Charts Of The Day: Egyptian Pound, Tunisian Stocks

After losing some ground in December as the dollar strengthened, the Egyptian pound has since bounced back, trading at EGP5.45/US$ at the time of writing. With the short-term rally in the dollar looking to have run out of steam, and given our global team's view of further dollar weakness in 2010, we see further upside potential for the Egyptian unit over the coming weeks. Our long-term view is of gradual appreciation of the pound, with end-2010 and end-2011 forecasts of EGP5.40/US$ and EGP5.00/US$ respectively. This 2011 target assumes that there will be some decoupling of the traditional relationship between

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