Bearish EGP View Back On

Our bearish view on the Egyptian pound - which we had briefly put on hold over the last few weeks - is now back in play, and we continue to see EGP5.60/US$ as a first downside target. We first became bearish on August 4, at the beginning of the beginning of the dollar bounce, and, since this factor is likely to remain place, there will be renewed pressure on the Egyptian pound. Beyond that, support comes in at EGP5.70/US$. As usual, the key risk is another change of direction in US$/EUR, with resistance for the Egyptian pound coming in at

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