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Cedi ended last week 0.4% stronger in retail markets despite 0.11% dip on interbank reference market

The observed appreciation in the retail market was attributed in part to panic sales triggered by signals from the US Federal Reserve signaling a conclusion to its monetary tightening cycle. This, in turn, bolstered foreign exchange liquidity levels within domestic markets.

Efo Komla Hukporti by Efo Komla Hukporti
December 19, 2023
in Banking, Business, Business News
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In a nuanced analysis, GCB Capital Research reveals a divergent performance for the Cedi against the US dollar in the past week.

Closing with a 0.4% uptick against the reference retail rate, the Cedi concurrently experienced a marginal 0.11% dip on the interbank reference market.

The observed appreciation in the retail market was attributed in part to panic sales triggered by signals from the US Federal Reserve signaling a conclusion to its monetary tightening cycle. This, in turn, bolstered foreign exchange liquidity levels within domestic markets.

GCB Capital therefore anticipates a sustained upward adjustment in the interbank reference rate, emphasizing the ongoing alignment of market rates until a harmonious convergence is achieved, thereby closing existing arbitrage windows.

As global economic dynamics continue to shape currency valuations, the Cedi’s intricate performance against the greenback underscores the nuanced nature of contemporary financial markets, where strategic shifts by major central banks exert palpable influence on local currency trajectories.

Source: norvanreports.com

Tags: CediGCBretail markets
Efo Komla Hukporti

Efo Komla Hukporti

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