Pre-Trading Thoughts

The Federal Reserve hiked interest rates by another 25 bps on Wednesday hinting to the end of its tightening cycle. Fitch Ratings has downgraded Egypt’s sovereign credit rating for the first time since 2013, cutting it to B from B+ with a negative outlook. Egypt’s net foreign reserves inched up to USD 34.55 bn in April from USD 34.45 bn in March. IMF MENA Director: “There is strong collaboration between the Fund’s team and Egyptian authorities,” and “Egypt is serious about having a flexible e...