{"id":620365,"date":"2024-05-20T00:00:00","date_gmt":"2024-05-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/20\/latest-inflation-data-sends-usd-rally-into-reverse\/"},"modified":"2024-05-20T00:00:00","modified_gmt":"2024-05-20T00:00:00","slug":"latest-inflation-data-sends-usd-rally-into-reverse","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/20\/latest-inflation-data-sends-usd-rally-into-reverse\/","title":{"rendered":"Latest inflation data sends USD rally into reverse"},"content":{"rendered":"

The aftermath of promising inflation data continues: <\/strong>US inflation fell to 3.4% in April after months of higher than expected readings, prompting investors to rethink their forecasts on the Federal Reserve\u2019s upcoming move, writes the Financial Times<\/a>. <\/p>\n

No more hikes: <\/strong>\u201cThe inflation data this week meant another rate hike is off the table\u2026 <\/font>now it\u2019s just a matter of time until they start cutting,\u201d Bank of America\u2019s head of G10 foreign exchange strategy told the paper. Traders now expect the Fed to deliver two quarter-point rate cuts in 2024.<\/p>\n

The USD reacts: <\/strong>Reignited optimism for a cut has sent the USD rally into reverse, with the greenback expected to record its first down month of 2024.<\/p>\n

US stocks are at an all time high:<\/strong> The weakening USD has helped drive up US stock markets, with Wall Street\u2019s benchmark indexes \u2014 the S&P 500, Nasdaq and Dow \u2014 all hitting record highs last week<\/a>.<\/p>\n

Don\u2019t celebrate yet:<\/strong> \u201cWe are at a turning point but we are going to faff around here for some indeterminate period of time, \u201da foreign exchange strategist at Soci\u00e9t\u00e9 G\u00e9n\u00e9rale told the FT. Fed chair Jay Powell has said time and time again that the central bank will not cut rates before it ensures that the country is on a sustainable path to 2% inflation \u2014 its core target.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are solidly in the green this morning<\/strong>, tracking last week\u2019s gains on Wall Street, and both US and European equities futures ticked slightly higher overnight.<\/p>\n

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

\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<\/strong><\/p>\n<\/td>\n

\n

27,316<\/p>\n<\/td>\n

\n

+4.5% (YTD: +9.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 46.79<\/p>\n<\/td>\n

\n

Sell 46.92<\/p>\n<\/td>\n<\/tr>\n

\n

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

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 46.80<\/p>\n<\/td>\n

\n

Sell 46.90<\/p>\n<\/td>\n<\/tr>\n

\n

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

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

12,198<\/p>\n<\/td>\n

\n

0.0% (YTD: +1.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,042<\/p>\n<\/td>\n

\n

0.0% (YTD: -5.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,068<\/p>\n<\/td>\n

\n

-0.4% (YTD: +0.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,303<\/p>\n<\/td>\n

\n

+0.1% (YTD: +11.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,420<\/p>\n<\/td>\n

\n

-0.2% (YTD: +8.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,064<\/p>\n<\/td>\n

\n

-0.2% (YTD: +12.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 83.98<\/p>\n<\/td>\n

\n

+0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.63<\/p>\n<\/td>\n

\n

+5.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,417<\/p>\n<\/td>\n

\n

+1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 66,211<\/p>\n<\/td>\n

\n

-1.1% (YTD: +56.5%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 4.5% at yesterday\u2019s close<\/strong> on turnover of EGP 6.0 bn (25.3% above the 90-day average). Regional investors were net sellers. The index is up 9.7% YTD.<\/p>\n

In the green: <\/strong>Elsewedy Electric (+20.0%), AMOC (+19.9%), and Mopco (+17.8%).<\/p>\n

In the red: <\/strong>Telecom Egypt (-4.9%) and Edita (-0.3%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Traders now expect the Fed to deliver two quarter-point rate cuts in 2024<\/p>\n","protected":false},"author":1,"featured_media":620366,"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":[72,119,349,122,388],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-620365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-interest-rates","tag-planet-finance","tag-us-federal-reserve","wpautop","entry"],"acf":{"mongo_id":"3e603803-4e8a-4767-a554-fbdcda8e6f34","order":"14","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1514.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Latest inflation data sends USD rally into reverse","related_issue":[620341],"teaser":"Traders now expect the Fed to deliver two quarter-point rate cuts in 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.b1cc3c59-08fa-4fb0-afbf-f2378b269d22.mp3"},"yoast_head":"\nLatest inflation data sends USD rally into reverse - 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\/2024\/05\/20\/latest-inflation-data-sends-usd-rally-into-reverse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Latest inflation data sends USD rally into reverse\" \/>\n<meta property=\"og:description\" content=\"Traders now expect the Fed to deliver two quarter-point rate cuts in 2024\" \/>\n<meta property=\"og:url\" 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