SGM-FX insights

EU capital markets As we have written before, for the EUR to become a global reserve currency requires a number of pre-conditions which largely stem from the establishment of an integrated EU Capital Market. Brussels is accused of dragging its feet if not actually being obstructive so the 6 largest countries have banded together to […]

Oil and Inflation Up over 2% yesterday on the hopes of an elusive peace deal seemingly slipping away once again and further tensions and hostilities in the Gulf, oil has had a topsy turvy time having fallen sharply by over 5% at the beginning of the week. The continuing near USD 100 price for Brent […]

Mariannes In addition to gold coins such as South African Krugerrands, Canadian Maple Leafs, and American Gold Eagles, from June 16 you will once again be able to buy French Mariannes. The last time France minted gold coins was mostly in the Napoleonic era and appropriately they were called Napoleons and were issued between 1803 […]

Fujairah  For those readers who are less familiar with the Emirate states that make up the UAE, Fujairah, and Ras Al Khaimah are the less glamorous relations of Dubai and Abu Dhabi with low-cost housing, largely immigrant labour accommodation and heavy industry rather than swanky lifestyle and up market shopping malls. With the new oil […]

EU-USA Trade Deal As we recently wrote, when EU Commission President Ursula Von Der Leyen emerged from her 1-2-1 meeting with President Trump at Turnberry Golf Course last summer, it was all clear: the EU would remove tariffs on US goods and grant preferential access to the EU for all US land and sea produce; […]

My body’s screaming “My body’s screamingCan you hear the sound?”   “Kiss me, take my heart and break it againPlease say that this night will never end”   “Let the night go up in flames till we forget who we are”   “Before we go, before we go home”  And it was eyes never mind […]

US Cost of Living If Americans can tear their eyes away from POTUS’ foreign policy sorties being played out around the world on almost a daily basis on their TV screens, they will be focusing on expressing themselves at the now only 6 months away US Mid Term elections. The factor uppermost in the voters’ minds will […]

Dire Straits A handy ready reckoner for the major straits of the world that see 70% of the global oil trade pass through them: Malacca, Bass, Singapore, Gibraltar, Magellan, Hormuz, Bering, and Bosphorus. It may not add much knowledge to those who have a good grasp of economic geography but it does serve to remind one following the […]

Evens That is the bookies’ betting on PM Starmer being gone by the end of June following the UK Council Elections, which were even worse than had been expected for the Government. Whether that does indeed happen, equity prices are set for greater volatility, gilt yields, and therefore interest rates will likely remain at their […]

UK Local Elections As you read this, the polls will be giving strong indications and pundits will have made themselves hoarse in parsing the results of what has been billed as a seismic set of local elections. With polling closing at 2200hrs last night, while some results are coming in first thing today, most will […]

British Pound Buffeted but at present largely unaffected by the political turbulence building in advance of Thursday’s UK local elections, increased tensions in the Middle East and its fragile economic position, Sterling is remarkably unmoved. The explanation lies in the shift in expectations for UK interest rates from cuts to increases which has buttressed the […]

Brent Oil With oil breaking USD 126 yesterday morning on the back of failed arrangements for peace talks and the likelihood of a resumption of US-Iranian hostilities, the news that the UAE are withdrawing from both OPEC and OPEC+ citing the protection of their own interests might have been expected in more normal times to […]