The dollar to its highest level in the "14 years"

The dollar to its highest level in the "14 years"



20-12-2016 12:22 PM


East News -

London, Cairo - Reuters

The dollar approached its highest level in 14 years yesterday, after expectations that the fiscal expansion plans US President - elect Donald Trump implementation will raise inflation and will raise interest rates at a faster pace.

The dollar rose to its highest level since January (January 2003) in front of a basket of currencies last week, and came close to equal value with the euro after the Federal Reserve hint to the possibility of raising interest rates by as much as three times next year. But the dollar index fell slightly last weekend, scored yesterday 102.88, down about 0.7 percent from the peak recorded last week at 103.56, with profit - taking investors and reduce the large currency bets with the start of Christmas vacation by two weeks stretch, which means a lack of liquidity.

The dollar fell against the yen 0.9 percent before rising to 117.27 yen, after the yen received support from data showed that Japanese exports performing strongly improved over last November.

He scored the pound fall sharply and quickly against the dollar in Egyptian banks yesterday, with heightened demand for hard currency from importers and foreign companies. And changed banks «Egypt» and «civil» and «Cairo» prices of dollar - buying in one second from 18.15 pounds to 18.75 pounds. Tracked the rest of the banks , the impact of government banks to raise the purchase prices to the price reached 18.91 pounds to the dollar in some of them.

And sells all of «Bank of Egypt» and «National Bank» dollar at 18.95 pounds, the two largest banks working in the Egyptian market, and playing the role of a market maker in the currency November 3 since (last November) , when Egypt abandoned pegging the pound to the dollar, in a measure designed to attract capital inflows and to eliminate the black market that almost solved banks Mahal. The total dollar selling in a number of banks , the price of 19.20 pounds yesterday.

A banker in the Treasury sector in a private bank, told «Reuters»: «There are requests to buy at any price, especially in the banks that have foreign clients, to convert their profits abroad before the holiday season, so it was a big jump in price now».

Gold rose yesterday with the decline in European stocks, but expectations of tighter US monetary policy limited the gains. Gold climbed in the spot trading 0.4 percent to $ 1137.93 an ounce, also increased in the US futures contracts of $ 3.60 to $ 1.141. The price of silver fell 0.3 percent to $ 16.04, platinum and 1.3 percent to $ 918.40, and palladium 2.1 percent to $ 680.40.

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