Egyptian Central Bank Intervenes To Prevent FX Rout

"In a world in which every central bank is laser-focused on destroying its currency, interventions that serve to stabilize currencies are a fond memory. Yet that is precisely what the Egyptian Central Bank did earlier after it intervened directly in the FX market to support the EGPUSD after it plunged to lows of 0.168. Subsequent to the intervention the pound jumped modestly to 0.1701, which only means that the intervention support level will be promptly taken out in the next four days if not hours."