The pound slid in offshore dealing on Thursday, losing 1.7% versus the dollar from the prior close and setting a new low for the day. Bloomberg's compiled data put the intraday bottom at 55.3019/$, and its calculations indicate the currency has dropped 6.4% since the start of October, reflecting steady pressure through most of the month.
That pressure has intensified amid broader regional frictions, with Yemen's Houthis carrying out strikes against Saudi Arabia. Earlier, President Abdel-Fattah El-Sisi said Egypt is ready to do what is needed to protect the Gulf kingdom and requested that parliament authorize the move.
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A 1.7% offshore slide in a day, on top of a 6.4% drop since October began, can filter through to pricing for Egypt-linked assets, from local equities to hard currency bonds via sentiment. The 55.3019/$ intraday mark is a clear level to watch as you track how currency swings may affect exposures tied to the Egyptian pound.
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