What we’re tracking on 30 October, 2016
‘Tis the night before Halloween and, still recovering from our resident nine-year-old’s weekend social schedule, these are the things we’re tracking this week:
The EGP is allegedly at 17 to the greenback on the parallel market. We say “allegedly” because you can’t buy at that price. Our take: The FX dealers continue to ratchet-up pressure on the government to include them at the table — or at least leave them market share. We have more on that in Speed Round, below.
Also in Speed Round: The IMF let slip last Thursday that it will probably be a stepwise devaluation, and Christine Lagarde expects executive board approval in the “next few weeks.” The IMF executive board is expected to meet in November to review Egypt’s request for a USD 12 bn extended fund facility. The IMF’s website lists meetings only seven days in advance. The next gatherings are slated for: 31 October (to talk about Brazil), 4 November (Bulgaria), and 7 November (Moldova, Sweden). We’re keeping our eye on this page.
The Emirates NBD / Markit PMI is out this Thursday. Don’t expect it to break the yearlong trend.
The new MacBooks Pro have been unveiled, and we iSheep are bleating this morning over the dent they’ll make in our pocket book. By the time they arrive in Egypt, we’ll be looking at USD 1 = EGP 35k. They’re thinner, faster, have longer-lasting batteries, a MacBook-like keyboard and come with a Touch Bar as well as TouchID. Apple’s propaganda page is here. H/t José Maria.
The US presidential election is a week from Tuesday, and Donald Trump was again narrowing Hillary Clinton’s lead in a national poll to 2 points — before the FBI’s announcement that it was re-opening its investigation into Clinton’s emails. The Clinton campaign is going to the mattresses on this, and Politico offers sane looks at whether the review will dent Clinton’s poll numbers. Either way, the consensus is that she can “no longer coast to the win.”