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Near term outlook for African bonds is gloomy as inflation pressures build

Oil prices have gapped sharply lower this morning as commodities in general have taken a battering from growing recession concerns. Egypt’s GDP growth rate slowed to 0.8% q/q in Q1 from 4.6% q/q in Q4, reflecting the impact of the war in Ukraine, whi...
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 1 July 2022

Relative bond attractiveness in focus, bond outflows weigh on Egyptian pound

It appears that bond markets are pricing in major central bankers slowly winning the fight against inflation and inflation expectations. Democratic Republic of Congo: The World Bank has approved $750mn in funding for the DRC, including its first dire...
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 30 June 2022

Africa is pioneering the adoption of digital currencies

Some caution is evident in the markets this morning through the Asian session, with US Treasuries climbing alongside JGBs as equities struggle for traction. Access to reliable and affordable digital infrastructure remains a challenge for many countri...
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 28 June 2022

Current account dynamics are playing a key role in African currency movements

Current account dynamics are more important than ever for African currency traders. The opposite also holds true. The Russia-Ukraine war has resulted in global trade decelerations and rising commodity prices, all of which affect countries in the regi...
ETM Analytics Alexa
Alexa Archibald @ ETM Analytics 22 June 2022

Bank of Botswana tightens, African FX to remain vulnerable

The USD plunged on Thursday as central banks in Europe ramped up their monetary policy tightening, narrowing the interest rate differential between major European economies and the US. According to Achi, international donors including the World Bank,...
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 17 June 2022

African Eurobond yields are above peak-2020 levels

The USD has continued to edge lower this morning as markets digest the Fed’s 75bps rate hike and the forward guidance provided by Powell in the press conference accompanying the rate decision. The May reading surpassed consensus expectations of a ris...
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 16 June 2022