The International Monetary Fund (IMF) announced on Wednesday that it would be expanding its current loan programme with Egypt by an additional $5 billion. This move came as the Egyptian central bank decided to allow the Egyptian pound to plummet and declared that the currency would now be able to trade freely on the market.
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During his congressional testimony, Federal Reserve Chair Jerome Powell’s remarks signaled that the Fed is not yet ready to lower interest rates, opting to maintain a vigilant approach towards inflation. This lack of a more aggressive policy direction led to a weakening of the dollar in the market. Powell suggested that the current policy rate
Gold’s impressive run saw its price stabilize near the record high of 2,144. The recent surge, fueled by bullish momentum, drove the price as high as 2,141 on Tuesday. However, with the current consolidation phase ahead of Powell’s testimony and the US jobs data, the bulls might take a temporary break but remain in play
The Euro saw a significant rally against the US Dollar after breaking above the 1.0828 resistance level. This bullish momentum led to the formation of a connecting bullish trend line with support around 1.0845 on the hourly chart. The pair managed to clear key resistance levels and tested the 1.0875 zone. However, there was a
Nigeria is currently facing a significant economic crisis characterized by a historic currency devaluation and soaring inflation rates. The International Monetary Fund (IMF) has raised concerns regarding the country’s food insecurity issues, with almost 10% of the population facing challenges in accessing adequate food supplies. President Bola Tinubu’s administration, which came to power in May
Today, China and Hong Kong benchmark stock indices experienced lacklustre movement following the release of Premier Li Qiang’s economic work report during the “Two Sessions.” Premier Li Qiang announced a GDP growth target of around 5% for China in 2024, which was in line with consensus. Despite the targeted stimulus measures to achieve this economic
The Indian Rupee (INR) has been trading on a softer note due to the modest demand for the US Dollar. Global economic growth is expected to outperform expectations, with only slight headwinds for India in the upcoming fiscal year. Investors are eagerly awaiting key economic indicators such as the Indian S&P Global Services PMI and
The AUD/USD market is influenced by a variety of factors, including US factory orders, S&P Global PMI numbers, ISM survey-based figures, FOMC member speeches, and economic indicators. It is crucial for investors to stay informed and track these indicators to make informed decisions related to the AUD/USD market. FOMC member speeches, such as the upcoming
The U.S. Supreme Court is currently seeking $19.4 million in federal funds to enhance security measures for the nine justices. The proposed budget includes allocating resources to establish a separate police force to protect the homes of the justices, a responsibility that is currently under the jurisdiction of the U.S. Marshals Service. The rationale behind
New York Community Bank (NYCB) is facing a challenging situation as Moody’s Investors Service recently downgraded the deposit rating of its main banking subsidiary by four notches, to Ba3 from Baa2. This marks the second time in a month that the company’s key ratings have been slashed, putting it three levels below investment grade. This
In February, core inflation in Tokyo accelerated, surpassing the central bank’s target as the impact of government fuel subsidies waned. This development indicates a step towards the conditions required for the conclusion of negative interest rates. The core consumer price index in Tokyo rose by 2.5% in February, matching market expectations. On the other hand,