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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Orascom Telecom Holding (OT)   3.92        Rakta Paper Manufacturing   4.39        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        United Housing & Development   8.93        Raya Holding For Technology An   4.57        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        National Development Bank   6.72        Six of October Development & I   15.03        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

The Watch - forex news

Amwal Al Ghad English - 2016-08-01 09:03:50
The dollar crawled up on Monday after recording its poorest weekly performance in three months, while the yen edged lower after a more than 3 percent surge on a much less aggressive than expected easing package from the Bank of Japan. The greenback shed 2 percent last week against a basket of major currencies .DXY after the U.S. Federal Reserve gave no hints of any near-term interest rate rise as some had expected it to, and after a disappointing set of U.S. growth data at the end of the week. It could manage just a 0.2 percent rise on Monday, to 95.672, leaving it close to the 3-1/2-week low of 95.384 hit on Friday. U.S. gross domestic product grew at an annual 1.2 percent in April-June, falling far short of the 2.6 percent increase that had been forecast. But strategists said this week's data, which includes the closely watched monthly non-farm payrolls report on Friday, could boost the U.S. currency. "We're expecting the U.S. data flow to be very supportive of U.S. yields and the dollar," said BNP Paribas currency strategist Sam Lynton-Brown, in London. "Our interpretation of the July statement from the FOMC (Federal Open Market Committee) was that if data continues to remain very strong then September looks well underpriced by the market," added Lynton-Brown. New York Fed President William Dudley said at a central bankers' conference in Bali on Monday that the Fed could hike rates before the November U.S. election if the economy and labor market improve quickly, although he added the Fed should be cautious. The dollar had been rallying before last week, posting five weeks of consecutive gains - its strongest run in 1-1/2 years. The weaker-than-expected GDP report followed a strong payrolls report for June, as well as improving inflation, retail sales and jobless claims data. In response, speculators raised their bullish U.S. dollar bets to the highest level in nearly five months in the week up to last Tuesday, according to Reuters calculations and data from the Commodity Futures Trading Commission released on Friday.[IMM/FX] The dollar gained half a percent on Monday to 102.54 yen JPY=, having fallen more than 3 percent on Friday. The BOJ disappointed market hopes that it might increase its already huge bond-buying program or take interest rates further into negative territory. Instead, it increased its purchase of exchange-traded funds and left rates unchanged. "Last week the BOJ showed restraint once again, and as a result dollar/yen has since eased back to 102," wrote Commerzbank strategists in a note to clients. "The outlook that may now be justified is likely to depend largely on fiscal policy measures the Japanese cabinet is going to decide on tomorrow." More»
Amwal Al Ghad English - 2016-07-28 08:26:38
The US dollar lost over 50 piastres of its value against the Egyptian pound on the informal market on Wednesday after the government announced it will finance its economic reform programme through a $21bn loan over three years, including $12bn from the International Monetary Fund (IMF). The US dollar has been trading in that market at an average price of 12.5, Egyptian Pounds falling from more than 13 Pounds on Tuesday. The informal market witnessed confusion, as trading was halted amid fears of downward trend in the coming days. Banque Misr chairperson Mohamed El-Etreby predicted the US dollar would fall more on the informal market after the government’s announcement. More»
Amwal Al Ghad English - 2016-07-28 08:12:10
The dollar fell against the yen on Thursday as expectations faded of the Bank of Japan delivering the radical stimulus package some had expected this week, and after the U.S. Federal Reserve stopped short of flagging a near-term rate rise. Japan's prime minister unveiled a surprisingly large 28 trillion yen ($265 billion) stimulus package on Wednesday, putting pressure on the central bank to match it with aggressive monetary easing and fuelling speculation that unconventional policies like "helicopter money" - giving cash directly to businesses and consumers - might be on the cards. But sources told Reuters earlier on Thursday that the government is planning direct fiscal spending of 7 trillion yen to help fund the stimulus package which, at just a quarter of the total package, could disappoint some market players bracing for bigger outlays given the headline figure. The dollar fell as much as 0.9 percent to 104.48 yen JPY=. "People were thinking that the larger the fiscal stimulus package, the more likely that the government would have to coordinate with the BOJ and that would increase the likelihood of some form of helicopter-money-type announcement tomorrow," said Bank of Tokyo-Mitsubishi UFJ currency economist Lee Hardman, from London. "But the reality is that the BOJ won't be making that kind of announcement ... The market was too optimistic in expecting more aggressive easing from Japan, and those expectations are being pared back." Strategists say the yen could be in for volatile trading on Friday, and the dollar might even test the 2 1/2-year low of 99 yen in the wake of Britain's vote to exit the European Union. "Investors will be closely watching not just the statement, but (BOJ Governor Haruhiko) Kuroda's press conference after the meeting ends, for clues to future policy," said Kumiko Ishikawa, senior FX analyst at Gaitame.Com Research Institute in Tokyo. A Citi survey of its clients and financial institutions earlier this month showed 80 percent expected the dollar to fall more than 3 percent against the yen if the BOJ stands pat on Friday and does not signal any action in September. More than 30 percent think the drop would be more than 4 percent. The Fed, meanwhile, said on Wednesday after its two-day policy meeting that it was less worried about possible shocks to the U.S. economy, suggesting that a hike as early as September was not out of the question though not signaling it clearly. The dollar index, which tracks the U.S. unit against a basket of six major rivals, slipped 0.7 percent to a two-week low of 96.343 .DXY. That put it on track for its biggest one-day fall in eight weeks. More»
Amwal Al Ghad English - 2016-07-28 07:46:00
Oil prices came off early gains on Thursday and were close to April lows touched in the previous session as crude producers and fuel refiners continued to pump out more than the market can consume and economic growth prospects darkened. Brent crude futures LCOc1 hit a high of $43.72 a barrel on Thursday but then fell to $43.47 at 0707 GMT, flat from their previous close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $41.94, still up 2 cents from its last close but down from a high of $42.18 earlier in the day. Brent and WTI hit their lowest since April in the previous session, at $43.27 and $41.68 per barrel, respectively, after U.S. government data revealed a surprise build in crude and gasoline inventories. The build adds to an already huge global refined product glut just as slowing economic growth dents the demand outlook for crude. "Oil prices were sold off heavily after the weekly EIA report showed a surprise build in crude oil inventory. The 1.7 million barrel increase (to 521.1 million barrels) was against market expectations of a 2.3 million fall. U.S. oil production also increased," ANZ bank said on Thursday. "Oil remains weak, with the surprise build in US stocks likely to linger into today's trading," it added. Oil markets have been dogged by oversupply for the last two years, which pulled down prices by as much as 70 percent between 2014 and early 2016, when Brent hit the lowest in more than a decade at around $27 per barrel. Low oil prices and refining margins are hurting energy companies. Energy major Royal Dutch Shell (RDSa.L) reported a more than 70 percent fall in quarterly profit on Thursday, well below analyst estimates, as weak oil and gas prices further ate into revenue. Shell's net income came in at $1 billion in the second quarter, compared with analyst expectations of $2.2 billion and $3.8 billion achieved in the same period last year. "Lower oil prices continue to be a significant challenge across the business, particularly in the upstream (business)," said Chief Executive Ben van Beurden. Spain's Repsol (REP.MC), however, managed to buck the trend and raised its net profit by 10 percent in the second quarter to 345 million euros ($382.50 million). Mihir Kapadia, CEO at wealth management firm Sun Global Investments, said that oil prices were still being depressed by concerns over a global supply glut and waning demand from key international markets. In China, rail freight volume fell 7.5 percent in the first half of 2016 from the same period a year earlier to 1.58 billion tonnes, the country's top economic planner said on Thursday. More»
Amwal Al Ghad English - 2016-07-27 11:38:29
Reports of a larger than previously expected fiscal stimulus plan for Japan had the yen back on the defensive on Wednesday, as investors bet the Bank of Japan (BOJ) would match that with a new bout of money-printing aimed at weakening its currency. The yen has been buffeted by speculation, repeatedly denied by officials, that the BOJ will take the next step in eight years of emergency policymaking globally by handing money directly to the government with no strings attached. The latest volley in that debate was a report by the Wall Street Journal, again denied by the Ministry of Finance, that Japan was considering issuing 40- and 50-year bonds. If the central bank was to buy and hold such debt, it would be another step towards outright financing of spending. Allied to Prime Minister Shinzo Abe's promise on Wednesday to compile a stimulus package of more than $265 billion to reflate the flagging economy, that was enough to send the yen 1 percent lower. "We have had a lot of volatility driven by the different reports this morning," said Thu Lan Nguyen, a currency strategist with Commerzbank in Frankfurt. "The moves show that the bigger issue for the market is how this program is going to be financed. So far it looks like the Bank of Japan is not ready to do something new and that leaves the potential for more downside for the dollar before the meeting on Friday." After falling more than 1 percent in Asian trading, the Ministry of Finance's denial on the bond issue helped the yen recover some ground in early trade in London. By 0748 GMT, it was down 0.8 percent at 105.465 per dollar. JPY= The day's big set piece is the U.S. Federal Reserve's statement on policy, due after European markets close and widely expected to sound a more positive note on the economy that may bolster expectations for a rise in U.S. interest rates this year. In that light, the dollar has quietly assembled five weeks of gains against the basket of currencies that defines its broader strength .DXY, since currency markets were shocked by Britain's vote to leave the European Union in late June. It rose 0.1 percent on Wednesday to stand within sight of a four-month high hit at the end of last week. "Some acknowledgement of the improved economic backdrop is likely in the statement and the market will go on slowly raising the odds of a 2016 rate hike," Societe Generale strategist Kit Juckes said in a morning note. "The dollar will go on getting support as the whole treasury curve edges higher (and) the euro is getting stuck below $1.10." More»
Amwal Al Ghad English - 2016-07-26 12:57:46
Britain isn’t the only country with a troubled pound; the Egyptian pound fell Monday to its lowest-ever valuation on the unofficial black market amid increasing bets that a weaker economy will force Cairo to devalue its local currency again. The North African nation’s currency has tumbled in recent weeks and was trading Monday afternoon at around 13 to a U.S. dollar, according to some exchange houses in Cairo. That is sharply lower than the official exchange rate the central bank has kept steady at about 8.88 a dollar since devaluing the currency in March. It traded at about 11 a dollar on the black market at the end of June. The recent slump in the Egyptian pound’s value on the black market was in part triggered by speculation of an imminent official devaluation after comments earlier in July from Egyptian central bank chief Tarek Amer. According to local press reports, Mr. Amer said that managing the exchange rate was a “grave mistake” that cost the state billions of dollars over the past five years. More»
Amwal Al Ghad English - 2016-07-26 09:15:39
Oil prices rebounded from over three-month lows on Tuesday, lifted by a drop in the dollar, but concerns of ongoing oversupply weighed on markets and many traders are raising their bets on further price falls. International Brent crude oil futures LCOc1 were trading at $44.89 per barrel at 0658 GMT, up 17 cents from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $43.21, up 8 cents per barrel. Brent hit its lowest level since May the previous day, while WTI hit its lowest level since April. Traders said the higher prices were partly a correction after the previous day's sharp falls, and also reflected a 1 percent fall in the dollar against the Japanese yen JPY= ahead of the U.S. Federal Reserve's two-day policy meeting that begins later on Tuesday. As oil is traded in dollars, a drop in its value makes fuel imports cheaper for countries using other currencies, potentially spurring demand. Despite the slightly higher oil prices, analysts said the overall mood in oil markets had turned bearish. Both in Asia and now also the United States, the two main pillars of global oil consumption, there are signs of stalling demand growth. This has raised concerns that a rebalancing of a market that has been dogged by over two years of oversupply may be further away than many had hoped. "Ongoing fears of oversupply are encouraging hedge funds to liquidate their recent record bullish position; at the same time, we are also seeing a corresponding increase in speculative short positions," said Matt Smith of U.S.-based ClipperData in a note. Hedge funds selling crude futures and options to close out these bullish positions has put downward pressure on oil prices in recent weeks. Now, the liquidation of old long positions, which profit from rising prices, is being replaced by the establishment of short positions, which make money out of lower prices, as fund managers try to capitalize on the downward cycle in prices. Hedge funds and other money managers cut their net long position in Brent and WTI futures and options by 31 million barrels to 453 million in the week ending on July 19. The money managers short positions in WTI rose to 141,237 contracts in the week to July 19, up from 53,377 contracts for the week to May 31. During the same period, short positions in ICE Brent held by money managers climbed to 78,351 contracts from 33,111. More»
Amwal Al Ghad English - 2016-07-26 08:35:44
The dollar slipped ahead of the U.S. Federal Reserve's two-day policy meeting that begins later on Tuesday, while the yen gained despite expectations that the Bank of Japan will ease later this week as investors grow increasingly skeptical about the impact of further stimulus. The dollar shed 0.9 percent against the yen to 104.84 JPY=, while the euro skidded 1 percent to 115.19 yen EURJPY=. Tokyo is compiling a spending package worth about 20 trillion yen ($189 billion), government sources told Reuters last week, though actual public spending will be far less than the headline number suggests. "The Japanese government's fiscal stimulus appears to be 'buy the rumour, sell the fact,'" said Masashi Murata, currency strategist for Brown Brothers Harriman in Tokyo. "It might not be enough to boost Japanese growth, at least compared to the strong expectations at first," he said. A Nikkei report on Tuesday said Japan was likely to inject 6 trillion yen in direct fiscal outlays into the economy over the next few years. More»
Sanaa Allam - 2016-07-25 16:21:01
Gold prices in Egypt soared to a record high on Monday as the country’s currency crisis continues to gather steam after the Egyptian pound further weakened against the dollar. Gold has rose by 20 Egyptian pounds ($2.25) on Monday, compared to day earlier prices. The twenty-four carat gold is sold for 537.14 pounds; while the widely-spread in Egypt, twenty-one carat gold scored 470 pounds.  The 18 carat gold reached 402.86 pounds. Gold pound also jumped by 160 pounds, to 3760 pounds on Monday, compared to Sunday’s levels of 3600 pounds. The Egyptian market is witnessing a frenzy increase in gold prices weighed by the unprecedented rise in dollar against the Egyptian pound in black market, Nady Naguib, member of the gold traders chamber, told Amwal Al Ghad on Monday.  Egyptian pound has weakened on Monday to more than 13 against the dollar on black market. More»
Amwal Al Ghad English - 2016-07-25 08:19:25
The dollar was buoyant against the yen and euro on Monday as the risk-on mood inspired by solid U.S. economic data and fading fallout from Brexit continued to lift the U.S. currency and assets. Upbeat U.S. business activity data out on Friday also added to prospects of a Federal Reserve interest rate hike within the year and supported the greenback. The global improvement in risk sentiment - Wall Street shares have hit consecutive record highs this month - has weighed on the Japanese currency, which has fallen roughly 7 percent against the dollar from a three-year peak reached soon after the Brexit referendum a month ago. "Thanks to a strong indicators, concerns about the U.S. economy after Brexit have receded. Add the good corporate results, and faith in the U.S. economy has recovered greatly," said Koji Fukaya, resident of FPG Securities in Tokyo The euro was down 0.1 percent at $1.0965 EUR= after slipping to a one-month low of $1.0955 on Friday in the wake of shootings in Munich. Against the safe-haven yen the dollar was up 0.3 percent at 106.52 JPY= amid a bounce in Tokyo's Nikkei .N225, having recovered from a dip to 105.77 on Friday. The yen has also been on the defensive amid hopes that the Bank of Japan would further ease monetary policy at its July 28-29 policy meeting. While the BOJ has effectively dashed hopes that it would adopt unorthodox "helicopter money" stimulus methods, the market has maintained its expectations that the central bank would ease in one form or the other. "Dollar/yen could test the 108 handle if the Fed's comments this week are supportive towards a rate hike and if the BOJ eases. On the other hand, the pair could drop below 105 if the BOJ stands pat as easing expectations are well entrenched," said Fukaya at FPG Securities. Central bank meetings will be the focus of market attention this week, with the Fed also holding a policy conclave on July 26-27. While the Fed is widely expected to stand pat on monetary policy, investors will be sifting through its statements for the merest hint of a near-term rate increase following recently firm U.S. economic indicators that have revived tightening expectations. Fed funds futures rates on Friday priced in a 48 percent chance that the Fed will hike rates at its December meeting. A few weeks ago that probability was less than 20 percent. The net dollar net long position increased to $10.42 billion in the week ended July 19 from $8.01 billion the previous week, according to Reuters calculations and data from the Commodity Futures Trading Commission issued on Friday. Still, some market participants saw easing by the BOJ having a limited impact - a potential disappointment for dollar bulls. "At this point it is hard to tell how much the yen would weaken even if the BOJ were to ease. It is widely expected to ease through its ETF-purchasing program and that won't have much of a yen-weakening effect," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo. The ongoing boon for risk assets is a key factor supporting the dollar and weakening the yen, but the headwinds commodity markets are beginning to face could reverse that trend, Yamamoto said. Sterling steadied at $1.3116 GBP=D4 after falling roughly 1 percent on Friday after surveys showed business activity had wilted after the Brexit vote. The Australian dollar was also little changed, at $0.7471 AUD=D4, after slipping 0.4 percent on Friday against the broadly stronger dollar. More»