Morning Brief – Brent Oil

Brent Oil

Having traded in a range of $75-85 for some time conventional wisdom is that despite some supply disruption, the oil market looks benign when it comes to price volatility. However, that supply disruption is not receding and may in fact be increasing as time passes and stocks are run down. Recent drone attacks by Ukraine on Russian refineries is heightening the perception that there may well be further glitches in the oil market. Some are predicting a price spike in the summer. Meanwhile May Brent futures contracts are trading at USD 83.23.

Canadian Dollar

The Loonie or CAD is firm at USD/CAD 1.3470 and is a timely reminder that Canada represents good value over USA when it comes to travel with hotels and restaurant prices markedly cheaper than south of the border. CAD is firm on the back of oil at $79.22 and the clear signal from the Bank of Canada that they will not be rushed into cutting interest rates.

Non tradeable foreign exchange currencies

What do Cuba, Morocco and Tunisia have in common? On the face of it not much that is obvious other than that they are all increasingly popular tourist destinations. All are countries where it is illegal to exchange their currencies outside their borders. So if you are tempted by offers of CUP, MAD or TND before setting off for Havana, Marrakesh or Tunis, remember you might spend your hols inside a small and uncomfortable cell.

Count Binface

Such is the level plumbed in the election for London Mayor that fresh candidate Count Binface who promises to take the rubbish out of the contest and who is standing as an intergalactic space warrior is getting air time. GBP unmoved by all this.
GBP/USD 1.2820.

Total Eclipse of the Heart

This day in 1983 British singer Bonnie Tyler had her only UK Number One hit with this number. It also went to the top of the charts in USA, Canada and Australia and sold 6 million copies so in addition to being a cracking song was also a commercial success.

Turn around.
Every now and then, I get a little bit lonely and you’re never coming ’round.
Turn around.
Every now and then, I get a little bit tired of listening to the sound of my tears.

Turn around.
Every now and then, I get a little bit nervous that the best of all the years have gone by.
Turn around.
Every now and then, I get a little bit terrified and then I see the look in your eyes.

Turn around, bright eyes.
Every now and then, I fall apart.
Turn around, bright eyes.
Every now and then, I fall apart.

Turn around.
Every now and then, I get a little bit restless and I dream of something wild.
Turn around.
Every now and then, I get a little bit helpless and I’m lying like a child in your arms.

Turn around.
Every now and then, I get a little bit angry and I know I’ve got to get out and cry.
Turn around.
Every now and then, I get a little bit terrified,
But then I see the look in your eyes.

Turn around, bright eyes.
Every now and then I fall apart.
Turn around, bright eyes.
Every now and then, I fall apart.

And I need you now tonight
And I need you more than ever.
And if you only hold me tight,
We’ll be holding on forever.
And we’ll only be making it right,
‘Cause we can never be wrong.

Together we can take it to the end of the line.
Your love is like a shadow on me all of the time.
(All of the time.)
I don’t know what to do and I’m always in the dark.
We’re living in a powder keg and giving off sparks.
I really need you tonight.
Forever’s gonna start tonight.
Forever’s gonna start tonight…

Have a Great Weekend!

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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