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Tunisia Syndicates Call for Biggest Strike Within Public Sector Institutions

Tunisia Syndicates Call for Biggest Strike Within Public Sector Institutions
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Tunisia Syndicates Call for Biggest Strike Within Public Sector Institutions

Tunisia Syndicates Call for Biggest Strike Within Public Sector Institutions

Tunisian General Labor Union continued its series of syndicate meetings held by some of the most prominent public sector institutions, in order to rally the union and popular support to carry out the largest general strike in public sector institutions on October 24.

This step raised fears of repeating the strike, which took place on January 26, 1978, resulting in dozens of casualties and the imprisonment of union leaders during the rule of former President Habib Bourguiba.

President of the Tunisian General Labor Union (UGTT) Noureddine Taboubi held a meeting on Wednesday that included major public sector companies, public transport company, the Tunisian Company of Electricity and Gas, and TunisAir.

These companies are threatened to be privatized due to major financial difficulties and the failure of several plans to restructure them over the past years, which means that thousands of workers must be abandoned and that is precisely rejected by the labor union bodies.

In a meeting held at the headquarters of the labor union with the workers of the public transport company, Taboubi stressed the commitment of union leaders to public sector institutions.

He pointed out before hundreds of trade unionists, who criticized the government, that employees pay about 75 percent of the direct tax, weakening their purchasing power.

He also called for uniting the union rules with the labor union for the success of the public strike, so that public sector institutions remain for all Tunisians.

Meanwhile, Tunisia’s UGTT announced its commitment to the public strike.

It suggested establishing a supreme planning body to deal with the government and end the economic and social crises by controlling new economic strategies, away from traditional references.

On the other hand, Executive Director of the Tunisian Appeal Party Hafez Qayed al-Sibsi and Head of the Free Patriotic Union (FNP) Salim Riahi announced during a press conference on Wednesday a new distribution of leadership positions.

This came following the announcement of the political integration of the two parties.

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Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar hit new multi-month highs against the euro and the pound on Thursday, the first day of 2025 trading, as it built on last year's strong gains on expectations US interest rates will remain high relative to peers.

The euro fell to as low as $1.0314, its lowest since November 2022, down around 0.3% on the day. It is now down nearly 8% since its late September highs above $1.12, one major victim of the dollar's recent surge.

Traders anticipate deep interest rate cuts from the European Central Bank in 2025, with markets pricing in at least four 25 basis point cuts, while not being certain of even two such moves from the US Federal Reserve, Reuters reported.

The dollar was hitting milestones across the board and the pound was last down 0.65% at $1.2443, its lowest since April, with its fall accelerating after it broke through resistance around $1.2475.

"It's more of the same at the start of the new calendar year with the dollar continuing to extend its advances in anticipation of Trump putting in place friendly policies at the start of his term," said Lee Hardman, senior currency analyst at MUFG.

US President-elect Donald Trump's policies are widely expected to not only boost growth but also add to upward price pressure. That will lead to a Fed cautious about cutting rates too much further, in turn underpinning US Treasury yields and boost dollar demand.

A weaker growth outlook outside the US, conflict in the Middle East and the Russia-Ukraine war have also added to demand for the dollar.

The dollar also reversed an early loss on Thursday to climb against the Japanese yen, and was last up 0.17% at 157.26.

It reached a five-month high above 158 yen in late December, potentially putting pressure on the Bank of Japan, which is expected to raise interest rates early this year, but possibly not immediately.

"If dollar/yen were to break above 160 ahead of the next BOJ meeting, that could be a catalyst for the BOJ to hike in January rather than wait until March," said Hardman.

"Though for now markets are leaning towards March after the dovish comments from (governor Kazuo) Ueda at his last press conference."

Even those who are more cautious about sustained dollar strength think it could take a long time to play out.

"The dollar may be vulnerable – but only if the US data confound market expectations that the Fed doesn’t cut rates more than once in the first half of this year, and not by more than 50bp in the whole of 2025," said Kit Juckes chief FX strategist at Societe Generale in a note.

"There's a good chance of that happening, but it seems very unlikely that cracks in US growth will appear early in the year – hence my preference for taking any bearish dollar thoughts with me into hibernation until the weather improves."

China's yuan languished at 14-month lows as worries about the health of the world's second-biggest economy, the prospect of US import tariffs from the Trump administration and sliding local yields weighed on investor sentiment.

Elsewhere, the Swiss franc, another victim of the recent dollar strength, gave back early gains to last trade flat at 0.90755 per dollar.

The Australian and New Zealand dollars, however, managed to break away from two-year lows touched on Tuesday. The Aussie was 0.36% higher at $0.6215 having dropped 9% in 2024, its weakest yearly performance since 2018.

The kiwi rose 0.47% to $0.5614.