A Tale of Two Cities
Very early yesterday morning Lloyds Bank of the UK released the results of its Business Confidence Survey and it is fair to say it was more Bah Humbug than full of seasonal cheer since it showed the largest monthly fall since August 2022 down from 42 to 35. Meanwhile the USA’s Conference Board released their Consumer Confidence data which showed that for the third consecutive month and at its highest level since July thanks to a strong job market and the overall US business climate, the US is open for business and confident.
GBP/USD 1.2630.
Swipe Right
For the man or woman who has (nearly) everything, just popped up in the Christmas stocking stakes in case you are looking for that certain last minute something, is the offer from Tinder of a premium subscription costing a reassuringly expensive USD 499 or GBP395 a month. That will open a world of opportunities to a subscriber giving them more prominent placement which will be seen by “its most sought after profiles”. Well, that’s a good start on this the shortest day of 2023..
EUR/USD 1.0950.
Only In Norfolk
In fact it will be 75 miles off the coast of Norfolk, UK that in 3 years by the end of 2027, 2.9 Giga Watts of electricity will be generated by 200 wind turbines and will create 5,000 jobs during the construction phase. What all that adds up to apart from a considerable hazard to Santa when flying his sleigh, is the title once it is commissioned of the new Hornsea wind farm becoming the world’s single largest offshore wind farm.
GBP/EUR 1.1535.
Full English
Clearly with little to do as markets slow down for the Christmas break, Bloomberg has set its army of analysts to examining the move in the ingredients of a Full English/Welsh/Scottish/Irish Cooked Breakfast. Unsurprisingly the ingredients have risen 5.4% overall in the past year with the pork sausage being the big mover up by 14% while mushrooms have only increased in price by 2%. Butter on the other hand has fallen by 8%-it must be all those millennials eschewing full fat butter in favour of lite Margarine.
USD/JPY 142.70.
Material Girl
This day in 2000 Madonna married British film director Guy Ritchie at Skibo Castle, Scotland. It all started so well but the marriage came to an end just less than 8 years later. Great wedding though and it also proves that some weddings are indeed just for Christmas.
Some boys kiss me
Some boys hug me
I think they’re ok
If they don’t give me proper credit
I just walk away
They can beg and they can plead
But they can’t see the light (that’s right)
‘Cause the boy with the cold hard cash
Is always Mister Right
‘Cause we are living in a material world
And I am a material girl
You know that we are living in a material world
And I am a material girl
Some boys romance
Some boys slow dance
That’s all right with me
If they can’t raise my interest then I
Have to let them be
Some boys try and some boys lie but
I don’t let them play (no way)
Only boys who save their pennies
Make my rainy day
‘Cause we’re living in a material world
And I am a material girl
Have a Very Happy Christmas!
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Click Here to Subscribe to the SGM-FX Newsletter
Related Insights
Daily Brief – Rotation out of the US
Humphrey Percy
Mon 14 Apr 2025
Rotation out of the US Quite what that rotation may mean and by how much is exercising the markets and also doubtless the Chair of the Federal Reserve. For the yield on 10 year US Treasury Bonds to move from 3.99% to 4.50% in a week is extraordinary. At the same time, the US Dollar […]
Daily Brief – China
China FX has found some breathing room against the backdrop of a weaker Dollar. As we know, that weaker Dollar is largely created by two factors. Firstly, the Dollar losing its safe haven status and even attracting a risk premium as investors shield themselves from the uncertainty of President Trump’s tariff game. Secondly, again as […]
Daily Brief – UK Employment
Humphrey Percy
Wed 16 Apr 2025
UK Employment At 75.1%, employment for people aged 16-64 looks sort of OK depending on what that really means, but it does not alter the fact that there are currently 1.55 million people who are unemployed, or 4.4% of the potential workforce. Another much more significant number, is that there are currently 9.27 million people […]
