Business
Dollar Rises Against Euro as Pound Strengthens
NEW YORK – The U.S. dollar rose against the euro on Tuesday after the European Commission lowered its forecasts for euro-zone growth, while the British pound strengthened on news of record growth in the U.K.’s services sector.
The euro (EURUSD) declined to $1.3467 from $1.3510 late Monday.
The commission downgraded its euro-zone gross domestic product forecast for 2014 to 1.1% from 1.2%, and lifted its unemployment projection to 12.2% from 12.1%. For 2013, the commission expects the economy to contract 0.4%, with joblessness at 12.2%, both unchanged from the May forecast. The euro came under heavy pressure last week, in part due to data showing slowing inflation in the currency bloc, raising the chances for further easing there.
“Some economists are even calling for another rate cut by the [European Central Bank] on Thursday. While we believe this forecast is overly aggressive, the reasoning is sound because inflation is a top priority for the central bank, and there’s a good chance that [ECB President] Mario Draghi will be less optimistic and appear more inclined to ease monetary policy,” said BK Asset Management managing director Kathy Lien.
The ICE dollar index (DXY), which tracks the U.S. currency against six others, edged up to 80.677 from 80.606 late Monday in North America. The WSJ Dollar Index , a rival gauge of the U.S. unit, was unchanged at 72.89.
Noting a nearly 2% gain for the ICE dollar index the previous week, Crédit Agricole analysts said the U.S. currency “is likely to consolidate its gains over the short term ahead of Friday’s U.S. October employment report.”
“Despite some near-term consolidation, the [dollar] looks set to gain further over the coming weeks, helped by the fact that the market had already squared a lot of long positions over past weeks,” Crédit Agricole said in a note Tuesday.
expect October nonfarm payrolls to rise 100,000 after a 148,000 increase in September, with the unemployment rate ticking higher to 7.4% from 7.2%.
BK Asset Management’s Lien said a weaker U.S. jobs report would likely be a function of last month’s government shutdown, dampening the effect of any surprises in the data. “We should see the dollar sell off if payrolls are weak, but the losses could be limited,” Lien wrote late Monday.
“The bigger reaction could actually be to a stronger payrolls report. If [the gains in nonfarm payrolls] exceed 150,000, we expect to see an aggressive short squeeze in the dollar, because the stronger number would be consistent with the Fed’s less pessimistic views,” she said, referring to the outlook from the Federal Reserve.
The British pound (GBPUSD) rose to $1.6045 from $1.5951 on Monday. The pound rose as high as $1.6063 intraday. The move came after the Markit/CIPS U.K. Services PMI for October rose to 62.5 in October, versus September’s 60.3, the biggest increase in activity since May 2007. Gains were driven by a sharp rise in new business.
The Japanese yen (USDJPY) strengthened, with the U.S. dollar fetching Yen98.37 compared to late Monday’s Yen98.68.
The Australian dollar (AUDUSD) was little changed in recent trade, buying 95.09 U.S. cents versus 95.08 U.S. cents late Monday. Earlier Tuesday, the Aussie dollar fell after the Reserve Bank of Australia held interest rates steady, with its governor saying the currency remained overvalued.
“The Australian dollar, while below its level earlier in the year, is still uncomfortably high,” said Gov. Glenn Stevens in a statement accompanying Tuesday’s policy decision. “A lower level of the exchange rate is likely to be needed to achieve balanced growth in the economy.”
The remarks echoed similarly dovish comments from the central-bank chief last week.
– NASDAQ
Shell will continue to support Nigeria in its efforts to build a secure energy future through investments and efficient delivery of its businesses in Nigeria.
“We continue to invest in Nigeria’s future through our projects, our people, and our enduring confidence in the potential of this nation,” General Manager, Development and Subsurface Shell Nigeria Deepwater, Kun Jiang said today while delivering the sponsor’s remarks at the 49th edition of the Nigeria Annual International Conference and Exhibition of the Society of Petroleum Engineers in Lagos.
Kun highlighted current investments in Bonga North, HI and the advancement of Bonga Southwest as testimonies of Shell’s confidence in Nigeria’s deepwater future. The confidence was further reiterated with the recent launch of a US$3 billion contract financing programme by Shell Nigeria Exploration and Production Company (SNEPCo), which will help Nigerian contractors build capability, create value, and accelerate project delivery.
Shell is a major sponsor of the conference as part of a longstanding support for a professional body which has contributed to the development of the oil and gas industry. Discussing the theme of the conference; “Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience,” Kun said Nigeria had a lot of opportunities despite geopolitical tensions that threaten global supply chains and market volatility and shifting energy dynamics.
“With a population exceeding 240 million people, abundant natural resources, world-class talent, and growing domestic energy needs, Nigeria has all the ingredients to become one of the world’s most attractive energy investment destination,” she pointed out. “But potential alone does not create prosperity. Potential must be converted into progress. Resources must be transformed into value. Opportunity must be matched by action.”
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Nigeria must continue to attract capital, strengthen the business environment, embrace technology to unlock potentials if it will thrive in the global evolving energy landscape. She added: “The future will belong to countries and industries that combine resilience with innovation, ambition with collaboration and investment with execution excellence. Nigeria has the resources. Nigeria has the talent. Nigeria has the opportunity. What is required now is the collective determination to seize it.”
Shell is mounting an exhibition at the SPE conference with SNEPCo’s Senior Production Geologist Abidemi Belgore taking industry leaders and regulators round the stand.
Key areas of interest include technological breakthroughs that have enhanced output at Bonga and facilitated the execution of the Bonga North project. Also highlighted on the stand is the full range of Shell businesses in Nigeria from deepwater oil production and integrated gas to renewables and power solutions as well as social investments across the country.
The Nigerian naira recorded further gains against the United States dollar on Monday, appreciating to N1,408 per dollar in the parallel market, compared to N1,415/$ recorded at the close of trading last weekend.
The local currency also strengthened in the Nigerian Foreign Exchange Market (NFEM), where it appreciated to N1,365 per dollar, up from N1,368/$ at the end of last week.
According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate improved by N3, reflecting sustained appreciation of the naira in the official market.
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The latest gains also narrowed the gap between the parallel and official exchange rates to N43 per dollar, down from N47 per dollar recorded on Friday, indicating a gradual convergence between both markets.
Meanwhile, activity in the official foreign exchange market increased significantly, with interbank turnover surging by 132.3 per cent to N137.05 million, compared to N58.99 million recorded last weekend.
The improved performance of the naira across both markets comes amid continued efforts by monetary authorities to stabilise the foreign exchange market and enhance liquidity.
With a view to improving operational efficiency, safety, compliance and service delivery across its operations, Pinnacle Oil & Gas Limited has reaffirmed commitment to building stronger relationships with its vendors.
The company made the commitment at its 2026 Vendors’ Forum held in Lagos under the theme, “Partnering for Operational Excellence,” with the sub-theme, “Strengthening Partnerships Through Compliance, Safety, Performance and Innovation.”
The forum brought together more than 100 existing and prospective vendors as well as key stakeholders, both physically and virtually, to strengthen collaboration and align suppliers with the company’s operational standards and growth strategy.
Speaking at the event, Managing Director and Chief Executive Officer of Pinnacle Oil & Gas, Adenike Labinjo, described vendors as strategic partners whose commitment to quality, innovation, safety and compliance is critical to the company’s success.
She said as Pinnacle continues to expand its operations, it has become increasingly important for the company and its vendors to share a common understanding of expectations, responsibilities and performance standards.
Labinjo stressed that safety, regulatory compliance and ethical business practices remain non-negotiable in all engagements with suppliers.
She noted that stronger collaboration with vendors would help the company deliver greater value to customers and other stakeholders while supporting sustainable business growth.
The forum featured technical presentations by senior executives from the company’s Procurement, Engineering, Compliance, Finance, Legal, Health, Safety and Environment (HSE), and Sales and Marketing departments.
Participants received guidance on Pinnacle’s procurement procedures, vendor onboarding and prequalification processes, Know Your Customer (KYC) requirements, tax invoicing, payment processes, contractual obligations, technical specifications, contractor responsibilities, supplier performance expectations and Service Level Agreements.
The company also unveiled improvements to its Purchase Order (PO) process aimed at improving efficiency, transparency and ease of doing business with vendors.
A major highlight of the event was an interactive question-and-answer session where vendors engaged directly with the company’s leadership on procurement procedures, compliance requirements, project execution, HSE standards and areas for continuous improvement.
According to Pinnacle, the session reinforced its commitment to transparency, open communication and stronger collaboration with suppliers.
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The company also recognised outstanding vendors whose contributions have supported its operational performance over the past year. Five companies received Certificates of Recognition for exceptional service delivery, innovation and partnership.
The award recipients were Great Grace Enterprise for Outstanding Delivery Performance, Cevets Nigeria Limited for Excellence in Project Delivery, Ceezik Projekts for Outstanding Quality, Diadco Nigeria Limited for Outstanding Responsiveness, and Sephill Innovative Solutions Limited for Best Commercial Value.
On the significance of the forum, Head of Procurement and Administration, Oluseyi Ogunfowora, said the initiative reflects Pinnacle’s determination to build stronger partnerships through transparency, collaboration and shared accountability.
She explained that the procurement function coordinates the requirements of Engineering, Operations, Marine, Compliance, Legal, Finance, HSE and other business units to ensure a fair, efficient and transparent procurement process.
Ogunfowora urged vendors to submit complete and compliant documentation, communicate proactively and seek clarification whenever necessary.
“The success of our business depends on the strength of our partnerships,” she said. “When vendors clearly understand our expectations and we work together with transparency, compliance and open communication, we create a high-performing vendor ecosystem that benefits everyone.”
She added that the 2026 Vendors’ Forum forms part of Pinnacle’s broader strategy to strengthen supplier engagement, improve operational efficiency and reinforce a culture of compliance, safety, innovation and continuous improvement throughout its value chain.
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