European Central Bank
Something for everybody: the ECB as expected left interest rates unchanged but made it clear that cuts will be forthcoming now that inflation is near the target 2% rate. Brushed over is that with growth at near zero, bank lending moribund and the EU economy flat, something has to give.
EUR/USD 1.0720
Japanese Yen
Not since the mid 1990’s has the USD been this strong versus the Japanese Yen. Yesterday’s move was more to do with the strong USD following the Us Consumer Price Inflation data that saw the market adjusting its expectations for a rate cut from a likelihood of an interest rate cut in June from 60% to below 20%.
USD/JPY 153.15
Solar Eclipse Dividend
5 US cities have seen a surge in tourism spending of nearly 30% in the period leading up to this week’s solar eclipse. Syracuse, Buffalo, Austin, Cleveland and Dallas are not cities one would normally associate tourist spending with in any significant way, but it is fair to say that the USA fully embraced the path of totality on Monday.
GBP/USD 1.2545
Cocoa
With cocoa prices at over $10,000 per ton farmers and investors are being drawn back to planting more trees. Take the case of an approaching retirement schoolteacher in Cameroon: instead of putting her savings into the bank, she has bought a 3 hectare or 7.4 acre plot of land and when she retires in 3 years time the annual crop will fund the next stage of Banyuuy Elsie Kinuy’s life. A cash crop.
Rock Around The Clock
70 years ago today, American Rock and Roll musician Bill Haley recorded this song. It only sold 75,000 copies to begin with, but was then featured in the movie Blackboard Jungle a year later which resulted in it going on to sell 60 million copies.
One, two, three o’clock, four o’clock, rock
Five, six, seven o’clock, eight o’clock, rock
Nine, ten, eleven o’clock, twelve o’clock, rock
We’re gonna rock around the clock tonight
Put your glad rags on and join me, hon’
We’ll have some fun when the clock strikes one
We’re gonna rock around the clock tonight
We’re gonna rock, rock, rock, ’til broad daylight
We’re gonna rock, gonna rock, around the clock tonight
When the clock strikes two, three and four
If the band slows down we’ll yell for more
We’re gonna rock around the clock tonight
We’re gonna rock, rock, rock, ’til broad daylight
We’re gonna rock, gonna rock, around the clock tonight
When the chimes ring five, six and seven
We’ll be right in seventh heaven
We’re gonna rock around the clock tonight
We’re gonna rock, rock, rock, ’til broad daylight
We’re gonna rock, gonna rock, around the clock tonight
When it’s eight, nine, ten, eleven too
I’ll be goin’ strong and so will you
We’re gonna rock around the clock tonight
We’re gonna rock, rock, rock, ’til broad daylight
We’re gonna rock, gonna rock, around the clock tonight
When the clock strikes twelve, we’ll cool off then
Start a rockin’ round the clock again
We’re gonna rock around the clock tonight
We’re gonna rock, rock, rock, ’til broad daylight
We’re gonna rock, gonna rock, around the clock tonight…
Discussion and Analysis by Humphrey Percy, Chairman and Founder
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