Despite having one of the largest EU unemployment numbers at 3.3million, Spain is continuing to post the highest growth rate in the EU at 2.5%. Next year Spanish growth is forecast to be 2.2% far ahead of the rest of the other largest countries -France, Germany and Italy in the Eurozone. Ole ole! Olé, Olé, Olé!
Commodities: Gold at $1310, WTI Oil at $59.98,
Currencies: With global interest rates having moved sharply lower following the Fed’s announcement on no rate rises this week, expectations are now for lower interest rates in the next two years than previously envisaged. Currency markets calm this morning despite GBP volatility overnight. EUR flat , USD 0.2% lower and GBP up 0.3%.
Equities: FTSE 7355, Dow 25,962.
I0 year Govt Yields: US 2.52, Germany 0.04, UK 1.06, France 0.40, Italy 2.46, Japan -0.07. All 10yr Govt yields on lows.
Last week Mike Love of the Beach Boys celebrated his 78th birthday and here’s part of California Girls from 1965- honestly you had to be there…but if you were, the chances are that you will not remember!
California girls
We’re unforgettable
Daisy dukes
Bikinis on top
Sun-kissed skin
So hot
We’ll melt your popsicle
Ooh oh ooh
Ooh oh ooh
Discussion and Analysis by Humphrey Percy, Chairman and Founder
US Dollar With the US Election just over 6 months away it is time to think about the implications for USD with a new President. In case you have missed it Trump plans In the event he wins to devalue USD to boost US exports as part of his MAGA philosophy. As we know ex […]
Japanese Yen With JPY at a new 34 year low versus EUR, the market is set for an ambush by the Bank of Japan if it acts today at the end of their Policy Meeting to support the Yen. The reason that the market is susceptible is because it has convinced itself that the BoJ […]
Too soon to call USD lower Those following the US Dollar’s performance in the markets would have noted a recent downturn accelerating as this week has progressed. There have been two factors driving this sell-off but it is far from certain that either may endure long enough to push the Dollar index back to its […]