MUFG reports a rebound in oil prices to over $104/b as Iran negotiations stall, while Egypt holds interest rates steady and Turkey liquidates US Treasury holdings to support its currency.
Key Takeaways
- 1.Oil prices rebounded as US-Iran negotiations hit new obstacles, with Brent climbing above USD 104/b due to uncertainty over the Strait of Hormuz.
- 2.Egypt's Central Bank (CBE) maintained interest rates at 19% for deposits and 20% for lending, balancing a slight dip in inflation against rising energy costs.
- 3.Turkey drastically reduced its US Treasury holdings from USD 16bn to USD 1.8bn in March to defend the Lira amid regional instability and 32.4% inflation.
Table of Contents
- COMMODITIES / ENERGY
- MIDDLE EAST – CREDIT TRADING
- MIDDLE EAST – MACRO / MARKETS
- CALENDAR – DATA / EVENTS / MEETINGS
- MARKET INDICATORS
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Authors
Soojin Kim
Securities
Brent CrudeUS TreasuriesQatar 2050sADGB 54sOMAB perp
Themes
Strait of Hormuz DisruptionsCentral Bank Policy ResilienceGeopolitical De-risking of FX Reserves
Regions
Middle EastEgyptTurkeyQatar