Australia's economic growth slower than expected

Australia has reported weaker-than-expected economic growth between July and September, due largely to a drop off in mining investment.

Its economy grew 0.3% in the third quarter, compared to the previous quarter, and was up 2.7% year-on-year, according to official numbers.

Economists had expected quarterly growth of 0.7% for the period and year-on-year growth of 3.1%.

The Australian dollar fell to

Oil steadies below $73 after hitting five-year low

Brent crude oil steadied below $73 a barrel yesterday, although Russian and Nigerian currencies remained under pressure on persistent doubts over their central banks’ ability to provide support.

With Brent crude trading at about $72, breaking a five-day losing streak, the rouble staged a brief rally but headed lower again, losing 1.4 percent against the dollar.

naira-Dollar

Unease is growing about the Russian central bank’s absence from

Naira falls 55k against dollar amidst CBN’s defense

In spite of the Central Bank of Nigeria (CBN)’s intervention through foreign exchange auction, the nation’s currency naira on Monday weakened by N0.55k against the US dollar at the inter-bank market.

The CBN on Monday offered a total of $350 million but sold a total of $349.9 to 22 deposit money banks at rate of N155.75/$ at its twice weekly Dutch Auction System (RDAS).

Consequently, the local currency on Monday closed at N163.85/$ as against N163.30 on Friday last week, according data obtained from Financial Markets Dealers Quotation (FMDQ).

Analysts had anticipated sustained pressure on the local currency this week in spite of expected dollar sales from oil companies.

“Dollar demand from politicians holding their assets in hard currency ahead of elections next year has increased pressure on the local currency,” one dealer told Reuters.