Pre-Trading Thoughts

We expect CBE to maintain interest rates at its meeting today in light of the preceding interest rate raises taken in December and March (+500 bps) to attempt to control the then expected rise in inflation. In addition, raising interest rates will be closely tied to the movement in the official exchange rate, which is not expected to happen before 4Q23. Oil cartel OPEC+ is expected to leave output at current levels when it meets tomorrow, according to Reuters. Egyptian Tra...