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Dollar falls as yuan leads charge in risk-on trades

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The dollar fell against most currencies on Thursday as a rally in riskier assets such as global equities and commodities put a dent in safe-haven demand for the U.S. currency.

China’s yuan rose to a four-month high against the greenback, extending recent gains as investors of all stripes increase positions in Chinese stocks due to growing signs of a recovery in the world’s second-largest economy.

Lingering worries about the spread of the coronavirus could keep some currency pairs in a tight range, but the dollar’s losses are gradually increasing as sentiment favours riskier bets on long-term economic growth.

“Rising stocks and a dip in Treasury yields are slight negatives for the dollar, but the market can’t move too far because we still have to worry about the virus,’’ said Minori Uchida, Head of Global Market Research at MUFG Bank.

“A lot of major U.S. economic data have been positive, so this will be less of a trading factor going forward.

“People are looking for cues from stocks, yields and hedging costs.’’

Against the euro, the dollar fell 0.3 per cent to $1.1365, reaching a one-month low.

The euro could get a further boost later in the day as Germany is scheduled to release export data.

Economists expect shipments from the euro zone’s largest economy to rebound sharply in May from a large decline in the previous month.

The greenback also fell to a three-week low against the pound at $1.2637.

Sterling edged up to 89.97 pence per euro EURGBP=D3.

The dollar fell to a four-month low of 0.9365 Swiss francs on Thursday.

The dollar was little changed at 107.27 yen.

Chinese shares continued their recent rally and surged to a five-year high during the Asian session.

Futures pointed to further gains in European equities, highlighting the enthusiasm for risk-on trades.

Investors are also looking to U.S. weekly jobless claims later on Thursday, but the dollar looks set to remain on the back foot until then.

The onshore yuan burst past the closely watched level of seven to reach an almost four-month high of 6.9820 per dollar.

China’s currency has been a star performer as investors shrug off diplomatic tension between Washington and Beijing to focus on China’s improving economy and its attractive technology sector.

The yuan has risen around 2.7 per cent from a seven-month trough against the dollar set on May 27.

While some investors are reluctant to take big positions before the traditional summer holiday season amid uncertainty around the coronavirus pandemic, analysts said sentiment favours more U.S. dollar declines.

This is as investors try to look past a recent spike in coronavirus cases in some countries.

Elsewhere in currencies, the Australian dollar (AUD=D3) rose to a one-month high at $0.695.

Highlighting the greenback’s woes, the New Zealand dollar (NZD=D3) rose to $0.6590, the highest since late January. (Reuters/NAN)

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There’s Political Genocide Against Christians in Northern Nigeria – Aisha Yesufu

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By: Fabian Apechihin

Sociopolitical activist Aisha Yesufu has accused Nigerian political leaders of perpetuating what she described as a “political genocide” against Christians in Northern Nigeria.

Yesufu made the remark on Tuesday in response to American comedian and TV host Bill Maher, who recently alleged that Nigerian Christians are facing coordinated attacks.

Maher, speaking on his HBO show, said, “I’m not a Christian, but they are systematically killing Christians in Nigeria. They’ve killed over 100,000 since 2009 and burned 18,000 churches. These are the Islamists, Boko Haram.”

Reacting via her X handle, Yesufu criticized what she called hypocrisy among Nigerian politicians who express concern over Christian persecution yet supported the Muslim-Muslim presidential ticket during the 2023 elections.

“You are shouting that Northern Christians are being persecuted, but you championed a Muslim-Muslim ticket! Their Christianity was not Christian enough for you during the 2023 election,” she wrote.

She concluded by calling for greater attention to what she termed the “political genocide” against Northern Christians, urging consistency in both words and actions when addressing religious and political marginalization in Nigeria.

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Jagunmolu to Kwarans: Don’t lose hope in govt on security challenges

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Stephen Olufemi Oni, Ilorin

The Jagunmolu and Asiwaju of Igbomina, Alhaji Chief (Dr) Abdur-Raheem Oladimeji, has expressed optimism that the rising insecurity in parts of Kwara State would not overwhelm the state.

He identified the incidences of banditry and kidnapping for ransom as a passing phase, which was designed by unscrupulous elements to destabilise Kwara.

Oladimeji, who is the Founder, Al-Hikmah University, Ilorin and Baba Oba of Offa Kingdom, said this in a statement issued in Ilorin on Monday in response to the recent security breaches in some communities in Kwara North and Kwara South.

He urged the residents of affected communities, and Kwarans at large, not to lose hope in the ability of the government and security agencies to tame the roughnecks and restore peace to their communities.

The Arogundade of Lagos described the terror campaign as an unconventional warfare that requires tactics and wisdom on the part of the military to tackle, pointing out that the attackers often cowardly withdraw to their shells after visiting attacks on their victims.

He cautioned those who are out to profit from the ruins of the affected communities by making mockery of the situation with reckless comments to stop forthwith.

Oladimeji also warned against scaremongering being created over the security challenge, urging vigilance and making useful information available to security agencies on any strange movements in their communities.

“Let us be wary of scaremongers, who have made it their daily habit to create imaginary fear as a result of which people are thrown into panic mode. That there is security breach has not been denied. However, we need to be careful and circumspect on the information unauthorized individuals circulate on the issue of insecurity,” the varsity founder noted.

Jagunmolu, who doubles as President-General, AROIF, appealed for calm, unity, security consciousness, while commending the government for its proactive intervention to rout out the unscrupulous element.

He praised the gallantry of military personnel and other security operatives, calling for words of encouragement among the people to boost the morale of the armed personnel.

Oladimeji sympathised with the families of those who lost their loved ones in the recent tragedy and called for additional deployment of security personnel to troubled areas for quick restoration of permanent peace.

“We need to pray for peace and justice to return to Igbomina land, Kwara and the entire country so that we can overcome our moment of trial and tribulation. Our people should take it as a matter of duty to report strange movements to the security agencies and constituted authorities,” Jagunmolu added.

END.

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Northern Christians Urge Tinubu to Resettle Displaced Persons in Benue, Plateau, Borno

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By: Fabian Apechihin

Northern Christian leaders have appealed to President Bola Ahmed Tinubu to urgently resettle displaced persons in Benue, Plateau, and Borno States, many of whom have remained in camps within and outside Nigeria years after violent attacks forced them from their ancestral homes.

The appeal was made in Jos, Plateau State, during a meeting with the President, which clerics described as a renewed opportunity to highlight the plight of displaced communities in Northern Nigeria. The leaders were in Jos to attend the funeral of Mama Lydia Yilwata, mother of Prof. Nentawe Yilwata, National Chairman of the All Progressives Congress (APC).

Speaking on behalf of the delegation, Rev. Dr Amos M. Mohzo, President of the Church of Christ in Nations (COCIN) and Chairman of the Heads of Denominational Leaders on the Plateau, lamented that more than 200,000 people from Gwoza in Borno State still remain in refugee camps in Cameroon and Chad.

“We humbly appeal to you, Mr President, to help bring them back home. In the same vein, we are calling for a lifeline for displaced communities in Plateau and Benue States. Rebuilding their livelihoods and housing will reposition them for meaningful life and productivity,” Mohzo said.

He commended the President’s efforts to strengthen national security and support for state police, stressing that resettling displaced families was critical for peace and stability in the North. Mohzo also thanked Tinubu for key appointments of Northern Christians—including Senator George Akume as Secretary to the Government of the Federation, General Christopher Musa as Chief of Defence Staff, and Prof. Nentawe Yilwata as APC National Chairman—and urged broader inclusion of Christians in governance.

Similarly, Rev. Joseph John Hayab, Chairman of the Christian Association of Nigeria (CAN) in Northern Nigeria, reinforced the call, urging Tinubu to establish a Special Presidential Reconstruction Initiative to rebuild homes, restore livelihoods, and provide social infrastructure for displaced families.

“Our people cannot continue to live in camps when their ancestral homes have been taken over. We are appealing to Mr President to act with urgency so that these Nigerians can return home and live meaningful lives again,” Hayab said.

The clerics pledged continued commitment to peace and national unity, assuring the President of their support for policies that promote justice, inclusivity, and human dignity. They also extended condolences to Prof. Yilwata, the Ngas nation, and the people of Plateau State over the loss of Mama Lydia Yilwata.

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