{"id":643207,"date":"2024-09-04T00:00:00","date_gmt":"2024-09-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/usd-drops-2-in-august-as-jpy-eur-and-gbp-gain-steam\/"},"modified":"2024-09-04T00:00:00","modified_gmt":"2024-09-04T00:00:00","slug":"usd-drops-2-in-august-as-jpy-eur-and-gbp-gain-steam","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/usd-drops-2-in-august-as-jpy-eur-and-gbp-gain-steam\/","title":{"rendered":"USD drops 2% in August as JPY, EUR, and GBP gain steam"},"content":{"rendered":"

The USD took its steepest dive of the year in August, losing over 2% against other major <\/strong>currencies <\/strong>as markets anticipated the US Federal Reserve might cut interest rates amid signs of a slowing economy, Reuters<\/a> reports. The greenback nevertheless rose to a two-week high yesterday<\/a>, as markets braced for a series of key economic reports, including Friday's U.S. Jobs report, which pundits think will help set the tone for the US Federal Reserve\u2019s next three interest rate meetings. <\/p>\n

The USD\u2019s fall eased pressures on most global markets<\/strong>, particularly in Japan, offering breathing space for (emerging) markets to cut rates and become more sensitive to domestic growth issues, Reuters suggests.<\/p>\n

Currencies in Latin America gained no ground on the greenback in August<\/strong> thanks to economic troubles and shaky commodity prices.<\/p>\n

The weaker USD positioned the EUR and GBP as the top-performing major currencies <\/strong>this year<\/strong>, with the GBP above USD 1.30, up over 25% since its record lows, and the EUR above USD 1.10. Sweden\u2019s SEK was the best-performing major currency, rallying 4% in August.<\/p>\n

\n

THE MARKETS THIS MORNING- <\/p>\n

Asian markets fell sharply in early trading this morning, mirroring yesterday\u2019s tech-led <\/strong>selloff on Wall Street.<\/strong> Japan\u2019s Nikkei and Taiwan\u2019s Taiex were each down more than 3%, while Australia\u2019s ASX 200 was off 1.7%. Benchmark indexes in China have so-far been least impacted: The Shanghai Composite is down 0.6% and the Hang Seng is off 1.5%. <\/p>\n

Futures suggest we can expect more of the same in Europe as well as on Wall Street<\/strong> and Bay Street when trading opens there later today. <\/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<\/strong><\/p>\n<\/td>\n

\n

31,018<\/p>\n<\/td>\n

\n

+0.9% (YTD: +24.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 48.43<\/p>\n<\/td>\n

\n

Sell 48.57<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 48.45<\/p>\n<\/td>\n

\n

Sell 48.55<\/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

12,180<\/p>\n<\/td>\n

\n

+0.1% (YTD: +1.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,379<\/p>\n<\/td>\n

\n

+0.2% (YTD: -2.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,370<\/p>\n<\/td>\n

\n

+0.3% (YTD: +7.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,529<\/p>\n<\/td>\n

\n

-2.1% (YTD: +15.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,198<\/p>\n<\/td>\n

\n

-0.8% (YTD: +7.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,913<\/p>\n<\/td>\n

\n

-1.2% (YTD: +8.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 73.75<\/p>\n<\/td>\n

\n

-4.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.20<\/p>\n<\/td>\n

\n

0.0%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,524.20<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 58,149.10<\/p>\n<\/td>\n

\n

-1.5% (YTD: +37.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 0.9% at yesterday\u2019s close<\/strong> on turnover of EGP 5.0 bn (27.5% above the 90-day average). International investors were the sole net sellers. The index is up 24.6% YTD.<\/p>\n

In the green: <\/strong>Abu Qir Fertilizers (+4.9%), Juhayna (+3.3%), and Cleopatra Hospitals (+2.4%).<\/p>\n

In the red: <\/strong>Palm Hills Development (-1.7%), Eastern Company (-1.6%), and Orascom Construction (-1.1%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The weaker USD positioned the EUR and GBP as the top-performing major currencies year-to-date<\/p>\n","protected":false},"author":1,"featured_media":643208,"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":[72,8780,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-643207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-federal-reserve","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"2fc8448c-9e59-49c5-9edb-06f81525d9f9","order":"14","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/260.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The 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