3rd row currencies could be falling like flies if the Fed continues sucking the Eurodollar market desert dry! Poor people over there, what a shitshow.

Credit for the wording in the title goes to Lyn Alden:

Egypt had another stepwise devaluation of its currency, resulting in a ~7% decline relative to the dollar today.

https://i.postimg.cc/HkdkGH06/image.png

https://twitter.com/LynAldenContact/status/1610667404899622916 [Nitter]

This is a good thread:

The FT has reported that Egypt was rationing fx even after it signed an agreement with the IMF -- with imports stuck in the port because of a lack of hard currency to make payments ...

https://ft.com/content/b5d45d6d-4b69-4fe1-89d5-36d1a591b32d [Arcive]

https://twitter.com/Brad_Setser/status/1610673516839374849 [Nitter]