Pressures Still To Upside

April 2007 | Currency Forecast

We stand by the view we have been expressing for the last several months: the pound will remain stable for the rest of this year, with a slight upside bias (we are forecasting an end-year rate of EGP5.65/US$, from EGP5.69/US$ now). However, the end of official intervention, which could take place towards the end of 2007, would lead to a more rapid appreciation.

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