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
Click Here to Subscribe to the SGM-FX Newsletter
Related Insights
Daily Brief – Oil Supply
Humphrey Percy
Mon 16 Jun 2025
Oil Supply With Friday’s rocketing up in the oil price of 12% to $78, the question is whether that is it and we have just seen a re-set or whether this is the first staging post in a much larger increase. That, of course, depends on the unfolding Israel-Iran attacks and whether that conflict spreads […]
Daily Brief – British pound
Humphrey Percy
Fri 13 Jun 2025
British pound Sterling finds itself in the limelight and trading at its recent highs as somewhat improbably a couple of bolder market commentators have suggested the UK will benefit as a result of the disaffection with the USA and the USD at present. Those commentators have obviously not been following the commentary about UK Chancellor […]
Daily Brief – EU Inflation
Humphrey Percy
Wed 4 Jun 2025
EU Inflation Paving the way for a 25bp rate cut tomorrow, EU inflation came in at 1.9% on the back of uncertainty, lack of consumer confidence and people sitting on their cash. So overall good on inflation but a sign of less good things in the EU. As ever, the overall inflation figure had some […]
