EGP continues to strengthen against the greenback

Good afternoon, all. After a couple of busy days, the news cycle has taken a breather.

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THE BIG STORY TODAY-

The EGP’s value continued to appreciate — albeit at a slower pace — against the greenback this morning for the second consecutive day, despite continued escalations in the conflict between Iran and Israel.

The EGP rose by around EGP 0.02 during trading and interbank USD trading returned to normal levels, a source in the banking sector told EnterpriseAM. The past two days witnessed transactions totaling USD 1.3 bn, in addition to higher-than-usual trading volumes compared to last week — all of which took place in order to meet demand for foreign investors’ exits from the secondary market and the EGX, the source said.

THE BIG STORY ABROAD-

Trump says no ceasefire between Iran and Israel: French President Emmanuel Macron suggested US President Donald Trump’s early exit from the G7 summit had something to do with a ceasefire between Israel and Iran, but Trump was quick to end speculation. “Wrong! He has no idea why I am now on my way to Washington, but it certainly has nothing to do with a Cease Fire. Much bigger than that. Whether purposely or not, Emmanuel always gets it wrong,” Trump wrote on his Truth social media.

As things stand: The US president is hopeful Iran and Israel can reach a peace agreement, according to US officials. This comes as the US speeds up deployment of military assets to the region, including the USS Nimitz strike group, while continuing to support Israel defensively. (Reuters | Bloomberg | BBC | Financial Times | The Guardian)

☀️ TOMORROW’S WEATHER- The capital is in for a sunny day tomorrow, with the mercury set to peak at 36°C throughout the day before cooling down to 23°C at night. The North Coast will be experiencing cooler weather, with the temperature expected to reach just 30°C during the day and 20°C at night, according to our favorite weather app.