{"id":603355,"date":"2019-04-21T04:00:10","date_gmt":"2019-04-21T04:00:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/21\/egp-continues-strengthening-against-usd\/"},"modified":"2019-04-21T04:00:10","modified_gmt":"2019-04-21T04:00:10","slug":"egp-continues-strengthening-against-usd","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/21\/egp-continues-strengthening-against-usd\/","title":{"rendered":"EGP continues strengthening against USD"},"content":{"rendered":"

<\/a> EGP continues to strengthen against the USD:<\/b> The EGP has extended its 11-week rally against the greenback, gaining another EGP 0.11 in the past week, according to central bank data<\/a>. The exchange rate hit EGP 17.25 to the USD on Thursday, the strongest showing for the EGP since March 2017.<\/p>\n

Look for a \u2018correction\u2019 when if the EGP hits 17.10 to the greenback:<\/b> The currency gains have nothing to do with Moody\u2019s upgrade of Egypt\u2019s credit rating<\/a>, EFG Hermes\u2019 Mohamed Abu Basha told the local press<\/a>. As he explains, the market is sensitive to investors\u2019 activity in the debt market, where a recent spur in buying is propping up the EGP. However, the gains will likely be temporary, as investors will eventually sell off their holdings. Investors may also be scared off if the USD hits EGP 17.10, at which point Abu Basha says they might see the currency as too risky.<\/p>\n

The EGP rally had been <\/b>attributed in March<\/b><\/a> to Egypt\u2019s improving hard currency position<\/b>, with CI Capital\u2019s Hany Farahat pointing at the time to \u201ctourism, exports, substitution of natural gas imports with domestic production,\u201d peaking remittances, slightly improving FDI, and the central bank\u2019s decision to end the FX foreign repatriation mechanism in December.<\/p>\n","protected":false},"excerpt":{"rendered":"

EGP continues to strengthen against the USD: The EGP has extended its 11-week rally against the greenback, gaining another EGP 0.11 in the past week, according to central bank data. The exchange rate hit EGP 17.25 to the USD on Thursday, the strongest showing for the EGP since March 2017. Look for a \u2018correction\u2019 when […]<\/p>\n","protected":false},"author":1,"featured_media":603356,"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":[8572],"tags":[380,84,1419,72,2234,3694,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-603355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-currencies","tag-efg-hermes","tag-egp","tag-enterpriseam","tag-foreign-exchange","tag-mohamed-abu-basha","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"0b1b2626-6588-48f7-8ac4-f679729e6696","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/4\/EGP-USD-1600px.jpg","photo_position":"above","related_issue":[603350],"teaser":"","voice_url":""},"yoast_head":"\nEGP continues strengthening against USD - 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\/2019\/04\/21\/egp-continues-strengthening-against-usd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGP continues strengthening against USD\" \/>\n<meta property=\"og:description\" content=\"EGP continues to strengthen against the USD: The EGP has extended its 11-week rally against the greenback, gaining another EGP 0.11 in the past week, according to central bank data. The exchange rate hit EGP 17.25 to the USD on Thursday, the strongest showing for the EGP since March 2017. 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Finance\u2026","rel":"","context":"In "THE MACRO PICTURE"","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\/6\/1836.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598869,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/the-question-on-everyones-lips-where-is-the-egp-heading\/","url_meta":{"origin":603355,"position":4},"title":"The question on everyone\u2019s lips: Where is the EGP heading?","author":"enterpriseam admin","date":"11 June 2019","format":false,"excerpt":"ANALYSIS- The question on everyone\u2019s lips as we ponder the kickoff of budget season at most companies after the summer break: Where is the EGP heading? The EGP has been on a good run this year, appreciating by about 7% YTD against the USD to 16.7917. But this isn\u2019t set\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\/4\/EGP-USD-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594315,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/27\/egypts-pound-rallies-to-new-two-and-a-half-year-high-approaching-egp-16-usd-1-barrier\/","url_meta":{"origin":603355,"position":5},"title":"Egypt\u2019s pound rallies to new two-and-a-half year high, approaching EGP 16 \/ USD 1 barrier","author":"enterpriseam admin","date":"27 October 2019","format":false,"excerpt":"EGP rallies to new two-and-a-half year high: The EGP rose to a new two-and-a-half year high against the greenback, hitting EGP 16.10 from EGP 16.12 on Wednesday, central bank data shows. 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