Bank of England
As expected UK interest rates were left unchanged following the Monetary Policy Committee’s meeting this week. The message is clear that the Old Lady will not be rushed into making hasty interest rate reduction decisions,and, given that inflation is still at 3.4%, the market sold GBP immediately after the announcement yesterday lunch time in (another well expected by SGM-FX at least) reaction.
GBP/EUR 1.1677.
Ultra High Net Worth individuals
In 2023 the number of individuals who fall into this category rose by 4.2% to 626,619. But what does it take to be an UHNWI? The answer is a net worth of USD 30 million. After a poor 2022 in the wake of the pandemic, rising interest rates and drops in some asset classes plus the energy shock saw USD 10 trillion wiped off the worth of the rich. 2023 has seen increases in the UHNWI membership in the USA and the Middle East but a drop in South America. Europe lags but still accounts for 1% of the total number of the very wealthiest people in the world.
EUR/USD 1.0910.
Happy Nations
As is well known the Nordic countries, Denmark, Sweden and Finland top the league of happiest nations, but it turns out that as polling for the early June EU elections gathers pace, Nordic voters are not so happy with the Green and Liberal parties in those countries. While there is a move towards the Social Democrats in all the countries, there is a splintering trend in the likely result to the extent that Denmark’s 15 seats at the EU look like being divided between 9 parties, Sweden’s will be divided between 8 parties and overall 10 Nordic parties may well end up having just 1 seat.
USD/DKK 6.8305.
World Air Quality Report
It turns out that there are only a small number of countries that meet the toughest test for air quality and they are: New Zealand, Estonia, Iceland, Finland, Mauritius, Australia, Grenada, Puerto Rico, Bermuda and French Polynesia. At the other end of the scale, those countries with the most polluted air quality are Bangladesh, Pakistan, Tajikistan and Burkina Faso. Surprisingly Canada has entered the stakes for the first time being home to North America’s 13 most polluted cities.
GBP/USD 1.2730.
Ozzy Osbourne
OB has won many plaudits and industry awards over his long and eventful musical career mainly during his time in Brummie band Black Sabbath, but the best and perhaps least likely is a Yahoo poll that he topped this day in 2004 as the UK’s favourite choice of ambassador to welcome….. aliens to Earth.
She couldn’t help me with my mind
People think I’m insane because
I Finished with my woman ’cause
am frowning all the time
All day long I think of things
But nothing seems to satisfy
Think I’ll lose my mind
If I don’t find something to pacify
Can you help me
Occupy my brain?
Oh yeah
I need someone to show me
The things in life that I can’t find
I can’t see the things that make
True happiness, I must be blind
Make a joke and I will sigh
And you will laugh and I will cry
Happiness I cannot feel
And love to me is so unreal
And so as you hear these words
Telling you now of my state
I tell you to enjoy life
I wish I could but it’s too late…
Have a Great Weekend!
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Germany The German business climate was slated to rise in July but instead it fell in terms of both current and also future expected business conditions as reflected in the IFO Index made up of manufacturing, services, trade and construction sectors as submitted by 9000 firms. Germans wishing doubtlessly that they could be as strongly […]
UK Energy Apart from announcing that there will be no further North Sea drilling licences issued, newly minted Uk Energy Minister Ed Miliband has wasted no time in greenlighting three huge new solar farms in Lincolnshire, Cambridgeshire and Suffolk. Sufficient to power 400,000 homes with an output of 1.4 GW the solar farms will cover […]
British Pound GBP is currently in fashion: with a record number of long positions and currently at the top of the G7 currency performance charts and after a period of being deeply unfashionable GBP is wanted-in a good way. The reasons for this are diverse: first off is the Bank of England’s caution on cutting […]