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

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

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.

Tags: cediCedi ended last week 0.4% stronger in retail markets despite 0.11% dip on interbank reference marketdollarinterbank reference market
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