The market is expected to send WTI oil up by $5-10 in the wake of the Houthi rebels disrupting Saudi oil supplies amounting to approximately 5% of global oil supplies. What is rattling traders more is the US assertion that the attack in the early hours of Saturday morning was in fact made by Iran. Iran has denied any involvement. If this is not put to bed quickly and or Saudi oil supplies are returned to normal, there is talk of a $100 WTI oil price versus $55 on Friday evening.
GBP Short Sellers: Caught and Short
With both the likelihood of NoDeal Brexit receding and the EU warming to the idea of a further extension plus some mixed but overall positive messages about Northern Ireland, the market took heart on Friday afternoon and those short of GBP ahead of the weekend found themselves facing a very painful Friday: GBP had its best session for a long time. Not even the prospect of the Prime Minister meeting the EU’s Jean-Claude Juncker today could dampen enthusiasm.
Thank you to our friends at Ooba!
Last week saw SGM-FX presenting and participating at the annual Ooba sales force management conference in Sandton, Johannesburg. Ooba has a highly impressive 25% market share of RSA mortgage origination and is celebrating its 20th year in style with impressive across the board growth and profitability figures. SGM-FX is proud to partner with Ooba and looks forward to assisting the Ooba network with foreign ownership property transactions.
Discussion and Analysis by Humphrey Percy, Chairman and Founder
European Interest Rates More momentum on rate cuts in the Eurozone as expectations grew for cuts starting in March and totalling 140bps in 2024. Equally in the UK cuts of 130bps starting in June are being pencilled in to market calendars. What this means is that GBP/EUR is looking more than especially good value at […]
UK With 2 year mortgage rates less than 4% and 5 years at 4.39%, the implication for the housing market which has responded by a modest 0.2% rise, is that rates are soon going to fall and that the UK economy is stabilising. While there will doubtless be setbacks to this rose tinted scenario, for […]
UK Labour market The Bank of England yesterday broke cover to drive the message home that due to the UK’s labour market remaining tight, it was premature to start talking interest rate cuts and it was not just Governor Bailey who was calling for higher for longer interest rates but also his MEPC colleague Jonathan […]