{"id":563158,"date":"2021-06-21T04:00:36","date_gmt":"2021-06-21T04:00:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/21\/hawks-at-the-fed-egypt-shouldnt-sweat-it\/"},"modified":"2021-06-21T04:00:36","modified_gmt":"2021-06-21T04:00:36","slug":"hawks-at-the-fed-egypt-shouldnt-sweat-it","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/21\/hawks-at-the-fed-egypt-shouldnt-sweat-it\/","title":{"rendered":"Hawks at the Fed? Egypt shouldn\u2019t sweat it."},"content":{"rendered":"

<\/a> The EGP will hold up better than most other emerging-market currencies in<\/strong> the <\/strong>event of tightening at the Federal Reserve<\/strong>, given its attractive real interest rates, an analyst at Fidelity International tells Bloomberg<\/a>. The currency, along with the Ghanaian cedi, have an \u201cenormous\u201d advantage over their peers in terms of real yields \u2014 and will likely remain more attractive to foreign investors should a more hawkish Fed provoke outflows from the EM asset class, they said.<\/p>\n

We saw this towards the end of last week<\/strong>, when the Fed indicated it could raise interest rates sooner than expected. While the announcement triggered a hefty sell-off<\/sup> of EM currencies, the EGP held firm (pdf)<\/a>, even strengthening a little against the greenback despite the USD seeing one of its biggest weekly gains this year.<\/sup><\/p>\n

EM debt didn\u2019t have a good week:<\/strong> Local-currency bonds saw their worst week of outflows since March 2020 last week, as the pick up in US yields and the greenback caused investors to unwind their carry trade positions, Bloomberg says.<\/p>\n

But analysts are optimistic that EM currencies will hold firm against tightening in the US<\/strong> as central banks in developing countries also move to raise rates in response to escalating inflation. Brazil, Russia, the Czech Republic, South Africa and Hungary \u2014 all countries that have either hiked rates or are forecast to soon \u2014 have held onto their quarterly gains, and while this was paused by the strengthening of the USD last week, EM currencies will resume their climb when the greenback fades. \u201cEmerging-market central banks are set to begin raising interest rates well before the Fed,\u201d said one economist. \u201cOver the summer, lower volatility may induce investors to put on seasonal carry trades again to the benefit of higher yielding emerging-market currencies<\/strong>.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The EGP will hold up better than most other emerging-market currencies in the event of tightening at the Federal Reserve, given its attractive real interest rates, an analyst at Fidelity International tells Bloomberg. The currency, along with the Ghanaian cedi, have an \u201cenormous\u201d advantage over their peers in terms of real yields \u2014 and will […]<\/p>\n","protected":false},"author":1,"featured_media":563159,"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":[7206],"tags":[380,104,115,72,349],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-currencies","tag-economy","tag-emerging-markets","tag-enterpriseam","tag-interest-rates","wpautop","entry"],"acf":{"mongo_id":"2fd4f986-d585-4139-9570-6d948c1480b0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/264.jpg","photo_position":"above","related_issue":[563150],"teaser":"","voice_url":""},"yoast_head":"\nHawks at the Fed? Egypt shouldn\u2019t sweat it. - 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\/2021\/06\/21\/hawks-at-the-fed-egypt-shouldnt-sweat-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hawks at the Fed? Egypt shouldn\u2019t sweat it.\" \/>\n<meta property=\"og:description\" content=\"The EGP will hold up better than most other emerging-market currencies in the event of tightening at the Federal Reserve, given its attractive real interest rates, an analyst at Fidelity International tells Bloomberg. 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That strength is problematic for emerging markets and the global economy at large. Spurred by successive interest rate hikes from the US Federal Reserve as the central bank pulled out all the stops to cap soaring inflation, the greenback has been\u2026","rel":"","context":"In "Macro picture"","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/540.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598992,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/are-emerging-markets-looking-set-for-a-wave-of-interest-rate-cuts-this-month\/","url_meta":{"origin":563158,"position":3},"title":"Are emerging markets looking set for a wave of interest rate cuts this month?","author":"enterpriseam admin","date":"16 June 2019","format":false,"excerpt":"Good news for Egyptian debt: Other emerging markets have lowered interest rates \u2014 and more should follow. Russia, Chile and India have lowered their benchmark rates last week as emerging markets struggle with lower than expected growth and a turbulent macro climate. The hint from central bankers in other EMs\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/1152.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595501,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/29\/ems-need-not-worry-too-much-about-slower-world-growth-analyst-says\/","url_meta":{"origin":563158,"position":4},"title":"EMs need not worry too much about slower world growth, analyst says","author":"enterpriseam admin","date":"29 September 2019","format":false,"excerpt":"Are EMs in a better position than developed markets to withstand slower world growth? Positive real interest rates and smaller fiscal deficits are providing emerging market policymakers a range of policy tools with which to combat the global economic slowdown, argues the Financial Times (paywall). 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