SGM-FX insights

Governor   GBP has been on a winning streak this week, re-testing 32-month highs versus the US Dollar yesterday. The price level, around the 1.37 mark versus the US Dollar was ultimately rejected once again by markets and GBP sent backing. However, momentum behind the UK pound has not been stalled so much yet as […]

Commodities: the next frontier   Traditionally associated with oil production, Norway is not the location that immediately springs to mind when it comes to the announcement of the discovery and 2023 mining of substantial new reserves of cobalt, copper, zinc, gold and silver. Challengingly, these minerals are not only under the sea and 700kms offshore, […]

The Terminator   Yesterday Arnie Schwarzenegger(a Republican) issued a statement: “Mr President you are terminated.” Whether indeed the Democrats follow through with their promise to impeach Trump(again) and garner enough Republican votes to support that motion, political tensions in the USA remain high, but (so far) the world’s markets have remained calm despite that. As […]

EUR-USD   When the market is almost universally in accord and received wisdom on the USD is being spouted by taxi drivers(yes really, it happened to me only yesterday), it is time to question it. The 5 year high for EUR-USD was 1.2460 on February 3 2018 and on January 6 2021 it briefly went […]

Global Currencies   It was all about the USD again yesterday and once again on the downside: led by the People’s Bank of China which set a new high by setting the official fix for the onshore Renminbi Yuan of a midpoint of 6.4760, the offshore market reached 6.4419-a big move and the biggest for […]

Janus   As classicists among our readers will recall, Janus was the Roman mythological god of the entrance and so January is therefore named for being the doorway into the new year. A long winded way of saying Happy New Year from all of us at SGM-FX! Here’s wishing all of our clients a healthy, […]

Currencies   Following the US moving forward with the long awaited Covid relief package and at a much enhanced $2000 per head, the USD suffered and stood at its 2 ½ year low with EUR and GBP both benefitting. The CFTC reflected bets against the USD was at a 3 month high of $26.6 Billion […]

GBP Market   Yesterday’s GBP performance was based on the nailed on certainty of a UK-EU deal being concluded imminently. By late last night that euphoria had leeched away to be replaced by a more jittery feeling. Result? GBP off  almost 1% across the board. Where it has opened up this morning. The sense remains […]

GBP   With the UK Prime Minister warning his ministers that there is a strong chance of NoDeal and an hour later the German Ambassador to the EU announcing that there is the chance of a EU-UK trade deal by the end of the week (this week for the avoidance of doubt) it is hardly […]

Extra Mile: EU-UK   With no sense of discernible irony, Ursula Von der Leyden and Boris Johnson issued a joint statement on Sunday morning saying that while there was a long way to go, they felt it right to continue the Brexit trade terms talks and go “the extra mile.” While the British PM is […]

GBP   With a range v USD of more than 1.5 cents, GBP was skittish on the back of hopes and fears with little in the way of encouragement on progress with the ongoing Brexit negotiations. The end of the weekend ie before trading starts in Asian markets on Sunday night is now the new […]

GBP   Expect GBP to have a difficult day as markets absorb the latest in the saga of 4 years plus of negotiations which increasingly looks like no deal being struck. With negotiations being moved to Brussels it does not bode well for the result that markets had not only been hoping for but expecting […]