Morning Brief – Powell; and the virus is gone

Powell; and the virus is gone


Yesterday evening is was the opportunity for the Federal Reserve to share its latest reflections on the US and the global economy in its delivery of its latest monetary policy decision. Federal Reserve Chairman Jay Powell met the expectation for rates to remain on hold at 0.00-0.25% but his comments regarding Coronavirus still undermined the US Dollar. Today is the turn of Christine Lagarde of the ECB who will deliver her Bank’s latest monetary policy decision. An inauspicious start for the President has undermined Euro support in the run up to the announcement. Meanwhile, yesterday’s corporate earnings announcements paint a gloomy picture for the real economy.


The US Dollar had been a relatively high yielding currency before the Coronavirus gripped markets. Over the last decade it has been one of few advanced economies to escape the crisis-era monetary backdrop that it imposed following the Great Recession. This has been one of the reasons for the greenback’s record breaking bull run. In emergency announcements the Federal Reserve slashed borrowing rates and introduced vast repurchase operations across the globe. The policies were adopted to shield the US economy from the downturn of Coronavirus. The spillover welcomed by many in the US economy was to stop the Dollar’s surge. Last night Jay Powel told markets how he expects the shock caused by the health crisis to last for some time. In response the bank said it will continue to adopt drastic measures until it is confident the US economy is back on track to achieve maximum employment and inflation goals. The comments extended the market’s expected duration for USD-devaluing policies and the Dollar took another leg lower.


Today it is the turn of the European Central Bank to publish its monetary policy decision. With tangible fiscal action not forthcoming at the European level it is important that the Bank takes serious action. Lagarde has come under pressure of late with questions of Eurozone breakup and contagion risk even making the agenda of many Euro discussions. Comments early in her tenure that it is not the Bank’s place to control yield spreads in the Eurozone rattled the market and the President would do well to avoid repeating such mistakes. With a tight mandate and overwhelming balance sheet, the market is concerned that Lagarde’s running out of ammunition and is not particularly intimidating wielding the limited policies she has at her disposal. Don’t forget, the Euro has been saved by creativity in the Bank once before.


A busy day for corporate earnings yesterday revealed the impact of Coronavirus on the real economy and businesses. Royal Dutch Shell, the biggest dividend payer in the FTSE100 cut its dividend for the first time since WW2. The company made a relatively small loss overall. There were limited diamonds in the rough from yesterday’s earnings and the glimpse into corporate balance sheets shows the impact global lockdowns are having on commerce.




Discussion and Analysis by Charles Porter

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Morning Brief – Delivery Hero

Delivery Hero


German online takeaway food company Delivery Hero reported almost double delivery orders and revenues in their Quarterly report. This Berlin based company is a good example of what the future for diners and shoppers will likely look like post Lock Down as they already have a well developed electronic sales platform which operates in 44 countries including the Middle East, Asia and Latin America. Trends that Delivery Hero highlighted: increase in new customers who have never used their services before; more older customers; deliveries of both groceries and pharmaceutical products sharply increased; sharp increase in the number of restaurants Delivery hero works with. This is no small business with revenues forecast to be EUR 2.5 Billion in 2020.



HSBC and Santander


Both mirroring the US banks with sharply increased credit loss provisions in their Quarterly releases. HSBC provisioning exacerbated by the Hin Leong, Singapore oil trading company provision highlighted last week where HSBC has a $600 million exposure that looks likely to be written down by more than 80%. PWC have been appointed to administer Hin Leong and no doubt will be receiving a high volume of calls from all the banks including HSBC that have lent Hin Leong a total of $3.8 billion against what transpire to be assets worth in the region of $700 million.



Today is…International Dance day


Celebrated every April 29 globally to celebrate dance with the aim of encouraging participation and education in dance through events and dance festivals. Not in 2020 of course due to (anti)social distancing, but SGM-FX Super Trouper, James replete with his best party shirt (two tone if you are interested) is hosting a virtual dance off from his man cave in Stratford, in edgy East London this evening. Apparently he has loads of happening people joining him on line for an hour’s twerking to their favourite ABBA hits over a virtual cocktail and a twiglet. It defo beats betting on the raindrops running down the windows!


Here is a taste of what’s in store:


Tonight the super trouper lights are gonna find me
Shining like the sun (sup-p-per troup-p-per)
Smiling, having fun (sup-p-per troup-p-per)
Feeling like a number one
Tonight the super trouper beams are gonna blind me
But I won’t feel blue (sup-p-per troup-p-per)




Discussion and Analysis by Humphrey Percy, Chairman and Founder

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Morning Brief – Twin Deficits

Twin Deficits


Until recently the “Twin Deficits” theory was seen as a rather bland and mundane economic theory that had good basis but limited physical evidence. However, the post-millennial explosion of national debt brought with it an appreciation of the importance of the theory to the value of a currency. In particular, the theory teaches us about the resilience of currencies in times of trouble and their propensity to get themselves back on track as conditions worsen. It should therefore be no surprise that it’s front and centre of the FX market’s mind as we look towards policy normalisation post-Coronavirus.


The phenomenon of twin deficits isn’t new: it refers to a scenario in which one nation has a simultaneous deficit in its current account and its fiscal account. In plain English, that means it imports more than it exports and at the public level, it spends more than it receives. The conclusion of both of these domestic deficits is a reliance upon external financing – the country must borrow from abroad. Globalisation has meant that credit networks traverse borders and continents with ease, however, as we are being reminded once again, the picture turns somewhat more gloomy in the presence of an external threat and a global turndown.


In reality therefore the dependency upon external financing created by a nation’s twin deficits impacts their ability to pave their way through a crisis and their capacity to normalise the economy once the worst of it has passed. To make our analysis even more challenging, there will be new joiners to the twin deficit club. Germany for example, having provided exemplary support to its economy during coronavirus through fiscal spending but having operated with a surplus in both its current and fiscal accounts for some time will likely see large increases in its debt burden. Whilst it may maintain its status as a net exporter the composition of its fiscal account will change. There is also the critical consideration of just how much the debt accumulated in the response to the coronavirus enabled a faster normalisation in the economy – something that only time will tell.


Taking into account policy responses and forecast GDP normalisations produced by the IMF we can model which countries are most likely to revitalise their economies without burdening the budget balance. These countries are best exemplified by Japan, Singapore, Hong Kong, South Korea and Malaysia. There are some Eastern European nations that make the cut too including Czechia (Czech Republic) and Hungary. Each of these nations have an independent currency and all but the Japanese Yen find their value predominantly determined by cash flows and economic performance. During times of distress and while the Dollar is still King in foreign exchange markets, these currencies afford good value.




Discussion and Analysis by Charles Porter

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Morning Brief – Marginal Cost of Oil Production

Marginal Cost of Oil Production


It does sound dull and a bit dry(no pun) but while all the furore continues about what it really means for the oil price falling to barrel production below $USD20 or lower, it is worth understanding what the marginal cost of oil production is ie what it costs per country to produce and transport an extra barrel of oil. At the top of the chart is Russia where it costs more than $120 to extract a barrel of oil in the Arctic oilfields. At the other end of the spectrum is Saudi Arabia where the corresponding price is $5. Up there is Canada $105 and the USA where shale oil costs $85. Venezuela is $20 and Qatar $15. In other words the Middle East remains the very cheapest producer of oil and Russia the most expensive.

And at $20 per barrel, this represents at best real pain and at worst oil production beyond the short term being economically non-viable in many countries.



The Spectator


A bulging (electronic) postbag over the weekend following our comment on Friday regarding the 10,000th edition making The Spectator the longest continuous magazine since it’s inauguration in 1828. As some of you have correctly pointed out for which our great thanks, newspapers to rival that record are as follows, with their respective founding dates: Berrow’s Worcester Journal 1690; Stamford Mercury 1712; Gloucester Gazette 1722; Yorkshire Post 1754.



Happy Birthday to Sheena Easton!


Born Sheena Orr in Scotland on this day in 1959, Sheena Easton has had a long and successful career mainly in the USA. Best known for her cover version of Dolly Parton’s Morning Train ( 9-5), Sheena Easton enjoyed consistent plaudits for her career during which she tackled the state of marriage with the same level of dedication having entered into it no less than four times. Divorced for the last time in 2003, Sheena Easton has managed to hang on to most of her loot and is conservatively worth  USD 15 Million today.

Most of your will remember that she sang the title song of the 12th James Bond film, For Your Eyes Only in 1981. Here is a reminder:


For your eyes only, can see me through the night

For your eyes only, I never need to hide
You can see so much in me, so much in me that’s new
I never felt until I looked at you




Discussion and Analysis by Humphrey Percy, Chairman and Founder

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Morning Brief – Dominos Pizzas

Dominos Pizzas


Some good news at least from Dominos Pizzas with a forecast rise of 7% in sales. The company is being cautious despite rises in demand for both home deliveries and also in store sales due to the lockdown, as the future is far from clear for the US economy. However, if one was going to pick a share that should be a winner it would be one of those that already has a well developed supply chain for both stores and home deliveries eg Dominos Pizzas.

Interestingly, at least to us as a foreign exchange company, Dominos still hedges its bets on its forecasts by using the phrase” excluding the impact of foreign exchange”. Read between the lines and this is another example of a huge company that has not hedged its currency receivables and because in this case the strong appreciation of the USD in the past 12 months against currencies where Dominos sell well, they have been caught out. Mamma Mia!



Spectator Magazine


Subscribers like me may already be aware that today marks the 10,000th continuous issue of the weekly that was launched in 1828. This is a first and the Spectator is pleasing this reader at least by marking the event by offering a bottle of gin made by Foxdenton Estate Company, a family-run distillery that normally would sell for £40 at a reasonable £24. A very real case of a gin win.



St George’s Day


Chosen by King Edward lll in 1350 as the patron saint of England, St George was popular with knights and military men due to his bravery in slaying the dragon. The struggle took place on the aptly named Dragon Hill in Uffington, Berkshire. St George’s Day is not only celebrated in England but also among others in Lebanon, Portugal, Russia and Greece -and also Spain.

Celebrations are on hold everywhere of course and SGM-FX’s Compliance Department’s Alberto who hails from the Murcia Region of Spain is thinking about following many of his countrymen in his country’s examples by placing red roses on his balcony. Alternatively Alberto could take heart and just look forward to July 18 2020 when Spain has decided that a second shot at the saints day will happen and they will be celebrating their own delayed St George’s Day.


23 April is of course Shakespeare’s birthday and yesterday was his 456th since he was born in 1564:


Here are some lines from his play Henry V written in 1599:


………………..And you, good yeoman,

Whose limbs were made in England, show us here

The mettle of your pasture; let us swear

That you are worth your breeding; which I doubt not;

For there is none of you so mean and base,

That hath not noble lustre in your eyes.

I see you stand like greyhounds in the slips,

Straining upon the start. The game’s afoot:

Follow your spirit, and upon this charge

Cry ‘God for Harry, England, and Saint George!’


Have a great, sunny and healthy weekend!




Discussion and Analysis by Humphrey Percy, Chairman and Founder

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Morning Brief – Bargain Hunt

Bargain Hunt


You’ll be reassured that this morning’s daily brief is not a homage to the BBC One  day time television program. Whilst I’m sure the retired program has played a significant role in the furlough of many an individual across the UK, its relationship to the foreign exchange market is somewhat more tenuous. Instead I refer to the speculative hunt for value as a more positive risk sentiment across the market and a greater understanding of the nature of Coronavirus facilitate a return to investment. So far the world has provided about $8tn in fiscal stimulus alone to help populations weather the storm of Coronavirus. Those that so far have been perceived as successful in these endeavours are candidates to become prey to speculative acquisition.


The laggards in the response to coronavirus so far have been largely located between longitudes 15° and 31° East. There is cluster of underwhelming fiscal responses in Eastern Europe and Africa. The underwhelming responses in Eastern Europe are largely limited to the countries that make up the Balkan states. With such sturdy support for the global economy across much of the Western World, idle money that previously took harbour in the form of cash is beginning to be allocated to productive use. With valuations stretched immensely by the turmoil of the coronavirus, the efforts can aptly be described as a bargain hunt.


The UK was a candidate for the bargain hunt yesterday. Having seen a corrective sell-off since the middle of this month and with one of the most generous fiscal response plans on the planet behind it, the UK Pound and the assets it underlies are luring some investors. There are some risks that stand in the way of the Pound and a successful bargain hunt. The two most important ones and the ones you must be aware of today involve 1) Brexit and 2) Oil.


Brexit negotiations have been taking place this week on the future relationship between the UK and the EU. The negotiations have been on the punchy stuff – Trade in goods Tuesday-Thursday, followed by trade in services; law enforcement Tuesday to Wednesday morning. If you’re interested you can find the full schedule for the negotiations here. The negotiations have of course started a little late (10:30) and allowed a generous lunch break (13:00-14:30) to accommodate European gastronomie, but the punchy nature of negotiating matter does have the propensity to create severe headlines at the press conference scheduled for tomorrow. If progress can be attested to with the Brexit deadline barrelling down then the Pound’s fortunes will be reversed with a sharp correction higher. If there is a down and out tone then the Pound will continue to trace lower anticipating similar frustration at the next meeting in two weeks’ time.


The oil market excitement this week has also created a short term vulnerability in the Pound. The chaos in the market for front-month WTI oil this week caused volatile flows that were damaging to commodity and oil-exposed currencies. Due to its exposure to North Sea Brent Crude oil, the UK Pound also has a vulnerability and concern for the price of the black commodity. We wait to see whether the erroneous pricing that captured the front-month contract’s expiry that took place in the US this week will also happen to North Sea oil on Thursday next week. There will be bargain hunters out there that want to be first to market and will add Sterling and UK assets to their portfolio based on a dodgy projection of these two events but the lion’s share of acquisitions will take place once the fate of these two risks becomes clearer. Expect a volatile week of trading to dominate the Pound.




Discussion and Analysis by Charles Porter

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Morning Brief – Earth Day

Earth Day


Today is Earth Day when the world joins together to demonstrate support for environmental protection. The first earth day was in 1970 and involved 20 million Americans enjoying some spring sunshine that year. It now involves 192 countries and is the “largest secular holiday” in the world. That means that it is celebrated but it’s not a holiday(!) but it is by any measure now a very big thing and especially so in 2020 the 50th Earth Day to be celebrated. Greta Thunberg has been overtaken by 2020 events and the World Economic Forum in Davos, Switzerland although only just over two months ago really does seem to have taken place in a different era.



USD and Oil Currencies


Needless to say, the Norwegian Kronor (NKR) the Canadian Dollar(CAD) the Mexican Peso (MXN)and the Russian Ruble(RUB) have all depreciated sharply versus USD in the wake of the big moves in oil prices at the beginning of this week. Interestingly the Saudi Riyal (SAR) although volatile is little changed versus USD due to the market’s perception that Saudi Arabia with its unique socio economic and political regime is much better placed to absorb the current dislocation in the oil market. West Texas intermediate Oil (WTI) increased by an astonishing $47 in yesterday’s trading session to……$10. The Dow did not enjoy this despite the recovery from the previous day and closed down 600 points at 23018.





News out last night that Germany has called time on this year’s big beer festival in Munich. Our man at the bar, SGM-FX’s Euan was so looking forward to getting a round in by giving those lederhosen another outing this October and looked quite cast down at this morning’s on screen Team meeting.

Never mind, his Mum has given him some gardening to do and with decent weather promised in Kent this weekend, not only those knees but the leather shorts are going to be out on display.

Phew- luckily with the lockdown that corner of the Garden of England will be oblivious to that particular sight, apart from maybe for the odd unlucky passing rambler.

Never mind lock down, more a case of lock out than lock in!




Discussion and Analysis by Humphrey Percy, Chairman and Founder

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Morning Brief – Chill Pill

Chill Pill


Yesterday evening, following the close of the European trading session, I watched the price of oil in the United States completely collapse. The sell-off had been gathering momentum through the day. The most common instrument to measure the price of oil in the United States had opened yesterday’s trading day at $18 a barrel. At around 5pm London time, this instrument had reached $10 per barrel and, just after 7pm London time, it was quite literally worthless. There was a light volume in oil trade at these levels, however the price was recorded on the exchange in excess of -$40 per barrel. This is the first time oil prices had gone so low and turned negative in history despite wars and turmoil in major oil exporting regions. This morning there has been a lot of, how shall we put it, less-than-useful analysis so, let’s look at why the move took place, what it really means, and ask, does it matter for the foreign exchange market?


If you purchased a barrel of oil in the United States last night you would not only have received your barrel of oil but you would also have been paid a rather handsome sum of cash to take it. That’s a disturbing yet incredible state of affairs – if this was common place global trade would grind to a halt and the supply of energy across the globe be almost entirely unpredictable and therefore unpalatable. However, the dramatic shift was largely due to idiosyncrasies in the oil/futures market within which the commodity is traded and the specific nature of the instrument itself.


The ‘price’ in a market is nothing more than the last price or ratio at which a certain asset was exchanged with another one. In foreign exchange markets it is the ratio at which one currency last traded at against another; in equities it is the ratio of 1 unit of stock versus the applicable fiat currency; in commodities, including oil, it is the ratio of 1 unit of good in relation to the currency that facilitates its exchange. In Europe we hear about Brent Crude whenever the price of oil is mentioned. This is the global benchmark but strictly speaking it only demonstrates the price paid for oil from or traded within the North Sea. It is largely convention that keeps Brent Crude as the international benchmark but a sophisticated market has built up around it justifying its existence. The price of oil half way across the world is of little relevance to a buyer or seller of oil in the United States. They therefore have their own prices and own trading venues because geographic dislocation, differences in quality and domestic economic circumstances may all change what buyers are willing to pay and sellers are willing to receive for largely the same commodity.


The United States’ “West Texas Intermediate” (WTI) oil benchmark has one important characteristic. It is oil that largely comes from the Permian Basin but represents oil traded and settled in Cushing, Oklahoma – right slap bang in the middle of the United States. Sure, the oil can travel via pipeline to the Gulf of Mexico where it might be refined or perhaps to the Midwest but it is by its definition a land-based instrument, unlike the floating Brent Crude benchmark. It therefore involves storage and transportation costs that are unbelievably high at the moment due to a flood of demand to hold dirt-cheap oil until the price stabilises and it can be sold for reasonable profit.


The nature of this specific oil instrument in comparison with one other fact explains how the ‘price of oil’ turned negative last night. Oil is traded on futures contracts meaning there is one date each month, referred to as the expiry date, which dictates when trade must stop and completion of the deliverable contract must begin to take place. WTI had its ‘front-month’, the soonest traded and most highly referred to contract, expire yesterday. Therefore any oil traded had to be taken for immediately delivery offering speculators and those hedging their exposure no value and immense risk by taking on the contract as buying it now represented a commitment to take delivery of any oil purchased within a number of days. With no room at the inn to store the oil and no appetite to consume the oil’s by-products, the price collapsed and sellers were therefore willing pay buyers to take the bulky commodity off of their hands whilst the still could.


There are two important conclusions that we can draw from this 1) the oil market is saturated in the near term and the world simply doesn’t need any more oil-derived fuel products than it already has over the next month. 2) the stress in global markets created by coronavirus is still present in the near term. And what does that all mean? Well, not much! It’s far from deserving of the bold yellow line on the front cover of the FT this morning or the Bloomberg headlines decrying a flash crash in the price of oil before recovery today. They’re talking about irrelevant or even two different instruments! I can easily claim a near-100% depreciation in the value of a US Dollar if one minute I measure it versus Japanese Yen and the next against the Euro! So what are the implications for the foreign exchange market?


As you have derived by now whilst amazing to watch the panic ensuing in markets last night it was limited to a very small but publicised arena of the oil market. It did continue to function and the move into negative prices was evidence of this as the ratio switched around to facilitate the exchange of Crude traded under specific constrains. The only real implication for foreign exchange markets will be what the Donald makes of this shake up. Due to the threat to the US Shale industry he was quick to react to the fall out between Russia and the Kingdom of Saudi Arabia. Increases in volatility and even normalisation caused by the President increasing this pressure will have real importance. For now though, the price of the global commodity when considered reasonably is almost entirely unchanged from its crash last month and market conditions remain the same this morning.




Discussion and Analysis by Charles Porter

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Morning Brief – Hin Leong Trading Pte, Singapore

Hin Leong Trading Pte, Singapore


This oil trader has notched up losses of a magnitude which are still unclear despite having declared profits of SGD 78.3M which is just over USD50M up until October 2019.

Founder and Director O.K. Lim “instructed the company”-no not sure how that works either- to suppress the trading losses including a recent SGD 800M futures trading loss.

23 banks are owed SGD 3.85 Billion or USD 2.7Billion and have asked for a moratorium for 6 months while the true financial position of the company is established. Unknown losses of this type and likely size will have a wide reaching knock on ripple effect across Asia and beyond.



Gold and Swiss Francs


Traditional wisdom (what’s that these days?!) stipulates that when the world faces a crisis whether economic or military, traditional and fearful newbie investors buy gold and Swiss Francs (CHF). Looking at the 10 year chart the last time gold was at these levels was in September 2001 when it peaked at $1896. Currently gold is at $1689 which sharp eyed conspiracy theorists will point to triumphantly as “evidence” that it means something -because the numbers are the same, albeit transposed.

What it “means” I beg to differ is as follows: apart from nothing, clearheaded market practitioners will realise that gold would be much higher save for one pertinent factor: dearth of buyers. The reason for that is that India which is the second highest single buyer of gold after China, normally consumes almost 700 tonnes of global production annually. This year that amount of Indian consumption will be less than halved as weddings and festivals have been shelved. So while gold will remain high by recent standards, it is unlikely to increase by more than 10% from current levels.

Now for the CHF: currently USD 1 buys approximately CHF 0.97. In the past 10 years CHF has spiked to a high of CHF 0.72 exactly 10 years ago in April 2010 and to a second high of CHF 0.87 in January 2015. Other than that CHF has traded in a range of CHF 1.03 to CHF 0.93. Not because of the Swiss Government’s assertion last week that the Swiss economy will out perform the rest of Europe(!), but rather more that both chartists and historians will look to buy CHF as a defensive store of value in uncertain times, will likely see the CHF strengthen in the next few months.



John Illsley (Dire Straits band founder and bassist 1977-1995)


Alive and well before you start worrying and a sprightly 70 years. Improbably he appeared in an otherwise dull but scenically fabulous (especially in current circumstances) Rick Stein in France episode screened on Friday night on BBC. Here is part of one of Dire Straits’ finest songs from the 1982 album of the same name:


Love Over Gold

Dire Straits


You walk out on the high wire
You’re a dancer on thin ice
Pay no heed to the danger
And less to advice
Your footsteps are forbidden
But with a knowledge of your sin
You throw your love to all the strangers
And the caution to the wind

And you go dancing through doorways
Just to see what you will find
Leaving nothing to interfere
With the crazy balance of your mind
And when you finally reappear
At the place where you came in
You’ve thrown your love to all the…




Discussion and Analysis by Humphrey Percy, Chairman and Founder

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Skyscraper view

Morning Brief – Turkish Lira

Turkish Lira


Exactly one year ago USD versus Turkish Lira (TRY) was 5.79 and today it is 6.90, a depreciation of over 19%. Looking at forward pricing and listening to market chat, the expectation is that the Turkish Central Bank will shortly have to concede and let the TRY find a new lower level. What that means is that TRY and Turkish holidays are set to become a whole lot cheaper …of course for when we can all start travelling again.



European Dashboard Indicators


The first flashing alert is that there is now a differential of 2.2% between German and Italian government bond yields. The second is that Italian bonds yielding 1.8% have given back half of the positive reaction to what appeared at first sight to be a co-ordinated European response. The third and this is the one that is flashing red is that there is a growing market perception that the main indebted economies of Europe: Portugal, Italy, Greece and Spain or the less than charmingly named PIGS are looking increasingly on their own in the eyes of the bond market.



Phnom Penh and the Khmer Rouge


45 years ago today Phnom Penh the capital of the Khmer Republic fell and the Khmer Rouge established the Democratic Republic of Cambodia a few months later. Despite 17-4-75 marking the end of the Cambodian Civil War, this ushered in an even darker period for Cambodia and neighbouring Laos.For those who have visited this beautiful corner of South East Asia in more recent years, it is hard to imagine that era of terror and genocide. For those who have not yet had that privilege, you should take USD and for each USD you will be able to buy almost 4,000 Cambodian Riels. Definitely one for the destination list once travel restrictions are lifted.



Last but not least….Happy Birthday Posh!


Yes it is Victoria Beckham’s birthday today and the girl definitely done good with an estimated net worth of GBP 100 Million. Her first single Out of Your Mind went to Number 2 in the UK charts in 2000 but those lyrics obviously did not hold her up. So far at least, long suffering investors in her fashion label launched in 2008 will identify with the title but certainly not the last line below.

Here is a sample from Out of Your Mind:


Who do you think you are
Telling me I’ve gone too far
You must be out of your mind
Telling your friends I was bugging you
That you weren’t playing true
Slipping out of your mind
Open your eyes
Boy you trouble me
Expensive lies
But you’re playing for free




Discussion and Analysis by Humphrey Percy, Chairman and Founder

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