Daily Brief – Greek Water

Greek Water

Greek PM Mitsotakis is taking action on Greece’s problem of widespread water shortages brought on by climate change and increasing demand for what is an increasingly scarce water supply exacerbated by drought. A 5 pronged nationwide plan to tackle the crisis which has evidenced itself with forest fires and arid landscapes is being unveiled. Desalination plants and technological solutions to better manage water are being deployed. Greece is the 19th most affected nation from water shortages globally. The plan which is of 30 years duration is a firm rebuff to those who accuse politicos of cynical expediency and short term thinking.

GBP/USD 1.3438.

AI 

The AI arms race is bringing a whole raft of statistics to the fore this week in Shanghai China at the World AI Conference. 300,000 attendees are expected to pass through the colossal AI exhibition halls to mingle and listen to the top Chinese AI talent. China has spent USD 4.5 billion on semi conductors and AI related kit in June alone which is up 12% from June 2024.

EUR/USD 1.1742.

POTUS

While the dream of his own golf course Turnberry, Scotland hosting the British Open remains just that, a dream, President Trump played a round of golf there on Saturday and apart from teeing himself up for talks with UK PM Sir Keir, POTUS also scheduled a meeting with EU Commission President, Ursula Von der Leyen who flew in for talks catchily entitled Transatlantic Trade Relations. Suitably vague, those talks of course will be all about sealing the deal between the USA and the EU on tariffs given Friday’s fast approaching deadline.

EUR/JPY 172.15.

UK Holidaymakers

With most foreign holidays for Brits being taken in Europe and more specifically the EU, the soggy state of Sterling is causing endless column inches to be written about what GBP/EUR at 1.1470 means for a family of four on holiday in Spain. Needless to say, the tourist rate is a miserly 1.12 or worse in many instances such as London Gatwick South or indeed at most airport bureaux de change. SGM-FX does not, of course, offer cash currency services but that does not prevent us suggesting that readers changing their hard earned Sterling would do better to go on line and look for at one of the bureaux de change which will both offer a better cash exchange rate and also post it to their homes. Much better than leaving it to the last minute at the airport.

GBP/CHF 1.07.

I Don’t Like Mondays

This day in 1979 the Boomtown Rats led by that now silver haired old charmer Bob Geldof had their second number one single with this number. The song was based on the story of a 16 year old Californian girl who went on a shockingly violent shooting spree and her excuse for the 2 adult murders and wounding of 8 children was that she did not like Mondays.

The silicon chip inside her head
Gets switched to overload
And nobody’s gonna go to school today
She’s going to make them stay at home
And daddy doesn’t understand it
He always said she was as good as gold
And he can see no reason
‘Cause there are no reasons
What reason do you need to be sure

Oh, oh, oh tell me why
I don’t like Mondays

Tell me why
I don’t like Mondays

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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