Pre-Trading Thoughts

Egypt aims to make its first sovereign sukuk sale as soon as next week. The issuance could be worth up to USD1.5 billion. Demand for USD is unlikely to ease up until Ramadan as traders finish stocking imported essentials. Pressure will also arise in mid-April when dividend repatriation season begins. Bloomberg reported that 12-month non-deliverable forwards eased 1.2% yesterday to 36.025 against the USD. Unemployment dipped to 7.2% in 4Q22, down 0.2 percentage points from the July-September q...