Egypt Strikes Widen – End of Mubarak Regime Closer

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Workers in various Egyptian cities are on strike. When industry, newspapers and labor at the Suez canal come to a halt, Egyptian military strongmen might indeed find only one way to restore order – overthrow Hosni Mubarak and listen to the masses.

The reports about strikes and protests of workers are intensifying: Railway technicians in Bani Suweif, public transportation workers in Cairo, workers in the ministry of petroleum (no impact yet on oil prices), journalists at Al-Ahram (state newspaper), 2,000 workers from the Sigma pharmaceutical company in the city of Quesna, telecommunication and Suez canal workers and lots more are reported all the time.

Another senior TV anchor walked out – Soha al-Naqqash Also Quits Egyptian Nile. She joins Shahrira Amin.

More signs of concessions are heard – there are unconfirmed reports that the current Egyptian regime is willing to amend critical clauses in the Egyptian constitution – articles which determine who can run for president and parliament, as well excessive powers for the ruling party. Clause numbers are: 76, 77, 88, 93, 179 and 189.

Where will Mubarak go? There are talks that the Egyptian president will be on medical leave in Germany, or escape to Montenegro or Bahrain.

The news from Egypt still didn’t reach currency markets – EUR/USD and GBP/USD are on the rise. The dollar, yen and Swiss franc usually rise on geo-political turmoil, while the euro, pound, Aussie, kiwi and loonie fall.

On Friday, February 11th, a huge demonstration will be held, labeled “Friday of Martyrs” (or Shaheed)- a public funeral for (at least) 300 Egyptians that were killed during the protests. This could be the crucial moment. Maybe the “day of departure” will move to this Friday…

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.