The latest decisions by the Central Bank of Egypt (CBE) led to halting the rise of the dollar against the Egyptian pound, as it back-fell to its lowest level in nearly two months, against a numerous major currencies, on Saturday, driven by the issuance of more weak economic data in China, Al-Bawaba Newspaper reported. US dollar was steady against the Egyptian pound, on Saturday, according to the latest official data issued by the CBE at 7.809 pounds to buy, and 7.8266 pounds for sale, and the European euro 8.7328 pounds to buy and 8.7549 for sale. Markets expecting the reserve board to raise interest rates in September, with the continuation of the US economy strong growth, but the latest data released in China data, combined with lower commodity prices, and the US data of weak inflation, are contributing factors that led to the abandonment of most investors for bets on hike next month. Euro rose to its highest level in two months at $ 1.1295, as investors re-buy amid risk of aversion. Often used as a funding currency , borrowed to invest in emerging market currencies that involve greater risks, but yield higher returns. CBE recently announced its intention to take a number of the firm and strict measures against senior traders and speculators on the foreign currency (the US dollar), however until now these measures are yet to be known.
