Core Insights - The surge in precious metal prices is aiding the rebound of several African currencies from earlier weaknesses [1] - The Zambian kwacha has appreciated approximately 8% in June, making it the best-performing currency globally [1] - Other currencies such as the Tanzanian shilling and Nigerian naira have also seen increases of 4% and 3.1% respectively [1] Currency Performance - The significant rise in prices of metals including platinum, palladium, gold, silver, and copper has preceded the appreciation of these currencies [1] - Ghana's currency, the cedi, has shown remarkable performance this year, appreciating over 43% against the US dollar, following a debt default at the end of 2022 [1] - In contrast, many African currencies experienced substantial depreciation last year, exacerbating inflation and leading to a cost-of-living crisis in countries like Nigeria, Ghana, Egypt, and Ethiopia [1] Historical Context - The depreciation of currencies in 2022 varied significantly, with Ghana's currency depreciating by 19% and Ethiopia's by 56% [1]

Election Overview - The parliamentary election in Portugal on the 18th resulted in the center-right Social Democratic Party winning the most seats but failing to secure an absolute majority of 116 seats, making it unable to form a government alone [1] - The far-right "Enough" party achieved a record high vote share, becoming the biggest winner of the election [1] - The election was the third early parliamentary election in Portugal within less than four years, raising questions about the political stability and future governance [1] Rise of the Far-Right Party - The "Enough" party capitalized on widespread voter dissatisfaction regarding issues such as housing shortages, strained public healthcare resources, and frequent corruption scandals [2] - The traditional left-wing Socialist Party, which has been in power since 2015, saw a decline in support due to multiple corruption scandals and a lack of improvement in the living conditions of the populace, leading to a political crisis in 2024 [2] - The rise of the "Enough" party reflects a broader trend of far-right parties gaining traction across Europe, breaking Portugal's previous status as an exception [2] Future Political Landscape - Portugal operates under a parliamentary system with a unicameral legislature consisting of 230 members serving four-year terms [3] - The current political situation remains uncertain, particularly regarding whether President de Sousa will invite Prime Minister Montenegro to form a government [3] - Montenegro has ruled out forming a coalition with the "Enough" party, citing concerns over its reliability and stability, which poses significant governance challenges for any new government [3]

Core Points - The Democratic Union, led by current Prime Minister Montenegro, won the most seats in the Portuguese parliamentary elections but did not achieve the absolute majority required to form a government [1] - The Democratic Union received 32.1% of the votes, translating to 86 seats, while the Socialist Party garnered 23.38% of the votes for 58 seats, and the far-right "Enough" party also received 22.56% of the votes for 58 seats [1] - Key issues during the election included immigration policy, the cost of living crisis, and housing problems, with increasing voter concerns about political stability and economic welfare [1]