{"id":624115,"date":"2024-06-24T00:00:00","date_gmt":"2024-06-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/24\/usd-trades-above-the-egp-48-mark-for-first-time-since-april\/"},"modified":"2024-06-24T00:00:00","modified_gmt":"2024-06-24T00:00:00","slug":"usd-trades-above-the-egp-48-mark-for-first-time-since-april","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/24\/usd-trades-above-the-egp-48-mark-for-first-time-since-april\/","title":{"rendered":"USD trades above the EGP 48 mark for first time since April"},"content":{"rendered":"

Good morning, friends<\/strong>. <\/strong>It seems that a lot of us are still in holiday mode, with the flow of local business news yet to properly pick up after the Eid Al Adha break. Nevertheless, we\u2019ve got a surprisingly packed issue for you today, with the nation\u2019s talking heads\u2019 responses to the decision to temporarily extend power cuts, capital markets news, M&A news, and much more for you to read through this morning.<\/p>\n

FX WATCH-<\/p>\n

<\/a> The <\/strong>USD rose above 48 EGP fo<\/strong>r the first time since April, <\/strong>jumping by around EGP 0.70 yesterday. The rate settled at EGP 48.20 by the end of the day at the Central Bank of Egypt<\/a> and other local lenders.<\/p>\n

T<\/strong>he weakening of the EGP against the greenback could be due to a pile up of orders for hardcash <\/strong>after Egyptian banks shut their doors for the Eid Al Adha break, Al Arabiya Business\u2019 Fahima Zayed noted (watch, runtime: 1:55<\/a>). Economist Mustafa Badra pointed to investors settling their positions ahead of the fiscal year end as one of the reasons behind the sudden increase of FX prices yesterday, ruling out that similar increases would happen in the coming days (watch, runtime: 4:56<\/a>).<\/p>\n

AT THE BOURSE-<\/p>\n

<\/a> EGX30 logged its bigg<\/strong>est gains in more than a month at yesterday\u2019s close<\/strong>, rising 2.4% to finish its fifth consecutive session in the green. The volley of gains has now brought the index up 8.7% YTD.<\/p>\n

Some are hopeful that the trend will continue: <\/strong>El Suk Brokerage board member Mohamed Atta told CNBC Arabia he expects the EGX30 to reach new highs in the third quarter of the year on the back of the \u201dlow market value of shares and their good financial performance\u201d (watch, runtime: 11:42<\/a>).<\/p>\n

PSA- <\/p>\n

WEATHER- It\u2019s another hot day in Cairo today,<\/strong> with a high of 39\u00b0C and a low of 28\u00b0C, according to our favorite weather app.<\/p>\n

As usual, it\u2019s a little cooler over in Alexandria<\/strong>, with a high of 33\u00b0C and a low of 24\u00b0C.<\/p>\n

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** Want to subscribe?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at what kinds of policies industry would like to see from the soon-to-be-announced new government. Enterprise spoke with several industry players, who shed light on what areas the government should prioritize amid ongoing global and regional challenges impacting Egyptian industry. You can check out the story here<\/a>.<\/p>\n

CIRCLE YOUR CALENDAR- <\/p>\n

<\/a> #1- The third <\/strong>Chicago Booth Executive Program<\/a><\/strong> has <\/strong>kicked off<\/a><\/strong> in El Gouna:<\/strong> The two-week session runs from 22 June until 5 July and will offer executives from the Egyptian public and private sectors the skills to help them \u201cbecome better leaders for their organization and support Egypt\u2019s growth in the years ahead.\u201d<\/p>\n

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<\/a> #2- Attention, green-minded investors:<\/strong> Financial Regulatory Authority head Mohamed Farid will be giving the keynote address at the British Egyptian Business Association\u2019s (BEBA) upcoming seminar on the upcoming voluntary carbon market at the Conrad Cairo Hotel on Tuesday 9 July. Check out the details here<\/a>.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

THE BIG STORY ABROAD- <\/p>\n

Expect a big week of politics to dominate headlines in the global business press<\/strong>, though AI and the stock market (is a correction finally in the cards?) aren\u2019t going anywhere anytime soon. <\/p>\n

Elections will be the big theme, with three televised debates setting up a high-stakes <\/strong>week <\/strong>for incumbents on both sides of the pond:<\/p>\n