SGM-FX insights

Derek Tullett RIP   One of the architects of the modern money and FX markets both in London and worldwide, Derek Tullett founder of Tullett and Tokyo passed away on Sunday at the age of 87. A hugely capable broker who was renowned for his machine gun spoken delivery of forward Cable pricing at the […]

Warning or Inevitability?   Yesterday almost every financial news channel out there was covering the Nasdaq Composite stock index. They were sharing headlines that versus its all-time high reached in November, the index had fallen 10%. 10%, but more commonly 20 and 25% after that, are seen as significant retracements in markets that could signal […]

US Markets   While the US unemployment rate falling from 4.3% to 3.9% was a boost, the new jobs figure released on Friday of 199,000 was much less than the 450,000 forecast. Record numbers are quitting their jobs in the USA in a wave dubbed “The Great Resignation” choosing quality of life and WFH. Let’s […]

US Federal Reserve   So it looks now as if the Fed will raise US rates in March-the market has ascribed a 70% probability to them doing that. That sent the 10 Year US Treasury Bond yield to 1.76%-the highest for 2 years. Tight labour markets despite there being 3 million fewer jobs than at […]

USDJPY   The value of the US Dollar rose sharply against the Japanese Yen in 2021. The broad and sustained rally saw the Japanese Yen lose approximately 12% versus the greenback last year. The sell off was significant enough to not only reverse the gains made in 2020, but to push USDJPY to five-year highs. […]

Covid-22   Happy New Year to you all and very best wishes from all at SGM-FX for the year ahead. As liquidity and volume return to the markets following the festive period the true impact of the events and themes presented in the real economy last year should begin to play out. For example, the […]

Markets Round Up   On this the last day of the year, here is a quick look at the key market indicators that are signposting the way into 2022:   10 Year US Treasury yields 1.50% Oil-WTI-$76.02 on hopes that the virus will not hospitalise the numbers feared Gold-$1817 FTSE at 7403-80 points below the […]

Fragility   As the year draws to a close, the anniversary of Biden’s time in office also draws ever closer. Partisan politics will likely define your view on the relative success/failure of this term. In fact, there is significant momentum behind voices against incumbent leaders/parties on both sides of the Atlantic, here in the UK […]

Markets   Unsurprisingly there is little to report from over the holiday period, but here is a round up of the key developments in bullet point form for those of you who are interested in what is happening in the world outside the Christmas bubble:   Oil: WTI trading at $73.76 a one month high […]

More bang for Your Baht   Some Thai boxers have taken this adage literally and attempted to smuggle USD 30 million of crystal meth also known as ice from Bangkok to Australia hidden inside Thai made boxing punch bags. While crystal meth is in demand in Australia, (11 tons annual consumption if you are interested) […]

Opportunity and Caution   As well-versed readers, you will all be familiar with the status of the US Dollar as a safehaven. The US Dollar’s appreciation during times of global and even domestic US turmoil are familiar themes and contribute to the framework of understanding FX flows and exchange rate movements. However, at the moment, […]

USD/TRL   A combination of the Turkish government announcing measures to channel domestic buyers back into TRL rather than USD, illiquid markets and confirmation that the lower interest rate policy remains intact meant that seatbelts were mandatory for participants in the Turkish Lira market yesterday which saw the USD/TRL rate start the day at 13.50, […]