Pre-Trading Thoughts

Egypt’s annual urban rate of inflation inched up to 36.5% y-o-y in July, from 35.7% in June. On a monthly basis, inflation slowed for the second consecutive month, to 1.9% from 2.1% in June. Core inflation — which strips out volatile items such as food and fuel — dipped to 40.7% y-o-y in July from June’s 41%. Monthly core inflation fell to 1.3% in July from 1.7% in June. In tandem with consensus expectations, S&P Global reported that it is predicting an FX adjustment in Egypt by Sep...