Traders are betting on smaller average depreciation for six major African currencies compared with March, as the wall of global monetary and fiscal stimulus provides a backstop for riskier assets. But the outlook is uneven: the spread between 12-month forwards and one-month contracts suggests sizable depreciation in Nigeria, Zambia and Ghana. Currencies in Kenya, Egypt and South African are seen as more stable over the next year.
©2020 Bloomberg L.P.
83 total views, 2 views today