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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        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        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        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        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        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        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        Egyptian Transport (EGYTRANS)   7.85        Sharkia National Food   3.78        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 - 2018-03-03 06:41:09
U.S. dollar fell against most currencies on Friday, dropping to its lowest in more than two years against the yen, as President Donald Trump's proposal to impose hefty tariffs on steel and aluminum imports raised prospects of a trade war that could prove damaging to the U.S. economy. Friday's sell-off came just as the dollar had risen to multi-week highs on the back of strong data and an upbeat view on the economy from Federal Reserve Chairman Jerome Powell, which reinforced expectations of three or more interest rate hikes this year. "The (tariff) move risked triggering a global trade war and could have significant unintended consequences for the U.S. economy," said Joe Manimbo, senior market analyst, at Western Union Business Solutions in Washington. Trump announced on Thursday he would impose heavy tariffs on imported steel and aluminium to protect U.S. producers, risking retaliation from major trade partners such as China, Europe and Canada.  The dollar fell to 105.26 yen, the lowest since November 2016 and was last down 0.50 percent at 105.70. Against the euro and sterling, the yen was up 0.3 and 1.1 percent higher respectively. The yen also rallied after Bank of Japan Governor Haruhiko Kuroda surprised currency markets by saying the central bank would consider an exit from its ultra-easy monetary policy if it met its inflation target in the year ending in March 2020. That helped the yen higher against the euro and sterling. The dollar was already on the back foot before Kuroda spoke, having pulled sharply back from six-week highs after Trump's decision to impose tariffs took the wind out of the greenback's week-long recovery. The dollar index, tracking it against a basket of major currencies, fell 0.41 percent to 89.96. Bilal Hafeez, a macro strategist at Nomura in London, said Trump's move was much more aggressive than tariffs imposed by his most recent predecessors. Barack Obama imposed tariffs on Chinese steel imports in May 2016 and George W. Bush against EU steel imports in March 2002. Those moves saw the dollar fall 1.5 percent and 6 percent respectively in the subsequent months. "The contours of the dollar reaction will likely depend on the reaction of other countries to these tariffs... The more powerful force could be the withdrawal of capital flows to the U.S.," he wrote in a note. The euro, meanwhile, was up 0.50 percent versus the dollar at 1.2328, with the focus on Sunday's Italian parliamentary election and the level of support for populist agendas that could have a wider impact on the European Union. More»
Amwal Al Ghad English - 2018-03-01 05:55:53
Oil prices were little changed on Thursday after falling in the previous two sessions as investors shied away from riskier assets amid volatile equity markets and the U.S. dollar gained, limiting overall interest in commodities. Both global benchmark oil futures fell sharply on Wednesday after crude and gasoline inventories in the United States rose unexpectedly. U.S. West Texas Intermediate crude for April delivery was up 8 cents at $61.72 a barrel by 0403 GMT after settling down 2.2 percent in the previous session. Brent crude for May delivery, the new front-month contract, was down 3 cents at $64.70. The April contract expired on Wednesday down 1.3 percent. Both benchmark contracts fell nearly 5 percent in February, the first monthly decline in six months. "An extended large decline in equities has been prompting investors to avoid risk assets such as oil," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo. Some industry sources said Wednesday's decline was also due to profit-taking by market participants at the end of the month after oil hit a three-week high earlier this week. The U.S. dollar index, which measures the greenback against six major currencies, increased for a second day on Wednesday and was slightly higher on Thursday. A stronger U.S. dollar limits demand for dollar-denominated commodities such as oil since investors paying in other currencies must pay a higher price. U.S. crude inventories rose by 3 million barrels last week, compared with analyst expectations for a build of 2.1 million barrels, weekly data by the Energy Information Administration (EIA) showed. Gasoline stocks also rose by 2.5 million barrels against expectations for a 190,000-barrel drop, which pushed gasoline futures sharply lower. Distillate stockpiles, which include diesel and heating oil, fell by 1 million barrels, versus expectations for a 709,000-barrel drop. Soaring U.S. crude production has also kept a lid on oil prices this year, even though producers, led by the Organization of the Petroleum Exporting Countries and Russia, have reduced output. U.S. crude oil production rose to a record 10.057 million barrels per day(bpd) in November and retreated slightly in December to 9.949 million bpd, the EIA said on Wednesday. "Despite the expanding output curbs by OPEC and non-OPEC members such as Russia, the market has been focusing more on rising U.S. output since around late January," Akuta added. OPEC, meanwhile, is doing its part to keep a lid on prices. The group's oil output fell in February to a 10-month low as the United Arab Emirates joined other Gulf members in over-delivering on the reduction pact, a Reuters survey found on Wednesday. Oil prices may find some support as the U.S. is considering oil-related sanctions on OPEC member Venezuela to pressure its socialist President Nicolas Maduro, a U.S. official said on Wednesday. The sanctions could target a military-run oil services company and restrict insurance coverage for Venezuelan oil shipments ahead of the country's elections on April 22. More»
Amwal Al Ghad English - 2018-03-01 05:51:39
Gold prices dipped on Thursday, pulled down as the dollar remained strong following comments from Federal Reserve Chairman Jerome Powell that fanned concerns of faster-than-expected hikes in U.S. interest rates.Spot gold was 0.2-percent lower at $1,315.36 an ounce at 0106 GMT. Prices have fallen about 1 percent so far this week. U.S. gold futures were down 0.1 percent at $1,316.7 per ounce. The dollar index, which measures the greenback against a basket of major currencies, was up 0.1 percent at 90.716. It had earlier touched its highest since Jan. 19 at 90.744. The U.S. currency, which in February recorded its best monthly performance since November 2016, has been bolstered by Powell's hawkish stance on the U.S. economy that fueled expectations of interest rates being raised four times this year rather than three. On Thursday, Powell will deliver more testimony in front of the Senate Banking Committee.Asian stocks skidded on Thursday after Powell's comments rekindled fears about the pace of U.S. monetary tightening this year. U.S. economic growth slowed slightly more than initially thought in the fourth quarter after the strongest pace of consumer spending in three years depleted inventories and drew in imports as businesses struggled to produce enough goods and services. Euro zone inflation slowed to a 14-month low in February, underlining the European Central Bank's caution in removing stimulus despite growth exceeding expectations and the bloc's economy seeming to be on its best footing in a decade.February sales of U.S. Mint American Eagle gold coins fell 80 percent from the same month a year earlier, the slowest February sales in 11 years, while February silver coin sales fell to the lowest since 2008, government data showed on Wednesday. South Africa's new mining minister Gwede Mantashe said on Wednesday he will finalize the latest version of an industry charter which lays out requirements for black ownership levels and other targets in the next three months. India regained its status as the world's fastest growing major economy in the October-December quarter, surpassing China for the first time in a year as government spending, manufacturing and services all picked up. More»
Amwal Al Ghad English - 2018-03-01 05:48:21
Dollar prices held firm on Thursday, drawing support after the Federal Reserve's new chief Jerome Powell struck an optimistic tone on the U.S. economy in a boost to rate hawks that sent global stocks tumbling. In stark contrast to the United States, benign inflation data in the euro zone dented expectations that the European Central Bank will dial back its stimulus, slamming the euro to five-week lows against the dollar and a six-month nadir against the yen. The dollar index rose to five-week high of 90.746, as Powell's optimism on the U.S. economy suggested the Fed is going to raise interest rates four times this year, one more than what markets had expected. That undermined risk appetite and hit equities, which in turn kept the U.S. currency on the defensive against the yen, seen as a safe haven because of Japan's status as a net creditor nation. Some also pointed out that support for the dollar from higher interest rates - the main driver of its gains until early 2017- has been tenuous in the past year, as investors' focus is shifting to Washington's currency policy and the twin U.S. trade and fiscal deficits. More»
Amwal Al Ghad English - 2018-02-28 06:52:13
Financial news website Bloomberg reported on Monday that the days of the stagnation of the Egyptian pound may be numbered, explaining that “foreign holders of Egypt’s local debt have been using the open currency market more frequently to get dollars.” Bloomberg explained that bondholders traded hundreds of millions of dollars on the interbank market during the first five weeks of 2018, and that between 20-30 percent of foreign currency transactions linked to debt instruments are currently carried out through the open market, while the remaining transactions are carried out through the Central Bank of Egypt, which guarantees the exit of money from the country for a fee. Bloomberg said that this development is a remarkable shift for a country that suffered from a shortage in dollar cash just a few months ago, making it almost impossible for foreign investors to transfer their profits to their countries. This situation prompted policy-makers in Egypt to float the Egyptian pound by the end of 2016, said Bloomberg. “But it has taken months for investors to build enough confidence to forgo their money-back guarantee,” the report continued. “With more investors injecting dollars into the interbank market, the Egyptian pound’s volatility will probably rise,” Bloomberg quoted Bilal Khan, a senior economist at Standard Chartered Bank, as saying. “Market forces will have a bigger role in determining the exchange rate than before,” he added. The reason for the shift of investors to the open market is the availability of dollar cash compared to the past, as well as the Central Bank of Egypt’s decision to raise the cost of using its repatriation mechanism, applying a fee of 1 percent on the flows. The Central Bank of Egypt announced in February that foreign currency reserves rose by US$1.2 billion to US$38.209 billion by the end of January. Egypt’s foreign reserves have been climbing since the country secured a US$12 billion, three-year International Monetary Fund, loan program in November 2016, shortly after the country decided to float its currency in a bid to lure back foreign investors and revive its ailing economy. The currency flotation resulted in soaring inflation and a jump in prices on basic commodities, with some products recording over 50 percent price increases. More»
Amwal Al Ghad English - 2018-02-28 06:26:24
Gold prices were unchanged near a more than two-week low early on Wednesday, as the dollar held recent highs after Federal Reserve Chairman Jerome Powell vowed to prevent the economy from overheating while sticking with gradual rate rises.Spot gold was flat at $1,317.81 an ounce at 0116 GMT. Prices fell 1.1 percent and had touched an over two-week session low of $1,313.26 in the previous session. U.S. gold futures were up 0.1 percent at $1,319 per ounce. The dollar index, which measures the greenback against a basket of major currencies, was steady at 90.354. The dollar held near an over two-week high hit in the last session, while Asian shares faltered and bonds were sold off, after Powell's upbeat views on the economy bolstered bets on further Fed interest rate hikes this year. The Fed is expected to approve its first rate increase of 2018 at its next policy meeting in March, when it will also provide fresh economic projections and Powell will hold his first news conference. The European Central Bank could end bond purchases this year while an interest rate hike in 2019 is not unrealistic if the euro zone's economic upswing continues, Bundesbank President Jens Weidmann said on Tuesday. China's net gold imports via main conduit Hong Kong surged 65.2 percent in January from the previous month, data showed on Tuesday. Gold prices could break above $1,400 an ounce for the first time since 2013 this year as an uncertain outlook for stocks, bonds and currencies tempts investors to use the precious metal as a safe haven, according to a Reuters survey of analysts. Ghana will certify the value of gold exports as part of efforts to tighten controls on the sector to ensure the state receives the revenues it is due, the vice president said on Tuesday. A company owned by Nirav Modi, the billionaire jeweler at the heart of a $2 billion fraud case in India, has filed for bankruptcy in a New York court, as investigators stepped up their investigation into a case that has stunned the country. More»
Amwal Al Ghad English - 2018-02-28 06:23:33
U.S. oil prices extended declines into a second day after industry data showed an increase in U.S. crude and gasoline stockpiles, with surging production in the country hampering OPEC attempts to end a global glut. U.S. West Texas Intermediate crude was down 19 cents, or 0.3 percent, at $62.82 by 0028 GMT, after falling 90 cents the previous session. Brent crude was yet to trade. On Tuesday, the contract fell 87 cents to close at $66.63 a barrel. U.S. crude stockpiles climbed last week as imports increased, while gasoline inventories climbed and distillate stocks were drawn down, industry group the American Petroleum Institute said on Tuesday. Crude inventories rose by 933,000 barrels in the week to 421.2 million, compared with analyst expectations for an increase of 2.1 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.3 million barrels, the API said. Refinery crude runs dropped by 209,000 barrels per day, API data showed. More»
Amwal Al Ghad English - 2018-02-27 06:38:36
U.S. oil prices rose for a fourth session on Tuesday to near a three-week high hit a day earlier, supported by signs of robust production curbs by OPEC and non-OPEC countries and a slight fall in U.S. production. U.S. West Texas Intermediate crude for April delivery was up 10 cents at $64.01 a barrel by 0020 GMT. The contract hit $64.24 on Monday, its highest since February 6. London Brent crude had yet to start trading after settling up 19 cents at $67.50. Saudi Arabian oil minister Khalid al-Falih indicated on Saturday that its crude production would be well below the production cap as the Organization of the Petroleum Exporting Countries and its allies were committed to reducing output to bring balance and stability to the market. Prices were also supported by U.S. Energy Information Administration data on Thursday that showed domestic oil production dipped to 10.27 million barrels per day from 10.271 million bpd the week before. U.S. crude inventories are forecast to have risen by 2.7 million barrels last week, a preliminary Reuters poll showed on Monday. Gasoline stocks are seen down by 600,000 barrels, while distillate inventories, which include heating oil and diesel fuel, were seen down 700,000 barrels. The American Petroleum Institute is scheduled to release its weekly data later in the day. More»
Amwal Al Ghad English - 2018-02-27 06:36:10
The dollar eased on Tuesday, with the focus on a slew of economic data this week and Federal Reserve Chairman Jerome Powell's testimony, which could determine whether the U.S. currency's recovery from a three-year low has more room to run. The dollar's index against a basket of six major currencies fell 0.1 percent to 89.760. The greenback, however, is still 1.7 percent above a three-year trough near 88.25 set on Feb. 16. The focus this week is Powell's first congressional testimony, at a time when investors are nervous over the pace of U.S. monetary tightening after years of stimulus. Powell will testify on the central bank's semi-annual report on monetary policy and the economy on Tuesday, before the U.S. House of Representatives' Financial Services Committee. Powell will probably sound optimistic on the economic outlook, but stress patience in assessing whether inflation will head higher, said Roy Teo, investment strategist for LGT Bank in Singapore. "The dollar is unlikely to get a major lift after Powell's speech," Teo said. Teo added that this is especially the case given the prevailing market expectations for the Fed's preferred inflation measure, the core personal consumption expenditures (PCE) price index, due on Thursday. Economists polled by Reuters expect the core PCE to increase 1.5 percent year-on-year in January, which would be the same as December's pace and still some way off from the Fed's 2 percent target. If that turns out to be the case, the hurdle for the Fed to upgrade its projections for the number of interest rate hikes this year at its policy meeting in March, will be relatively high, LGT Bank's Teo said. This week is crammed with U.S. economic data on consumer confidence, revised fourth-quarter growth, manufacturing and personal income and spending. Against the yen, the dollar slipped 0.1 percent to 106.86 yen, but was still 1.2 percent above a 15-month low of 105.545 yen set on Feb. 16. The euro edged up 0.1 percent to $1.2328, with investors seen cautious about taking big positions this week ahead of political events in Europe. Italians vote in a national election on Sunday, while the leading political parties in Germany will decide on a coalition deal that could secure Angela Merkel a fourth term as chancellor. Euro zone inflation data due later this week further added to a nervous outlook for euro trading. On Monday, European Central Bank President Mario Draghi spoke before the European Parliament and struck an optimistic tone about the euro zone economy. He said, however, that inflation has yet to show more convincing signs of a sustained upward adjustment. More»
Amwal Al Ghad English - 2018-02-26 09:04:27
Oil prices extended gains to hit their highest level in nearly three weeks on Monday, supported by comments from Saudi Arabia that it would continue to curb exports in line with the OPEC-led effort to cut global supplies. U.S. West Texas Intermediate crude for April delivery was up 20 cents, or 0.3 percent, at $63.75 a barrel by 0342 GMT after rising 3 percent last week. London Brent crude gained 12 cents, or 0.2 percent, to $67.43, after climbing nearly 4 percent last week. Both benchmarks earlier hit their highest since Feb. 7. “The rise in equities made it easier to buy risk assets such as oil,” said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo. More»