{"id":546706,"date":"2022-05-25T04:00:41","date_gmt":"2022-05-25T04:00:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/commodity-prices-are-bolstering-em-currencies-against-a-surging-greenback\/"},"modified":"2022-05-25T04:00:41","modified_gmt":"2022-05-25T04:00:41","slug":"commodity-prices-are-bolstering-em-currencies-against-a-surging-greenback","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/commodity-prices-are-bolstering-em-currencies-against-a-surging-greenback\/","title":{"rendered":"Commodity prices are bolstering EM currencies against a surging greenback"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>EM currencies are standing strong in the face of a strengthening <\/strong><strong>greenback:<\/strong> Emerging-market currencies have outperformed those in developed economies since January despite a strengthening USD, which has hit its highest level in years on the back of concerns over inflation and global growth, the <a href=\"https:\/\/www.wsj.com\/articles\/emerging-markets-currencies-stay-strong-despite-dollars-rise-11653362343?mod=hp_lead_pos7\">Wall Street Journal writes<\/a>. <strong>Currencies of commodity producers such as the BRL, CLP and ZAR have all seen strong gains<\/strong> this year, as investors try to ride the wave of surging commodity prices. The BRL has risen 13% against the USD thanks to its position in the coffee and soybean export markets, while the CLP has gained due to the country\u2019s dominant status as a copper producer.<\/p>\n<p><strong>The RUB is hot:<\/strong> The RUB defied western sanctions to become the world\u2019s best performing currency on Tuesday, after strengthening 30% against the USD to 56.80 \u2014 a level not seen since 2018, <a href=\"https:\/\/www.reuters.com\/markets\/europe\/russian-rouble-firms-past-57-dollar-first-time-four-years-2022-05-24\/\">Reuters<\/a> reports. The currency has benefited from exporters converting FX to tax payments and new rules forcing European importers to purchase oil and gas in RUB.<\/p>\n<p><strong>The TRY is not:<\/strong> The TRY crashed to a five-month low yesterday as dwindling reserves and the central bank\u2019s refusal to raise interest rates to combat decades-high inflation heaped more pressure on the currency, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-24\/turkish-lira-weakens-to-lowest-since-2021-currency-meltdown?srnd=premium-middle-east\">Bloomberg<\/a> writes.<\/p>\n<p><strong>MEANWHILE- <\/strong><strong>The ECB thinks crypto could pose \u201csystemic\u201d threat to financial system:<\/strong> The European Central Bank has warned that the financial sector\u2019s increasing involvement in crypto assets could pose a \u201csystemic risk\u201d to the global financial system, and called for tougher supervision of the unregulated market. (<a href=\"https:\/\/www.ecb.europa.eu\/pub\/financial-stability\/fsr\/special\/html\/ecb.fsrart202205_02~1cc6b111b4.en.html\">ECB<\/a>)<\/p>\n<p><strong>Also worth noting this morning:<\/strong><\/p>\n<ul>\n<li><strong>Marafiq taps HSBC, Riyad Capital for IPO:<\/strong> Saudi utility Marafiq has tapped HSBC and Riyad Capital to manage its upcoming USD 1.2 bn IPO. (<a href=\"https:\/\/www.bnnbloomberg.ca\/saudi-utility-marafiq-hires-hsbc-riyad-capital-for-1-2-billion-ipo-1.1769885\">Bloomberg<\/a>)<\/li>\n<li><strong>Look out for a blockbuster tech acquisition: <\/strong>US-based semiconductor and software firm Broadcom could acquire cloud computing leader VMware for USD 60 bn, in what would be one of the biggest acquisitions of the year so far, according to people close to the talks. (<a href=\"https:\/\/www.wsj.com\/articles\/broadcom-discussing-paying-around-140-a-share-for-vmware-people-say-11653334946?mod=hp_lead_pos1\">Wall Street Journal<\/a>)<\/li>\n<li><strong>JPMorgan\u2019s UK Chase launch isn\u2019t going to plan:<\/strong> JPMorgan\u2019s retail bank, Chase, will lose more than USD 1 bn on its new international operations, which launched in the UK last year as a digital bank. The bank expects to break even on the bank by 2027 or 2028 and \u201cgenerate significant income thereafter.\u201d (<a href=\"https:\/\/www.ft.com\/content\/e0814e78-edaf-474c-ba42-693a23056732\">FT<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,416<\/p>\n<\/td>\n<td>\n<p>-1.0% (YTD: -12.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.46<\/p>\n<\/td>\n<td>\n<p>Sell 18.55<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.49<\/p>\n<\/td>\n<td>\n<p>Sell 18.55<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,301<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +9.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,472<\/p>\n<\/td>\n<td>\n<p>-2.5% (YTD: +11.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,259<\/p>\n<\/td>\n<td>\n<p>-1.5% (YTD: +2.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,941<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -17.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,484<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: +1.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,648<\/p>\n<\/td>\n<td>\n<p>-1.6% (YTD: -15.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 113.56<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.85<\/p>\n<\/td>\n<td>\n<p>+0.6%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,870.50<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 29,591<\/p>\n<\/td>\n<td>\n<p>+1.3% (YTD: -36.2%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 1.0% at yesterday\u2019s close<\/strong> on turnover of EGP 609 mn (28.1% below the 90-day average). Foreign investors were net sellers. The index is down 12.8% YTD.<\/p>\n<p><strong>In the green: <\/strong>Rameda (+3.7%) and Oriental Weaver (+0.3%).<\/p>\n<p><strong>In the red: <\/strong>Ibnsina Pharma (-7.0%), Palm Hills Development (-5.9%) and Orascom Construction (-5.1%).<\/p>\n<p><strong>It\u2019s another mixed open in Asia this morning<\/strong> following yesterday\u2019s sell-off on Wall Street \u2060\u2014 and it\u2019s looking like much the same in Europe and the US, according to stock futures.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EM currencies are standing strong in the face of a strengthening greenback: Emerging-market currencies have outperformed those in developed economies since January despite a strengthening USD, which has hit its highest level in years on the back of concerns over inflation and global growth, the Wall Street Journal writes. Currencies of commodity producers such as [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[1952,380,115,72,119,262,7128,122,270],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546706","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-broadcom","tag-currencies","tag-emerging-markets","tag-enterpriseam","tag-financial-markets","tag-jpmorgan","tag-ma-watch","tag-planet-finance","tag-russia","wpautop","entry"],"acf":{"mongo_id":"bfeae3d0-7e7c-45b9-8a85-1f08e3759936","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[546684],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Commodity prices are bolstering EM currencies against a surging greenback - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/commodity-prices-are-bolstering-em-currencies-against-a-surging-greenback\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commodity prices are bolstering EM currencies against a surging greenback\" \/>\n<meta property=\"og:description\" content=\"EM currencies are standing strong in the face of a strengthening greenback: Emerging-market currencies have outperformed those in developed economies since January despite a strengthening USD, which has hit its highest level in years on the back of concerns over inflation and global growth, the Wall Street Journal writes. 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EM currencies, in turn, logged losses after having ended 2020 with\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597046,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/15\/does-currency-devaluation-actually-increase-exports-in-emerging-markets\/","url_meta":{"origin":546706,"position":3},"title":"Does currency devaluation actually increase exports in emerging markets?","author":"enterpriseam admin","date":"15 July 2019","format":false,"excerpt":"Currency devaluation increases exports, right? Not always. The depreciation of emerging-market currencies may actually result in falling exports, research by the Bank of International Settlements (BIS) and the FT suggests. Conventional wisdom tells us that a weakening currency makes exporters more competitive in the international market, causing an increase in\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/980.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548251,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/emerging-market-investors-are-turning-to-the-eur-to-fund-carry-trades\/","url_meta":{"origin":546706,"position":4},"title":"Emerging-market investors are turning to the EUR to fund carry trades","author":"enterpriseam admin","date":"1 August 2022","format":false,"excerpt":"Move over, USD. 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