Pound
The choice of currency in evaluating the shares to be sold is considered an obstacle in Egypt's attempt to secure foreign currencies to support the economy, which was harmed by the Russian invasion of Ukraine.
The US dollar price started with a surge recording LE 32, and then decreased to LE 29.67 on Wednesday.
The price of the customs dollar is the price that the Ministry of Finance used to set for the dollar against the pound on a monthly basis.
“The risk of a no deal and no Brexit have both increased and that’s why volatility remains low,” said Colin Asher, a senior economist at Mizuho.
With the plan appearing dead in the water, some traders said they saw a rising chance of Britain leaving the European Union without a transition deal.
Rejection of the deal yet again would likely pave the way for May to be replaced by a eurosceptic Tory, possibly Boris Johnson.
Britain’s deadline for leaving the EU is Oct. 31.
“If firms have got a load of inventories, they are going to be producing less and using less labour.”
Against the dollar, the pound traded flat at $1.3090 and was steady against the euro at 85.48 pence.
The euro has remained in a range of $1.12-$1.16 in 2019 despite a slowdown in the euro zone economy that has prompted new stimulus from the European Central Bank.
May’s deal was voted down for a third time by lawmakers on Friday, sending sterling plunging to below $1.30.
The British parliament’s bid to agree an alternative plan fell short, leaving the Brexit process as deadlocked as ever.
The British currency has swung wildly between $1.30 and $1.33 in chaotic trading over the last 48 hours, but found some support in early London trading around $1.3150.
The British currency edged a quarter of a percent lower to $1.3162 in early trading. Against the euro, it drifted 0.1 percent lower at 86.57 pence.
The pound jumped 0.9 percent to as high as $1.2881 GBP=D3, sending the currency to a five-day high.
The pound lost ground against the dollar and the euro, at one point falling close to 1 percent to the greenback, though it later clawed back some of the losses.
Britain’s ITV News reported late on Tuesday that the two sides had made progress in negotiations over an Irish border backstop, a key hurdle in reaching a Brexit deal.
In early London trading, the euro weakened 0.2 percent to a one-week low against the British currency at 89.73 pence, taking its cumulative losses from the previous session to 1.3 percent.
The pound surged as fears of a ‘hard Brexit’ eased after Michel Barnier signalled an accommodative stance towards London in ongoing talks.
The pound has suffered six straight weeks of losses against the dollar, its worst run since 2014, even though data such as retail sales suggest the UK economy is holding up.
