Pre-Trading Thoughts

-Annual urban inflation in March recorded 10.5% YoY up from 8.8% in February, lower than our projected 11.3%. -The recently recorded inflation rates and inflation outlook room for another 100 bps rate hike. Being aware of the costs of high interest rates on the real and fiscal sides at this stage, we believe the CBE will wait and monitor the markets’ reaction to March’s 100 bps hike, before raising borrowing costs once again. The Fed decision in early May and the momentum of Fed t...