USD/GHS - US Dollar Ghanaian Cedi

Ghanaian cedi

This new wave up will break the November 2022 high

Pls any reason why the dollar is dropping ?

The currency’s appreciation is a result of the reorganization of local debts.The depreciation of the currency was driven by higher crude oil product import bill on the back of rising prices, non-roll over of maturing bonds by non-resident investors, portfolio reversals and sudden exit of non-resident investors in the bond market, as well as loss of market access to Eurobond resources. The effect of these factors has been exacerbated by the strength of the US dollar, resulting in depreciation of the local currency from the beginning of the year-to-date.

Cedi had eventful several months, first was the stable growth of the US Dollar then the interest rates did the trick to place it back on track, we can observe clearly a very huge decline since the beginning of December. We all know that when there are rapid price changes there is always correction coming. 10.1298 looks like a reasonable resistance to test around the end of the fiscal year from the three months timeframe perspective.Nevertheless,Bank of Ghana Monetary Policy and the supply of dollars to the OMCs are also helping in terms of the pressure on the exchange rate as well as the ban on the supply of foreign currency for the import of certain commodities.  So it is a combination of factors accounting for the relative stability of the change rate. The program from the IMF and the debt exchange itself are sending positive signals to the market. The currency’s appreciation is a result of the reorganization of local debts.The depreciation of the currency was driven by higher cru

The Cedi is faring well vs the Greenback in conjunction & reaction to the holiday season, Fed ,BoG policies amid securing IMF Backing . USD/GHS is likely to be seen between 8:16-10:21

Importers have stocked goods for the exmas holiday season making the cedi seems a bit okay, technically it is just a mirage over a period of time

yes

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GHS fundamentals are not good to battle the dollar, however currently the ghs performance is solely base on the IMF relief. In my opinion that's just temporal.