{"id":581719,"date":"2023-02-20T00:00:00","date_gmt":"2023-02-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/20\/the-usd-is-rebounding-on-raft-of-strong-economic-data\/"},"modified":"2023-02-20T00:00:00","modified_gmt":"2023-02-20T00:00:00","slug":"the-usd-is-rebounding-on-raft-of-strong-economic-data","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/20\/the-usd-is-rebounding-on-raft-of-strong-economic-data\/","title":{"rendered":"The USD is rebounding on raft of strong economic data"},"content":{"rendered":"

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/span>The USD comeback: <\/span>The USD is up some 3% against a basket of six other major <\/span>currencies so far this month \u2014 erasing January losses, the <\/span>Financial Times<\/a><\/span> writes. The currency had shed more than 11% between October and January from a <\/span>20-year high in September<\/a><\/span>, as cooling inflation data out of the US gave the Federal Reserve breathing room to slow its tightening cycle. New figures suggesting growth remains strong in the US are now reversing that trend, with Fed officials now hinting they could once again slam on the brakes with a 50-bps interest rate hike in March.<\/span><\/p>\n

A flash in the pan? <\/span>Some investors are expecting the currency to continue rising this quarter before resuming its \u201cdownward trajectory as global growth and risk sentiment improve,\u201d UBS analysts said. <\/span><\/p>\n

Investment-grade corporate bonds are all the rage: <\/span>Investors have poured a record <\/span>USD 19 bn into funds that invest in investment-grade corporate debt since the beginning of the year, as yields rocket on the safe haven assets, the <\/span>Financial Times<\/a><\/span> writes, citing data from fund flow tracker EPFR. Fixed-income yields have risen across the board after monetary tightening from the Federal Reserve caused a historic selloff in the global bond market last year \u2014 meaning investment-grade bonds are now offering a golden combination of high returns and low risk. \u201cPeople basically think that fixed income in general looks a lot more attractive than it has in prior years,\u201d one strategist said. <\/span><\/p>\n

<\/a><\/a><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/span><\/p>\n<\/td>\n

\n

17,327<\/span><\/p>\n<\/td>\n

\n

-0.9% (YTD: +18.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/span><\/p>\n<\/td>\n

\n

Buy 30.53<\/span><\/p>\n<\/td>\n

\n

Sell 30.62<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/span><\/p>\n<\/td>\n

\n

Buy 30.52<\/span><\/p>\n<\/td>\n

\n

Sell 30.62<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/span><\/p>\n<\/td>\n

\n

16.25% deposit<\/span><\/p>\n<\/td>\n

\n

17.25% lending<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/span><\/p>\n<\/td>\n

\n

10,493<\/span><\/p>\n<\/td>\n

\n

-0.5% (YTD: +0.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/span><\/p>\n<\/td>\n

\n

9,977<\/span><\/p>\n<\/td>\n

\n

+0.2% (YTD: -2.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/span><\/p>\n<\/td>\n

\n

3,458<\/span><\/p>\n<\/td>\n

\n

-0.3% (YTD: +3.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/span><\/p>\n<\/td>\n

\n

4,079<\/span><\/p>\n<\/td>\n

\n

-0.3% (YTD: +6.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE<\/span> <\/span>100<\/span><\/p>\n<\/td>\n

\n

8,004<\/span><\/p>\n<\/td>\n

\n

-0.1% (YTD: +7.4%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/span><\/p>\n<\/td>\n

\n

4,275<\/span><\/p>\n<\/td>\n

\n

-0.5% (YTD: +12.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/span><\/p>\n<\/td>\n

\n

USD 83.00<\/span><\/p>\n<\/td>\n

\n

-2.5%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/span>(Nymex)<\/span><\/p>\n<\/td>\n

\n

USD 2.28<\/span><\/p>\n<\/td>\n

\n

-4.8%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/span><\/p>\n<\/td>\n

\n

USD 1,850.20<\/span><\/p>\n<\/td>\n

\n

-0.1%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/span><\/p>\n<\/td>\n

\n

USD 24,534<\/span><\/p>\n<\/td>\n

\n

-0.4% (YTD: +48.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/span><\/p>\n

The EGX30 fell 0.9% at yesterday\u2019s close<\/span> on turnover of EGP 1.51 bn (22.5% below the <\/span>90-day average). Foreign investors were net sellers. The index is up 18.9% YTD.<\/span><\/p>\n

In the green: <\/span>Orascom Construction (+0.4%),CIB (+0.2%) and CIRA Education (+0.1%).<\/span><\/p>\n

In the red: <\/span>Sidi Kerir Petrochemicals (-4.8%), Edita Food Industries (-3.8%) and Juhayna (-3.5%).<\/span><\/p>\n

Asian markets are mixed on the first day of trading this week:<\/span> Chinese shares are <\/span>comfortably in the green while the Kospi and the Nikkei are treading water. US shares are on course to fall when Wall Street opens this afternoon while European shares could see early gains.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The USD is up some 3% against a basket of six other major currencies so far this month<\/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":[380,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581719","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-currencies","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"74a9f9c4-bcfd-4a1a-baaf-6d617caa00e1","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/EFGONE-WEB-English.jpg,https:\/\/download.efghermesone.com\/","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581693],"teaser":"The USD is up some 3% against a basket of six other major currencies so far this month","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.53506564-4696-4bed-9313-ea09b6ee88d9.mp3"},"yoast_head":"\nThe USD is rebounding on raft of strong economic data - 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Currencies\u2026","rel":"","context":"In "PLANET FINANCE"","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":546316,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/emerging-market-currencies-see-biggest-losses-since-2020\/","url_meta":{"origin":581719,"position":1},"title":"Emerging-market currencies see biggest losses since 2020","author":"enterpriseam admin","date":"11 May 2022","format":false,"excerpt":"EM currencies see biggest losses since 2020: Emerging-market currencies are suffering as investors pull out of risk assets in response to rising interest rates in the US and the economic slowdown in China, according to the Financial Times. 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The surge in prices is raising the prospect of imminent inflation \u2014 despite some analysts suggesting it will be transitory\u2026","rel":"","context":"In "PLANET FINANCE"","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":542742,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/13\/high-real-rates-ward-off-bears-in-em-fx-markets-ksa-plans-equities-splurge\/","url_meta":{"origin":581719,"position":3},"title":"High real rates ward off bears in EM FX markets + KSA plans equities splurge","author":"enterpriseam admin","date":"13 January 2022","format":false,"excerpt":"Bearish sentiment on emerging-market currencies is lifting as traders u-turn on assumptions that the asset class will be hit when the Federal Reserve starts to hike rates later this year, Bloomberg reports. The MSCI index of EM currencies hit a four-month high last week as rate hikes in developing economies\u2026","rel":"","context":"In "PLANET FINANCE"","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":549962,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/09\/planet-finance-central-banks-are-stuffing-their-mattresses-with-usds\/","url_meta":{"origin":581719,"position":4},"title":"Planet Finance: Central banks are stuffing their mattresses with USDs","author":"enterpriseam admin","date":"9 October 2022","format":false,"excerpt":"Central banks everywhere are stocking up on USD as they prepare to prop up their currencies: Central banks are letting go of their US Treasuries in favor of cold hard cash that could be deployed to boost their local currencies if necessary, Bloomberg reports. Central banks sold a combined USD\u2026","rel":"","context":"In "PLANET FINANCE"","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":555920,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/03\/forget-about-crypto-central-banks-are-worried-about-their-own-digital-currencies\/","url_meta":{"origin":581719,"position":5},"title":"Forget about crypto \u2014 central banks are worried about their own digital currencies","author":"enterpriseam admin","date":"3 October 2021","format":false,"excerpt":"Central banks are still worrying about the effects of central bank digital currencies (CBDCs) on the global financial system: Adoption of national digital currencies could exacerbate financial crises in the future by intensifying runs on commercial banks, according to a report (pdf) by the Bank of International Settlements picked up\u2026","rel":"","context":"In "PLANET FINANCE"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=581719"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581719\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/581693"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=581719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=581719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=581719"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=581719"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=581719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}