Currency News: Prosperous Future for the Egyptian Pound, Brazil Benefits from Brexit, Azerbaijan’s Recent Struggle
Currency News
In the latest currency news: Prosperous Future for the Egyptian Pound, Brazil Benefits from Brexit, Azerbaijan’s Recent Struggle
With recent doubt over a further currency devaluation, it could offer a positive future for Egypt’s stock market. The Egyptian index increased 4.7% on Sunday, its most substantial one-day gain in close to four months. The recent gains came after the country’s governor of the Central Bank said the Egyptian pound should be a market favored currency where the price is determined by supply and demand.
Following Britain’s vote to leave the EU, the Brazilian real is set to benefit from the increased demand for emerging markets. Already the best performing currency in the region, Brazil also has the potential to prosper, due to the change in leadership after the impeachment according to Antonio Cesarano, head of market strategy at MPS Capital Services in Siena, Italy. The real has gained 0.2% since the June 23rd referendum.
The Azerbaijani manta had its worst month since the height of the crisis in the oil markets. The third biggest oil producer in the former Soviet Union is falling short of regaining balance due to the influx of petroleum dollars are not enough to meet the need by households and banks. The manta lost 3.8% against the dollar in June after four months of gains. “To ease the pressure on the manta the central bank needs to resume intervention in the market” says Vugar Bayromov, head of the center for Economic and Social Development, a research group based in Baku, in an article posted on Bloomberg.
