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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Canal Shipping Agencies   7.39        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        Egyptian for Tourism Resorts   0.69        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        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        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        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        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        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 - 2017-06-28 07:09:08
Oil markets were steady to lower on Wednesday after a report of rising U.S. fuel and crude inventories underscored concerns that a three-year supply glut is far from over. Brent crude futures were at $46.67 per barrel at 0329 GMT, close to their last close. U.S. West Texas Intermediate (WTI) crude futures were down 8 cents, or 0.2 percent, at $44.16 per barrel. Oil had recovered some ground over the past week after falling nearly 20 percent since mid-May, but a report by the American Petroleum Institute (API) showed that U.S. crude inventories rose by 851,000 barrels in the week to June 23 to 509.5 million, compared with analysts' expectations for a decrease of 2.6 million barrels. Gasoline stocks rose by 1.4 million barrels even though the U.S. summer driving season began a few weeks ago. The U.S. inventory gains show global supplies are still ample despite the effort by the Organisation of the Petroleum Exporting Countries (OPEC) to cut output by 1.8 million barrels per day (bpd) between January 2017 and March 2018. Ian Taylor, head of the world's largest independent oil trader Vitol, says Brent crude prices will stay in a range of $40-$55 a barrel for the next few quarters as higher U.S. production slows a rebalancing of the market. "Everybody was positioned for a market rebalancing and a stocks draw tohappen in the second quarter. And if you look at the macro analysis, that should start happening," Taylor said in an interview with Reuters. "But so far it hasn't happened and everyone has made the same mistake. Nobody has distinguished themselves," he said. Some analysts said that crude prices had likely bottomed out and would rise. "We believe that the selloff in crude is overdone ... Brent is primed for a recovery," BMI Research said. More»
Amwal Al Ghad English - 2017-06-22 06:56:05
Oil prices rose on Thursday for the first time in three days after U.S. crude and gasoline stockpiles fell, but investors are looking for more signs that output cuts by OPEC and some other producers are ending a three-year glut. The market largely shrugged off comments overnight from Iran's oil minister that members of the Organisation of Petroleum Exporting Countries (OPEC) are considering deeper cuts in production. Brent crude futures were 9 cents, or 0.2 percent higher, at $44.91 a barrel at 0018 GMT, after falling 2.6 percent in the previous session to their lowest since August last year. U.S. crude futures were 12 cents, or 0.3 percent, higher at $42.65 a barrel. On Wednesday, they settled down at $42.53, after touching their lowest intraday level since August 2016. More»
Amwal Al Ghad English - 2017-06-21 12:47:17
The pound sterling pushed above $1.27 Wednesday, erasing losses following hawkish comments made by the Bank of England's chief economist. "Provided the [economic] data are still on track, I do think that beginning the process of withdrawing some of the incremental stimulus provided last August would be prudent moving into the second half of the year," said Haldane in a speech at the National Science and Media Museum in Bradford, England. "Far from being a cause for concern, starting the process of withdrawing some monetary policy insurance should serve as a signal of the [Monetary Policy Committee's] confidence in the UK economy's resilience," he said. The pound hit an intraday high of $1.2704 after the speech was released. Earlier, sterling fell to a two-month low below $1.26 as media reports cast doubt on the Conservative Party's effort to reach a policy-support deal with lawmakers from Northern Ireland. Sterling bought $1.2629 late Tuesday in New York. More»
Amwal Al Ghad English - 2017-06-21 12:47:14
Oil market participants are assessing Wednesday the potential impact upon the world's most traded commodity of the momentous overnight leadership change announced within Saudi Arabia's ruling family. Early Wednesday, Saudi's King Salman unveiled his decision to relieve 57-year old Interior Minister Muhammad bin Nayef of his position as crown prince in favor of his 31-year old son, Deputy Crown Prince and Defense Minister Mohammad bin Salman. Although Bin Salman has a reputation for interacting in an impulsive and often abrasive manner, particularly with regards to international relations, Amrita Sen, chief oil analyst at Energy Aspects, does not anticipate the newly appointed heir to the Saudi throne rushing to reconfigure the country's current strategy for oil. "Even if foreign policy were to remain aggressive, we don't see any change in oil policy yet. If anything, with the initial public offering (IPO) the center stage, the Kingdom needs higher prices," she told CNBC via email on Wednesday, referring to the public listing of Aramco, Saudi's national oil and gas company, planned for 2018. Saudi Arabia is the world's largest oil producing nation and the spearhead of the OPEC-led agreement among the world's key producers to cut output in a bid to stem declines in the oil price. Despite the deal - which was originally signed last November - being renewed for a further nine months in late May, oil prices have continued on a downward trajectory in recent weeks, moving into bear territory in recent days after posting a decline of more than a fifth since earlier this year. Saudi Arabia is "absolutely committed" to following through on the OPEC cut deal regardless of the change in leadership, agreed Helima Croft, global head of commodity strategy at RBC Capital Markets, speaking on CNBC on Wednesday, adding that the key question regarding oil policy now was the country's time horizon with regards to the impending IPO. "They have some time to deal with this downtrend in prices as long as they can get prices on a better path in 2018 so I think they can sit tight, let the cuts play out, let the inventories draw down and I don't think they're worried about the next couple of weeks. I think they're playing for 2018," she opined. Bin Salman visited President Donald Trump at the White House in March and received the U.S. leader in Saudi Arabia last month. His enthusiastic approach towards the president is thought to be largely driven by his desire to secure U.S. backing for Saudi Arabia's combative stance towards Iran. The ramp-up in rhetoric and sanctions emanating from the White House against Iran in recent months will surely have pleased the ambitious young royal. However, Saudi Arabia's relationship with Iran must be carefully watched given that the latter country is OPEC's third-largest oil producer and was a reluctant signatory of the output cut agreement, dragging its heels all the way to the table. Yet comments from Iranian Oil Minister Bijan Zanganeh on Wednesday afternoon gave hope that Iran is for now committed to the agreement. He said that OPEC members are considering making further oil output cuts once the effect of the current reduced level of production is made clear. Having traded weaker earlier in Wednesday's session, oil prices moved into the black following the oil minister's comments. As of 13:20 p.m. London time, WTI crude prices had rebounded to trade 0.32 percent higher at $43.64 while Brent was 0.20 percent up on the session at $46.11. With the step up in Bin Salman's power, traders will be watching for signs of a further deterioration in the relationship between these Middle Eastern neighbors, given that the successful functioning of the production cut deal relies heavily upon their ongoing cooperation. More»
Amwal Al Ghad English - 2017-06-21 06:16:53
Dollar prices pulled back from one-month highs against a basket of currencies on Wednesday as tumbling oil prices pushed down U.S. yields, while the pound wobbled after Bank of England Governor Mark Carney shot down hopes of an interest rate hike. The dollar index against a group of major currencies was 0.05 percent lower at 97.699. It had hit a one-month high of 97.871 on Tuesday as expectations that the U.S. Federal Reserve, which hiked interest rates last week, would tighten policy again in 2017.The greenback's advance, however, stalled as the dollar-supportive bounce in U.S. Treasury yields was cut short overnight. Following a big drop in oil prices, the 10-year Treasury note yield fell sharply on Tuesday, reversing a large portion of the gains it made after the Fed left the door open for another rate increase this year. More»
Amwal Al Ghad English - 2017-06-20 19:03:09
Oil prices dived Tuesday to seven-month lows, tumbling 3 percent on signs of rising production in key parts of the world. West Texas Intermediate crude oil futures were down $1.21, or 2.7 percent, at $42.99 on Tuesday. The U.S. benchmark earlier fell to the weakest intraday prices since Nov. 14, when the contract hit $42.20 a barrel. WTI is now down more than 20 percent from its 52-week intraday high of 55.24 struck on Jan. 3, putting the commodity in bear market territory. It also down more than 20 percent from its 52-week closing high on Feb. 23. Prices for WTI's August contract, which becomes the front-month on Wednesday, were down $1.19, or 2.7 percent, at $43.24. Trading volume was concentrated in the August contract. International benchmark Brent crude prices also fell to a seven-month low and were last trading down $1.12, or 2.4 percent, at $45.79. Prices took the fresh leg lower on new signs of rising output from Nigeria and Libya, the two OPEC members exempt from a deal to cut production. Output from the 14-member exporter group ticked higher in May due to rising production in Nigeria, Libya and Iraq, raising concerns about OPEC's effort to shrink global stockpiles of crude oil. OPEC and other producers have committed to keeping 1.8 million barrels a day off the market through March. Libya's oil production rose more than 50,000 barrels per day to 885,000 bpd, a Libyan source told Reuters. Meanwhile, exports of Nigeria's benchmark Bonny Light crude oil are set to rise by 62,000 barrels per day in August, Reuters reported. Oil prices are "most definitely" heading to $40 a barrel and will likely dip into the upper $30s, John Kilduff, founding partner at energy hedge fund Again Capital, told CNBC's "Squawk Box" on Tuesday. The market is turning lower in part on tanker-tracking data showing unsold crude oil cargoes from Nigeria, he said. U.S. production is also a concern because American drillers locked in prices for future delivery, and so they'll keep pumping even as near-term prices fall, according to Kilduff. "Not only do we have a struggle with production and an ineffectual OPEC, non-OPEC production regime, but you have this overhang again that is not clearing, and so that is what this market is reacting to," he said. "Now we're in the process of the market playing chicken with OPEC and non-OPEC," Kilduff added. The producers are "going to have to react again in a significant way to get the price to stabilize and go back up." The market has been waiting for signs that OPEC's strategy is achieving its stated goal: driving global crude stockpiles down to the five-year average. Last week, the International Energy Agency warned inventories might not fall to that level until close to the expiration of OPEC's current deal in March. In this environment, Brent is unlikely to rise much above $50 a barrel, said Ole Hansen, head of commodity strategy at Saxo Bank. "The market really is in desperate need of data, and the question is if data can improve fast enough over the coming couple months for that to happen," he told CNBC on Tuesday. However, surging U.S. production may be starting to respond to falling oil prices, Hansen said. Weekly increases in the nation's output have been increasing at a slower pace in the last couple of months than in the prior two months, he noted. While American drillers did indeed lock in higher prices earlier this year, the drop in oil futures has caught them by surprise, Hansen added. As some of their price hedges expire, the oil market may start to stabilise in the third quarter, he said. More»
Amwal Al Ghad English - 2017-06-20 06:56:20
The dollar reached a more than three-week high versus the yen on Tuesday, after an influential Federal Reserve official said U.S. inflation should rise alongside wages, reinforcing expectations for the Fed to keep raising interest rates. At one point, the dollar rose to 111.775 yen, reaching its strongest level since May 26. That marked a gain of about 2.7 percent from the dollar's near 2-month low of 108.81 yen set on June 14. The greenback last stood at 111.67 yen, up 0.1 percent on the day. The dollar was lifted on Monday when New York Fed President William Dudley said that tightening in the labor market should help drive up inflation. More»
Amwal Al Ghad English - 2017-06-19 06:44:24
Oil prices dipped on Monday, weighed down by a continuing expansion in U.S. drilling that has helped to maintain high global supplies despite an OPEC-led initiative to cut production to tighten the market. Signs of faltering demand have also prompted weakening sentiment, dropping prices to levels comparable to when the output cuts were first announced late last year. Brent crude futures were down 13 cents, or 0.3 percent, at $47.24 per barrel at 0406 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 15 cents, or 0.3 percent, at $44.59 per barrel. Prices for both benchmarks are down by around 14 percent since late May, when producers led by the Organisation of the Petroleum Exporting Countries (OPEC) extended their pledge to cut production by 1.8 million barrels per day (bpd) by an extra nine months until the end of the first quarter of 2018. More»
Amwal Al Ghad English - 2017-06-17 06:36:30
The dollar fell against a basket of currencies on Friday on weaker-than-forecast data on housing and consumer sentiment, while the yen weakened after the Bank of Japan kept interest rates steady and signaled it was in no hurry to tighten policy. The greenback has hovered near its lowest since November as a batch of disappointing economic readings, together with the lack of progress on financial stimulus from Washington, have overshadowed the outlook on more rate hikes from the Federal Reserve. Earlier Friday, the government said U.S. home construction fell for a third consecutive month in May to its lowest in eight months, while the University of Michigan said its gauge on consumer sentiment deteriorated in early June. "It raises some doubt on U.S. growth for the rest of the year," said Minh Trang, senior currency trader at Silicon Valley Bank in Santa Clara, California. More»
Amwal Al Ghad English - 2017-06-15 06:59:33
Oil prices wallowed near their lowest levels in seven months early on Thursday, hurt by high global inventories and doubts over OPEC's ability to implement production cuts. Brent crude futures were down 7 cents or 0.2 percent at $46.93 per barrel at 0053 GMT, after slumping nearly four percent in the previous session. U.S. West Texas Intermediate (WTI) crude futures were down 12 cents or 0.3 percent at at $44.61 per barrel. Crude futures benchmarks are sitting near their lowest levels since late November last year when production cuts led by the Petroleum Exporting Countries (OPEC) were first announced. More»