Egypt’s third major currency devaluation in less than a year appeared closer to achieving its aim, with signs that the foreign-exchange market may be stabilizing despite a whipsawing pound. The North African nation has allowed its currency to weaken in phases and the latest devaluation, which started last week, is finally helping to narrow the gap with prices quoted in the black market. After suffering the biggest one-day drop since late October on Wednesday, the pound swung between gains of over 1% and a loss of 3%. Many traders in the black market paused operations after the plunge this week. The pound is still the ... (full story)