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EGP definition
EGP is the currency code for the Egyptian pound, the official currency of Egypt. In forex, EGP represents the Egyptian pound when it trades against another currency.
EGP trades mainly against majors such as the US dollar and the euro. In USD/EGP, USD is the base currency and EGP is the quote currency, so the pair shows how many Egyptian pounds buy one US dollar.
EGP exchange rates move on Central Bank of Egypt policy, inflation, interest rates, foreign-currency reserves, tourism revenue, import demand, energy prices, and emerging-market sentiment. As an emerging-market currency, EGP can move sharply when reserves or sentiment shift.
EGP Example
You see USD/EGP = 50.00, so one US dollar equals 50.00 Egyptian pounds.
If USD/EGP rises to 51.00, the US dollar has gained against EGP, or EGP has weakened against the US dollar. If USD/EGP falls to 49.00, EGP has gained against the US dollar.
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