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Egypt pound slips, nears 4-year low vs dollar - Daily News Egypt

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Egypt pound slips, nears 4-year low vs dollar

The Egyptian pound weakened and may slide to 5.70 to the dollar if it breaks the 5.67 resistance mark, a forex trader at an Egyptian bank said. Breaking 5.7025 would take the pound to its weakest level since March 2006. On Tuesday, the pound slipped to 5.6628 to the dollar from 5.6590, tracking euro weakness. …


The Egyptian pound weakened and may slide to 5.70 to the dollar if it breaks the 5.67 resistance mark, a forex trader at an Egyptian bank said.

Breaking 5.7025 would take the pound to its weakest level since March 2006.

On Tuesday, the pound slipped to 5.6628 to the dollar from 5.6590, tracking euro weakness.

"The central bank was rumored to have intervened to support the pound at 5.70 at the time of the (2008) Lehman Brothers crash," the trader said.

Even at that level it may not intervene now because the euro was stronger versus the dollar then, he added.

The central bank does not comment on any intervention.

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https://www.dailynewsegypt.com/2010/06/01/egypt-pound-slips-nears-4-year-low-vs-dollar/
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