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Egypt’s Currency Squeeze Worsens as Banks’ Foreign Buffers Sink
Net foreign assets held by Egypt’s commercial banks headed deeper into negative territory, as the North African nation struggles with its worst hard-currency shortage in years. The deficit among lenders reached $17.1 billion in June, compared with $14.5 billion the previous month, according to data released by the central bank. The deterioration was driven by a $1.7 billion drop in banks’ assets and an around $950 million increase in their liabilities. Heavily exposed to the fallout from Russia’s invasion of Ukraine, Egypt is seeking liquidity to clear a backlog of foreign-currency requests from importers and ... (full story)
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post: TRUMP INDICTED IN SPECIAL COUNSEL INVESTIGATION OF EFFORTS TO OVERTURN HIS 2020 ELECTION LOSS -FOX NEWS post: TRUMP CHARGES: 1. Conspiracy to Defraud the United States 2. Conspiracy to Obstruct an Official Proceeding 3. Obstruction of and Attempt to Obstruct and Official Proceeding 4. Conspiracy Against RightsTrump indicted by federal grand jury in 2020 election probe Former President Donald Trump has been indicted Tuesday by a federal grand jury investigating his alleged efforts to overturn the results of the 2020 presidential election, according to a copy of the indictment. The indictment was handed down two weeks after Trump announced that he'd been notified he received a target letter in the probe led by special counsel Jack Smith, who brought charges against the former president last month in a separate case over Trump's handling of classified documents after leaving office. While the charges in the new indictment were not immediately revealed, two attorneys with direct knowledge of the matter told NBC News that Trump's target letter cited three federal statutes related to the deprivation of rights, conspiracy to defraud the U.S. and obstruction. Trump called the indictment "fake" in a post on his social media website shortly before news of the filing was made public. "Why didn’t they do this 2.5 years ago? W
The #euro stays below 1.1 as the USD continues its rally. Todd Colvin has more.
Fitch Ratings has downgraded the United States of America's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'AA+' from 'AAA'. The Rating Watch Negative was removed and a Stable Outlook assigned. The Country Ceiling has been affirmed at 'AAA'. A full list of rating actions is at the end of this rating action commentary. Ratings Downgrade: The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to 'AA' and 'AAA' rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions. Erosion of Governance: In Fitch's view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025. The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management. In addition, the government lacks a medium-term fiscal framework, unlike most peers, and has a complex budgeting process. These factors, along with several economic shocks as well as tax cuts and new spending initiatives, have contributed to successive debt increases over the last decade. Additionally, there has been only limited progress in tackling medium-term challenges related to rising social security and Medicare costs due to an aging population. Rising General Government Deficits: We expect post: Fitch Notes U.S. 'Erosion of Governance Relative to 'AA' and 'AAA' Rated Peers Over the Last Two Decades That Has Manifested in Repeated Debt Limit Standoffs and Last-Minute Resolutions'
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Key facts: In the June 2023 quarter, compared with the March 2023 quarter, the: • unemployment rate was 3.6 percent, compared with 3.4 percent • underutilisation rate was 9.8 ...
Today I’m going to show you how the GBPUSD could set up for a massive drop in August. I’ll talk technicals on the pound chart, and provide an update on the US Dollar Index, as ...
U.S. central bankers, less than a week after raising interest rates for an 11th time since March 2022, expressed hope they can beat inflation without cratering the job market, ...
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- Posted: Aug 1, 2023 6:16pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,769