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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        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        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        Misr Chemical Industries   5.65        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        Raya Holding For Technology An   4.57        United Housing & Development   8.93        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        Six of October Development & I   15.03        National Development Bank   6.72        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        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        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        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        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 - 2015-10-03 08:24:18
China is studying plans to curb currency speculation even as it seeks to quicken the process of making the yuan trade freely, a deputy central bank governor said. Beijing will further open up its capital markets and develop its foreign exchange market as it aims to "accelerate the renminbi convertibility on the capital account", Yi Gang wrote in an article published in China Finance magazine, a central bank publication. The yuan CNY=CFXS is also known as renminbi. While the yuan is already convertible under China's current account, the broadest measure of trade in goods and services, the capital account, which covers portfolio investment and borrowing, is still subject to restrictions due to worries about abrupt capital flight and hot money inflows. Chinese officials have not given a firm timetable for making the yuan freely tradable. They have pledged financial reforms to make the yuan more convertible as they push for it be included in the International Monetary Fund's Special Drawing Rights (SDRs) basket. But the authorities are also studying plans to curb currency speculation, including a "Tobin tax", non-interest bearing reserve requirement and foreign exchange trading fees, Yi said. Chinese offices have floated the idea of the Tobin tax, a scheme to penalize short-term currency speculators that was proposed by Nobel prize-winning American economist James Tobin in 1972. "In the long term, foreign exchange management departments should always give top priority to preventing risks," Yi said. Yi, who also heads the State Administration of Foreign Exchange, said the regulator will improve its monitoring on cross-border capital flows and develop an early warning system. The authorities have taken a series steps to curb currency speculation and money outflows that intensified after China's surprising Aug. 11 devaluation of the yuan. The People's Bank of China has told banks to set aside reserves for purchases of currency derivatives, while the foreign exchange regulator has instructed them to bolster checks on currency dealings and identify "abnormal" cross-border fund transfers. The central bank has intervened heavily to support the yuan, alongside the government's efforts to stem a slide in China's stock market. More»
Amwal Al Ghad English - 2015-10-01 08:47:07
Oil prices stayed in positive territory in Asian trade Thursday, triggered by stronger market sentiment across financial markets and stable Chinese manufacturing data. The lack of a sharp downward price movement due to an unexpected increase in U.S. oil stockpiles also indicates strong support levels for oil prices, market observers said. But macroeconomic indicators could still have an outsized impact on oil prices and Friday’s U.S. jobs report will be closely watched for cues. On the New York Mercantile Exchange, light, sweet crude futures for delivery in November CLX5, +1.57% traded at $45.76 a barrel, up $1.49 in the Globex electronic session. November Brent crude LCOX5, +0.97% on London’s ICE Futures exchange rose $0.42 to $48.79 a barrel. Oil prices have taken a beating in the third quarter, with both Nymex and Brent crude losing around 24% during the quarter, and both benchmarks posting declines for four of the past five quarters. Earlier Thursday, official data showed manufacturing activity in China continued to contract in September. China’s official manufacturing purchasing managers index ticked up to 49.8 in September from 49.7 in August, marginally above consensus estimates of 49.7. “Looking ahead, we expect sentiment to begin to improve gradually over the coming months as the stock market stabilizes and recent policy support measures continue to feed through into stronger economic activity,” Capital Economics said in a note. Some Asian equity markets were stronger on the brief uptick in sentiment and on signs of improvement in the U.S. economy. Prices across other commodities like copper and base metals also strengthened. China and Hong Kong markets are closed for national holidays. However, emerging market recovery remains on shaky ground and oil markets are likely to remain sensitive to macroeconomic developments, especially from China and the U.S. The two countries will continue to exert a higher-than-normal influence on oil markets and firming economic data may entice the Fed to raise rates before the end of the year, Michael Wittner, head of oil research at Societe Generale said. “As such, the U.S. jobs number on Friday will be carefully followed,” he said. A strong jobs report will be bullish for the dollar, and bearish for crude. A key support for oil prices is coming from declining U.S. crude production, along with healthy global fuel demand led by China and the U.S., which helped offset the impact of an unexpected 4-million-barrel buildup in weekly U.S. oil stockpiles last week. Nymex reformulated gasoline blendstock for November NGX15, +0.24% — the benchmark gasoline contract — rose 121 points to $1.3788 a gallon, while November diesel traded at $1.5483, 109 points higher. ICE gasoil for October changed hands at $468.75 a metric ton, up $4.75 from Wednesday’s settlement. More»
Amwal Al Ghad English - 2015-09-29 07:56:37
Oil prices struggled to recover in Asian trade Tuesday, after falling sharply overnight due to bearish sentiment following weakness in equities and commodities markets. The oil market got some support from expectations that the long-awaited decline in U.S. oil production has begun, but uncertainty about oil production from the Middle East, Iran’s return to the market and U.S. monetary policy are keeping investors on edge. On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at $44.43 a barrel at 0430 GMT, unchanged in the Globex electronic session. November Brent crude on London’s ICE Futures exchange fell $0.01 to $47.33 a barrel. Oil prices had slipped in the previous session, with Nymex crude losing 2.8% and Brent crude losing 2.6%, snapping their two-session winning streaks. Benchmark crude prices are still down by more than half from a year ago, but price swings in the last couple of weeks have eased from the turbulence seen in August. Asian equity markets declined across the board Tuesday, after U.S. stocks tumbled overnight, after the sharp drop in China’s industrial profit in August triggered fresh fears over China’s slowdown. Hong Kong’s Hang Seng Index was last down 3.6% and the Shanghai Composite Index was off 1.8%. More»
Amwal Al Ghad English - 2015-09-28 08:53:07
The dollar edged back towards a five-week high against a basket of major currencies on Monday, as investors eyed U.S. payrolls numbers and Chinese data later in the week for confirmation of bets the Federal Reserve will hike interest rates this year. The dollar index hit its highest since late August on Friday .DXY after Fed Chair Janet Yellen said she expected to begin raising rates later in 2015, as long as inflation remained stable and the U.S. economy was strong enough to boost employment. Clues on whether the U.S. employment market is indeed growing strongly will come on Friday, when non-farm payrolls data is released. An upbeat report would strengthen the case for a rate hike this year, strategists said. ECONUS "Yellen last week was really quite significant – she was very firmly reiterating that she expects to go this year," said BNP Paribas FX strategist Sam Lynton-Brown in London. "We have this environment where the market is quite flat in its dollar longs, the rates market is only pricing in a 40 percent probability of the Fed going this year, but we think they will hike in December, so we think there's a lot of dollar upside from here." Speculators have cut bullish bets on the U.S. dollar in the week ended Sept. 22 to their lowest since late July last year, according to data from the Commodity Futures Trading Commission released on Friday. Analysts said if the U.S. jobs report was a solid one, speculators will once again initiate favorable positions, giving a boost to the dollar. The dollar index was 0.2 percent up on Monday at 96.328, just shy of Friday's high of 96.70, while the euro was down 0.2 percent at $1.1174 EUR=. BNP Paribas' Lynton-Brown said a vote in Catalonia that saw secessionists win a majority of regional parliamentary seats would have little impact on the euro. If investors wished to express a view on Spanish politics, they were likely to do so through other asset classes, such as government bonds, he said. Thursday's China Caixin Purchasing Managers' Index (PMI), however, will be more closely watched than usual by currency traders, who reckon a sharply slowing Chinese economy could delay Fed rate hikes. "We have two big events this week. Chinese data now seems to be classified in the payrolls category of events," said Mitul Kotecha, head of Asia-Pacific FX strategy for Barclays in Singapore. "There's (a) reason not to be doing anything until you see these two big numbers." More»
Amwal Al Ghad English - 2015-09-28 07:08:56
Oil prices dropped in Asian trading hours Monday despite a fall in U.S. drilling activity for the fourth straight week, with analysts pointing to a poor economic growth outlook as the main reason for low crude prices. China's August industrial profits dropped 8.8 percent from the same month last year, and January to August industry profits were down 1.9 percent. "The growth problem endures. Asia isn't about to bounce," said Frederic Neumann, co-head of Asia Economics Research at HSBC in Hong Kong on Monday in a note to clients. The International Monetary Fund (IMF) is likely to revise downwards its estimates for global economic growth due to slower growth in emerging economies, IMF head Christine Lagarde said in a newspaper interview. Brent crude futures LCOc1 were at $48.18 per barrel at 2323 EDT, down 42 cents. U.S. West Texas Intermediate (WTI) futures CLc1 were 39 cents lower at $45.31 a barrel. Crude futures are now down more than 10 percent since the end of August. Monday's price falls came despite an ongoing reduction in U.S. drilling activity. U.S. energy companies cut oil rigs for a fourth week in a row last week, a sign continued weak prices were causing oil and gas producers to reduce drilling plans. Yet analysts said U.S. oil output was holding up despite the lower drilling. "A rapid draw-down of the observed backlog of uncompleted wells could lead to higher production later this year and in 2016," Goldman Sachs said. Analysts said U.S. output data would likely be the main driver this week for oil prices, especially as Chinese trading slows ahead of its seven-day National Day holiday that starts on Oct. 1. The U.S. Energy Information Administration is due to release its monthly petroleum supply report on Wednesday. [EIA/S] "We expect there to be laser-focus on U.S. production figures ... Signs that U.S. production rolled (fell) could provide a boost to both WTI and Brent flat prices," Morgan Stanley said. Jefferies bank said that oversupply in oil markets had halved since the second quarter to around 1 million barrels per day, and that the falling prices since June 2014 were impacting production. "The price signal is working. U.S. production is past its inflection and declines are accelerating ... (and) non-OPEC supply outside the U.S. is also beginning to show the effects of lower investment that arises from lower oil prices," Jefferies said. More»
Amwal Al Ghad English - 2015-09-22 08:12:51
Oil prices rose more than 2 percent on Monday after data showed US drilling slowed and a report said $1.5 trillion worth of planned production was uneconomic at current prices. Crude has halved in value over the last year as soaring global production overwhelmed demand and the much lower prices have now begun to hit drilling, particularly in the United States. US drillers have cut the number of rigs in operation for three straight weeks. Global benchmark Brent crude oil rose $1.28 to a high of $48.75 a barrel before easing back to trade around $48.30 by 1350 GMT. U.S. light crude oil futures were up $1.15 a barrel at $45.83. "The fall in rig counts (is) supporting an otherwise bearish market," said Tamas Varga, oil analyst at London brokerage PVM Oil Associates. More»
Amwal Al Ghad English - 2015-09-21 11:41:29
The dollar recovered ground against the yen and euro on Monday as investors weighed if major central banks like the European Central Bank and the Bank of Japan may ease policy after the Federal Reserve delayed a hike in interest rates. Traders said demand for dollars before the quarter-end by investors seeking to rebalance their bond and stocks portfolios was also underpinning the greenback. Against a basket of six major currencies, the dollar last traded at 95.319, well above Friday's low of 94.063, its lowest since Aug. 26. The dollar was 0.3 percent higher at 120.40 yen, recovering from Friday's low of 119.045 yen. The euro was lower at $1.1280, well below Friday's peak of $1.1460, failing to get much impetus from decisive election results in Greece. Not helping the euro, the European Central Bank's chief economist, Peter Praet, reiterated the bank's readiness to modify its trillion-euro bond-buying program should economic turbulence merit action, according to an interview in a Swiss newspaper. Praet made his comments after ECB Executive Board member Benoit Coeure said on Friday monetary policy is on diverging paths in the euro zone and the United States. "It looks like the ECB is preparing for the quantitative easing program to continue well beyond next September and that is not positive for euro/dollar," said Yujiro Goto, currency strategist at Nomura, London. "There is a clear divergence between ECB thinking and the Fed." Highlighting that divergence were comments from San Francisco Fed President John Williams, who said on Saturday a U.S. rate hike this year is still likely given the decision to stand pat was a "close call". A clutch of speakers from the Federal Reserves are due to speak this week. Still, there is uncertainty over when the Fed will actually start to raise rates, after the central bank kept them unchanged last week while acknowledging worries about the global economy, financial market volatility and subdued inflation. But given the possibility that the ECB and the Bank of Japan may eventually step up monetary stimulus, traders will be reluctant to sell the dollar too aggressively, analysts said. "While we, in our base case, do not expect further BoJ easing, the case for more stimulus has increased in recent months and expectations of additional BoJ easing are likely to support the cross going into the Oct 30 meeting," analysts at Danske Bank said in a note. "We target dollar/yen at 124 in three months." Some traders said the dollar's recovery from Friday's lows was more about position adjustment than a return of a bull run. Speculators cut bullish bets on the U.S. dollar last week to their lowest level since late July last year, data from the Commodity Futures Trading Commission showed. More»
Amwal Al Ghad English - 2015-09-21 11:38:34
Oil rose by more than 1 percent on Monday after data showed U.S. drilling slowed and a report said $1.5 trillion worth of planned production was uneconomic at current prices. Crude has halved in value over the last year as soaring global production overwhelmed slowing demand and the much lower prices have now begun to hit drilling, particularly in the United States. U.S. drillers have cut the number of rigs in operation for three straight weeks. Global benchmark Brent crude oil was up 70 cents at $48.17 a barrel by 1020 GMT. U.S. crude oil futures were at $45.38 per barrel, up 70 cents. "The fall in rig counts (is) supporting an otherwise bearish market," said Tamas Varga, oil analyst at London brokerage PVM Oil Associates. Investment bank Goldman Sachs said in a report that rig data pointed to a decline in U.S. oil production between the second and fourth quarters of this year of more than 250,000 barrels per day (bpd). Commerzbank head of commodities research, Eugen Weinberg, said reductions in U.S. production should, eventually, turn oil market fundamentals, giving prices a lift: "We are confident that the incipient decline of production in the United States will herald a long-term and fundamental bottoming out process on the oil market," Weinberg said. Low prices should have long-term impact on oil production. "While operators are seeking an average cost reduction of 20-30 percent on projects, supply chain savings through squeezing the service sector will only achieve around 10-15 percent on average," energy consultancy Wood Mackenzie said. "$1.5 trillion of uncommitted spend on new conventional projects and North American unconventional oil is uneconomic at $50 a barrel," Woodmac added. Despite such a cut to U.S. spending plans, analysts said prices were expected to remain at low levels for some time as other producers, especially in the Middle East and Russia, kept pumping near record levels. "Oil producers continue to battle for market share ... widening the global oil surplus," ANZ said on Monday. The bank said it expected U.S. crude to fall below $40 a barrel over the next six months and to average just $41 next year. It expects Brent to average $46 per barrel in 2016. More»
Amwal Al Ghad English - 2015-09-20 09:38:30
The table below demonstrates the exchange rates of a number of key Arab and foreign currencies against the Egyptian pound early Sunday according to the National Bank of Egypt (NBE): More»
Amwal Al Ghad English - 2015-09-20 09:26:08
Egypt should ease its grip on its currency exchange rate to boost economic growth even as reforms including a reduction in energy subsidies strengthen its outlook, according to the International Monetary Fund (IMF). Its report, issued late Thursday after the fund concluded its annual review, preceded the Egyptian president Abdel Fattah al-Sisi yesterday swearing in a new cabinet as he tries to rebuild an economy battered by years of political unrest. The IMF also highlighted recent positive developments. They include the opening of the Suez Canal extension last month, a massive offshore gas find, a return to international bond markets, a dip in inflation and economic growth rebounding to 4.2 per cent in the 2014-15 financial year. However, the actions of Egypt’s central bank to bolster the Egyptian pound against the US dollar have created black markets in foreign currency and harmed investment, according to economists. “A gradual move towards a more flexible exchange-rate policy focused on achieving a market-clearing rate would serve Egypt’s interests,” said Chris Jarvis, the IMF’s mission chief in Egypt. “It would improve the availability of foreign exchange, strengthen competitiveness, support exports and tourism, and attract foreign direct investment. “[This] should also foster growth and jobs, and reduce financing needs.” Of the challenges facing Egypt’s economy, Jarvis said “unemployment remains high, notably among the youth. The fiscal deficit is still large and domestic public debt high. Reserves are about three months of imports, and foreign exchange is in short supply”. Egypt continues to run large fiscal and current-account deficits. Arabian Gulf states (including the UAE) and the Arab Monetary Fund have provided Egypt with a mix of grants and loans to help shore up the pound and finance the country’s fiscal deficits. Egypt’s current-account deficit reached $38.8 billion on June 30. Its debt-to-GDP ratio rose to 93.8 per cent that day from 73.7 per cent before the popular uprising in 2011. Jarvis praised the Egyptian authorities for acting to curb energy subsidies in an effort to reduce Egypt’s perennial budget deficit. “The authorities succeeded in significantly reducing the underlying budget deficit despite a decline in foreign grants, thanks to a wide-ranging set of reforms including energy subsidy reforms, progress in containing the wage bill and increasing tax revenue,” he said. Core consumer price inflation fell to 5.6 per cent last month, down from a peak of 12 per cent in 2013. However, persistent high inflation has hurt living standards. But the oil price’s collapse from $110 per barrel last year to about $47 per barrel presently has reduced inflation for oil-importing countries such as Egypt. Lower inflation is likely to encourage Egypt’s central bank to cut interest rates, economists said. Sisi has appointed the former oil minister, Sherif Ismail, as prime minister. As the energy chief, Ismail oversaw the implementation of cuts to energy subsidies and led negotiations with energy companies, including Dana Gas, that Egypt owes significant arrears. Members of Egypt’s previous cabinet last week submitted their resignation after the agriculture minister at the time, Salah El Din Mahmoud Helal, was arrested on allegations that he had accepted bribes for land licenses. More»