European euro stands at ₦550/€1 on Friday 7th August 2020. The exchange rate also closed at ₦550/€1 on Thursday 6th August 2020.

  • Naira: ₦550
  • Euro: €1
  • Date: August 7th, 2020

Activity: USD currently seels for an average of 486/US$1 in the parallel market

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READ ALSO: The risk of buying Forex at black market rate of N460/$1 

DateCurrencyBuy(AM)Sell(AM)Buy(PM)Sell(PM)Volatility
8/7/2020Dollar475486
8/7/2020Pounds578585
8/7/2020Euro536550
8/6/2020Dollar470480475486Low
8/6/2020Pounds575587578585Low
8/6/2020Euro534545536550Low
8/5/2020Dollar465475473483Low
8/5/2020Pounds570580575587Low
8/5/2020Euro525540532545Low
8/4/2020Dollar470480470480Low
8/4/2020Pounds560570560570Low
8/4/2020Euro520530520530Low
8/3/2020Dollar470480470480Low
8/3/2020Pounds560570560570Low
8/3/2020Euro520530520530Low
7/31/2020Dollar470480470485High
7/31/2020Pounds570582575585Low
7/31/2020Euro500520505520Low
7/30/2020Dollar470490470485High
7/30/2020Pounds550570550580High
7/30/2020Euro495520500525High
7/29/2020Dollar468475467475Low
7/29/2020Pounds575585580590Low
7/29/2020Euro530540530545Low
7/28/2020Dollar469475467475Low
7/28/2020Pounds575593580595Low
7/28/2020Euro550560540550Low
7/27/2020Dollar465473466473Low
7/27/2020Pounds570580575583Low
7/27/2020Euro510520515530Low
7/24/2020Dollar465472464472Low
7/24/2020Pounds570580572582Low
7/24/2020Euro510520505520Low
7/23/2020Dollar460472465472Low
7/23/2020Pounds565575565580Low
7/23/2020Euro510520505520Low
7/22/2020Dollar465472465472Low
7/22/2020Pounds565575560578Low
7/22/2020Euro510525510528Low
7/21/2020Dollar461472462472Low
7/21/2020Pounds560573560575Low
7/21/2020Euro498515500520Low
7/20/2020Dollar460473462473Low
7/20/2020Pounds550570555575Low
7/20/2020Euro495505500510Low
7/17/2020Dollar462470460470Low
7/17/2020Pounds560570558570Low
7/17/2020Euro490500490500Low
7/16/2020Dollar460470460470Low
7/16/2020Pounds558565560570Low
7/16/2020Euro485495485499Low
7/15/2020Dollar455465455470Low
7/15/2020Pounds560565558570Low
7/15/2020Euro485495488498Low
7/14/2020Dollar448462455470Low
7/14/2020Pounds540550557570Low
7/14/2020Euro485495489498Low
7/13/2020Dollar450460448462Low
7/13/2020Pounds540550540550Low
7/13/2020Euro485495485495Low
7/10/2020Dollar453460458465Low
7/10/2020Pounds520525550555High
7/10/2020Euro465467510520High
7/9/2020Dollar455461455463Low
7/9/2020Pounds550558550562Low
7/9/2020Euro495504498505Low
7/8/2020Dollar455461455461Low
7/8/2020Pounds550558550558Low
7/8/2020Euro495504495504Low
7/7/2020Dollar455461455461Low
7/7/2020Pounds550558550558Low
7/7/2020Euro495502495502Low
7/6/2020Dollar455462455461Low
7/6/2020Pounds550562547555Low
7/6/2020Euro495502496502Low
7/3/2020Dollar455462454461Low
7/3/2020Pounds548560550560Low
7/3/2020Euro495505495502Low
7/2/2020Dollar455462454461Low
7/2/2020Pounds548560550560Low
7/2/2020Euro495505495502Low
7/1/2020Dollar455462455462Low
7/1/2020Pounds548560548560Low
7/1/2020Euro495505495505Low
6/30/2020Dollar452460452460Low
6/30/2020Pounds547560547560Low
6/30/2020Euro495505495505Low
6/29/2020Dollar450460450460Low
6/29/2020Pounds547560547560Low
6/29/2020Euro495505495505Low
6/26/2020Dollar452457452460Low
6/26/2020Pounds547557547560Low
6/26/2020Euro490498490502Low
6/25/2020Dollar452457450455Low
6/25/2020Pounds547557547560Low
6/25/2020Euro490498490499Low
6/24/2020Dollar450460450455Low
6/24/2020Pounds545555545555Low
6/24/2020Euro490495488498Low
6/23/2020Dollar450460445455Low
6/23/2020Pounds545555545555Low
6/23/2020Euro490495490495Low
6/22/2020Dollar450455450455Low
6/22/2020Pounds545555545555Low
6/22/2020Euro488498488498Low
6/19/2020Dollar445455445455Low
6/19/2020Pounds540553540553Low
6/19/2020Euro480490480490Low
6/18/2020Dollar445452445452Low
6/18/2020Pounds537550537550Low
6/18/2020Euro475490475490Low
6/17/2020Dollar445452445452Low
6/17/2020Pounds540553537550Low
6/17/2020Euro475490475490Low
6/16/2020Dollar440450445452Low
6/16/2020Pounds540550540553Low
6/16/2020Euro475485475490Low
6/15/2020Dollar440450440450Low
6/15/2020Pounds540550540550Low
6/15/2020Euro475485475485Low
6/12/2020Dollar440450440450Low
6/12/2020Pounds538550538550Low
6/12/2020Euro470485470485Low
6/11/2020Pounds538550538550Low
6/11/2020Dollar440450440450Low
6/11/2020Euro470485470485Low
6/10/2020Pounds538550540553Low
6/10/2020Dollar440450445452Low
6/10/2020Euro470485475490Low
6/9/2020Pounds538550540550Low
6/9/2020Dollar440450440450Low
6/9/2020Euro470485475485Low
6/8/2020Pounds540550540550Low
6/8/2020Dollar440450440450Low
6/8/2020Euro475485475485Low
6/5/2020Pounds535545535545Low
6/5/2020Dollar440450440450Low
6/5/2020Euro460472460472Low
6/4/2020Pounds530543530543Low
6/4/2020Dollar440447440447Low
6/4/2020Euro460470460470Low
6/3/2020Pounds530540530540Low
6/3/2020Dollar440445440445Low
6/3/2020Euro460470460470Low
6/2/2020Pounds535545535545Low
6/2/2020Dollar440450440450Low
6/2/2020Euro460472460472Low
6/1/2020Pounds530543530543Low
6/1/2020Dollar440447440447Low
6/1/2020Euro460470460470Low
5/29/2020Pounds530540530540Low
5/29/2020Dollar440445440445Low
5/29/2020Euro460470460470Low
5/28/2020Pounds535545535545Low
5/28/2020Dollar440450440450Low
5/28/2020Euro460472460472Low
5/27/2020Pounds530543530543Low
5/27/2020Dollar440447440447Low
5/27/2020Euro460470460470Low
5/26/2020Pounds530540530540Low
5/26/2020Dollar440445440445Low
5/26/2020Euro460470460470Low
5/25/2020Pounds535545535545Low
5/25/2020Dollar440450440450Low
5/25/2020Euro460472460472Low
5/22/2020Pounds530543530543Low
5/22/2020Dollar440447440447Low
5/22/2020Euro460470460470Low
5/21/2020Pounds530545530545Low
5/21/2020Dollar450460450460Low
5/21/2020Euro460470460470Low
5/20/2020Pounds530550530550Low
5/20/2020Dollar445460445460Low
5/20/2020Euro450470450470Low
5/19/2020Pounds528540528540Low
5/19/2020Dollar445460445460Low
5/19/2020Euro450465450465Low
5/18/2020Pounds528540528540Low
5/18/2020Dollar445460445460Low
5/18/2020Euro450465450465Low
5/15/2020Pounds530540525535Low
5/15/2020Dollar435450440455Low
5/15/2020Euro450460450465Low
5/14/2020Pounds530540530540Low
5/14/2020Dollar435450435450Low
5/14/2020Euro450460450460Low
5/13/2020Pounds525535525535Low
5/13/2020Dollar430450430450Low
5/13/2020Euro440455440455Low
5/12/2020Pounds525535525535Low
5/12/2020Dollar435450435450Low
5/12/2020Euro445455445455Low
5/11/2020Pounds510530525535Low
5/11/2020Dollar430445435445Low
5/11/2020Euro440450445455Low
5/8/2020Pounds510530510530Low
5/8/2020Dollar425437430445Low
5/8/2020Euro425440440450Low
5/7/2020Pounds510530510530Low
5/7/2020Dollar425437425437Low
5/7/2020Euro425440425440Low
5/6/2020Pounds510520510520Low
5/6/2020Dollar425437425437Low
5/6/2020Euro430450430450Low
5/5/2020Pounds510525510525Low
5/5/2020Dollar410430420430Low
5/5/2020Euro425435425435Low
5/4/2020Pounds500510510525Low
5/4/2020Dollar435450410430Low
5/4/2020Euro430440425435Low
5/1/2020Pounds500510500510Low
5/1/2020Dollar435450435450Low
5/1/2020Euro430445430445Low
4/30/2020Pounds500510500510Low
4/30/2020Dollar435450435450Low
4/30/2020Euro430445430445Low
4/29/2020Pounds500520500520Low
4/29/2020Dollar440460440460Low
4/29/2020Euro450465450465Low
4/28/2020Pounds495510500520Low
4/28/2020Dollar430450440460Low
4/28/2020Euro435450435450Low
4/27/2020Pounds495510495510Low
4/27/2020Dollar430450430450Low
4/27/2020Euro435450435450Low
4/24/2020Pounds490500490500Low
4/24/2020Dollar428450428450Low
4/24/2020Euro430440430440Low
4/23/2020Pounds490500490500Low
4/23/2020Dollar420430420430Low
4/23/2020Euro425435425435Low
4/22/2020Pounds490500490500Low
4/22/2020Dollar420425420430Low
4/22/2020Euro425435425435Low
4/21/2020Pounds490500490500Low
4/21/2020Dollar420430420430Low
4/21/2020Euro425435425435Low
4/20/2020Pounds490500490500Low
4/20/2020Dollar420430420430Low
4/20/2020Euro425435425435Low
4/17/2020Pounds490500490500Low
4/17/2020Dollar420430420430Low
4/17/2020Euro425435425435Low
4/16/2020Pounds490500490500Low
4/16/2020Dollar420430420430Low
4/16/2020Euro425435425435Low
4/15/2020Pounds490500490500Low
4/15/2020Dollar420430420430Low
4/15/2020Euro425435425435Low
4/14/2020Pounds490500490500Low
4/14/2020Dollar420430420430Low
4/14/2020Euro425435425435Low
4/13/2020Pounds490500490500Low
4/13/2020Dollar420430420430Low
4/13/2020Euro425435425435Low
4/10/2020Pounds490505490505Low
4/10/2020Dollar420430420430Low
4/10/2020Euro425435425435Low
4/9/2020Pounds490505490505Low
4/9/2020Dollar420430420430Low
4/9/2020Euro425435425435Low
4/8/2020Pounds490500490500Low
4/8/2020Dollar420430420430Low
4/8/2020Euro425435425435Low
4/7/2020Pounds490500490500Low
4/7/2020Dollar420430420430Low
4/7/2020Euro425435425435Low
4/6/2020Pounds492497492497Low
4/6/2020Dollar402412402412Low
4/6/2020Euro410415410415Low
4/3/2020Pounds485490492497Low
4/3/2020Dollar400410402412Low
4/3/2020Euro410415410415Low
4/2/2020Pounds485490485490Low
4/2/2020Dollar400410400410Low
4/2/2020Euro410415410415Low
4/1/2020Pounds480485480485Low
4/1/2020Dollar395400395400Low
4/1/2020Euro407412407412Low
3/31/2020Pounds480485480485Low
3/31/2020Dollar395400395400Low
3/31/2020Euro407412407412Low
3/30/2020Pounds480485480485Low
3/30/2020Dollar390395395400Low
3/30/2020Euro407412407412Low
3/27/2020Pounds480485480485Low
3/27/2020Dollar385390390395Low
3/27/2020Euro405410407412Low
3/26/2020Pounds480485480485Low
3/26/2020Dollar385390385390Low
3/26/2020Euro405410405410Low
3/25/2020Pounds475480480485Low
3/25/2020Dollar380385385390Low
3/25/2020Euro400405405410Low
3/24/2020Pounds475480475480Low
3/24/2020Dollar380385380385Low
3/24/2020Euro400405400405Low
3/23/2020Pounds474478474478Low
3/23/2020Dollar380385380385Low
3/23/2020Euro400403400403Low
3/20/2020Pounds475480475480Low
3/20/2020Dollar370375365367Low
3/20/2020Euro395400395400Low
3/19/2020Pounds475480475480Low
3/19/2020Dollar370375370375Low
3/19/2020Euro395400395400Low
3/18/2020Pounds471475471475Low
3/18/2020Dollar370375370375Low
3/18/2020Euro390395390395Low
3/17/2020Pounds470475470475Low
3/17/2020Dollar375380375380Low
3/17/2020Euro400403400403Low
3/16/2020Pounds470475470475Low
3/16/2020Dollar370375370375Low
3/16/2020Euro400403400403Low
3/13/2020Pounds470475470475Low
3/13/2020Dollar372377372377Low
3/13/2020Euro400403400403Low
3/12/2020Pounds475485490495High
3/12/2020Dollar365380375404High
3/12/2020Euro405412410420Low
3/11/2020Pounds470475475485Low
3/11/2020Dollar360366365375Low
3/11/2020Euro387403405412Low
3/10/2020Pounds468472470475Low
3/10/2020Dollar358360360362Low
3/10/2020Euro390398387403Low
3/9/2020Pounds468472468472Low
3/9/2020Dollar358360358360Low
3/9/2020Euro392398392398Low
3/6/2020Pounds468472468472Low
3/6/2020Dollar358360358360Low
3/6/2020Euro390398390398Low
3/5/2020Pounds468472468472Low
3/5/2020Dollar358360358360Low
3/5/2020Euro390397390397Low
3/4/2020Pounds468473468473Low
3/4/2020Dollar358360358360Low
3/4/2020Euro387392387392Low
3/3/2020Pounds468472468472Low
3/3/2020Dollar358360358360Low
3/3/2020Euro387392387392Low
3/2/2020Pounds468472468472Low
3/2/2020Dollar358360358360Low
3/2/2020Euro387392387392Low
2/28/2020Pounds468472468472Low
2/28/2020Dollar358360358360Low
2/28/2020Euro387392387392Low
2/27/2020Pounds467471468472Low
2/27/2020Dollar358360358360Low
2/27/2020Euro386390387392Low
2/26/2020Pounds468472467471Low
2/26/2020Dollar358360358360Low
2/26/2020Euro386390386390Low
2/25/2020Pounds467472468472Low
2/25/2020Dollar358360358360Low
2/25/2020Euro388392386390Low
2/24/2020Pounds467472467472Low
2/24/2020Dollar358360358360Low
2/24/2020Euro388392388393Low
2/21/2020Pounds467473468473Low
2/21/2020Dollar358360358360Low
2/21/2020Euro388392388392Low
2/20/2020Pounds467473467473Low
2/20/2020Dollar358360358360Low
2/20/2020Euro388392388392Low
2/19/2020Pounds467473467473Low
2/19/2020Dollar358360358360Low
2/19/2020Euro390394390394Low
2/18/2020Pounds467473467473Low
2/18/2020Dollar358360358360Low
2/18/2020Euro390394390394Low
2/17/2020Pounds469473467474Low
2/17/2020Dollar358360358360Low
2/17/2020Euro390394390394Low
2/14/2020Pounds469473469473Low
2/14/2020Dollar358360358360Low
2/14/2020Euro390394390394Low
2/13/2020Pounds470475470475Low
2/13/2020Dollar358360358360Low
2/13/2020Euro390396390396Low
2/12/2020Pounds470475470475Low
2/12/2020Dollar358360358360Low
2/12/2020Euro390396390396Low
2/11/2020Pounds470475470475Low
2/11/2020Dollar358360358360Low
2/11/2020Euro390396390396Low
2/10/2020Pounds470475470475Low
2/10/2020Dollar358360358360Low
2/10/2020Euro390396390396Low
2/7/2020Pounds471475471475Low
2/7/2020Dollar358360358360Low
2/7/2020Euro390396392396Low
2/6/2020Pounds473476473476Low
2/6/2020Dollar358360358360Low
2/6/2020Euro392397392397Low
2/5/2020Pounds473476473476Low
2/5/2020Dollar358360358360Low
2/5/2020Euro393397393397Low
2/4/2020Pounds473476473476Low
2/4/2020Dollar358360358360Low
2/4/2020Euro393397393397Low
2/3/2020Pounds473476473476Low
2/3/2020Dollar358360358360Low
2/3/2020Euro393397393397Low
1/31/2020Pounds473476473476Low
1/31/2020Dollar358360358360Low
1/31/2020Euro393397393397Low
1/30/2020Pounds472478472476Low
1/30/2020Dollar358361358360Low
1/30/2020Euro394398394398Low
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18/04/2019Pounds470475470475Low
18/04/2019Dollar357360357360Low
18/04/2019Euro402406402406Low
17/04/2019Pounds470475470475Low
17/04/2019Dollar357360357360Low
17/04/2019Euro402406402406Low
16/04/2019Pounds465470470475Low
16/04/2019Dollar360365357360Low
16/04/2019Euro400405402405Low

Data is collated from various black market dealers on the mainland and island of Lagos State where forex is sold. The price quoted daily on this page represents the average price obtained by our Research Team. Our prices are a guide and could be slightly different from the price you get when you eventually decide to buy or sell. This is a daily tracker and updated close of business. See table below for parallel market exchange rate dating to 2019.

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Currencies

U.S dollar records gains as FX traders turn to the safe-haven currency

American Dollar Index gained 0.27% to trade at 93.025.

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parallel market, greenback, U.S dollar rises against major currencies, U.S and China’s economic data support the dollar, U.S dollar gains ground, U.S. President Trump boosts investors’ Optimism

The American dollar gained against major currencies at London’s trading session on Friday morning. The American Dollar Index, which tracks the U.S dollar against a basket of other major currencies, gained 0.27% to trade at 93.025 at the time this report was drafted.

Quick fact: The U.S. Dollar Index tracks the American dollar against other major currencies such as the Japanese yen, British pound sterling, Swedish Krona, the Euro, and more. Individuals hoping to meet foreign exchange payment obligations, via dollar transactions to European countries, and Japan, would need to pay fewer dollars in meeting such obligations.

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READ MORE: Forex: U.S dollar falls as U.S Fed gives easier access to cheap money 

Why the U.S Dollar is presently up

Bullish sentiment is now on the greenback due to a combination of rising U.S. Coronavirus cases, a rise in U.S Treasury yields, and the fact that a new stimulus package deal from the U.S Congress won’t be available in the short term.

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READ MORE: Fitch Rating agency affirms AfDB’s AAA rating with stable outlook

The Chief Global Market Strategist at AxiCorp, Stephen Innes, in a note to Nairametrics, explained why currency traders are increasingly bearish in the mid-term on the U.S dollar. He said:

“In these baffling pretzel logic confusing times, FX traders will follow one train of reasoning as the dollar will continue to revert to its counter cycle trend, the buck turns sour when the goings are good, and the buck turns sweet when the goings are bad.

“But this gnawing FX toothache means I still think that view seems far too quaint in its simplicity as at some point growth differentials and the data will count.

“Low yields forever are the ultimate invitation to strap on risk as consensus works off the theme “do not fight the Fed.” Equities, even at these elevated levels, continue to climb the ladder; gold similarly continues to power ahead; the USD is on a clear-cut weakening trend.”

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