Big news this week has been the fallback in oil prices to WTI at $61. All eyes in the US and globally on the tea leaves following the Fed’s remarks this week and of course the forthcoming employment data. Bank of England upbeat about UK employment and Governor Carney said yesterday that once Brexit resolved(sic) rates may rise faster than anticipated thereby skirting around the uncomfortable fact that the BoE has been consistent-that is consistent to date in overstating the economic downturn following the EU Referendum 3 years ago.
Â
The Role of Belgium in Europe – hold the front page!
This is, we stress, not a Jeremy Clarkson type diatribe (!) on Belgium’s role other than that of hosting the European parliament, Charles Michel the Belgian PM is setting out his stall as the bridge or le pont between Germany and France plus if that was not enough, positioning Belgian as the EU member that calls for a common European vision to counter populism. On top of that Belgium advocates peer group reviews for each country to evaluate the other EU members for their respect of the rule of law for the rights of their citizens and the health of their democracies. Phew! Does one detect a whiff of management consultants par excellence McKinsey?!Â
Call in their most famous export, Hercule Poirot tout de suite!
Â
Â
Â
Blame it on Brexit journalism suggests that fewer Brits are going abroad this year. Top foreign holiday destinations remain:
1.Spain
2. Turkey
3. Greece
4. USA
5. Cyprus
Heady excitement from the lady on the counter that the sales of Egyptian Pounds through the Post Office have increased 687% in the past year. From a low base and still a small slice of the tourism pie however…..
Walk like an Egyptian….
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Click Here to Subscribe to the SGM-FX Newsletter
Related Insights
Morning Brief – European Central Banks
Humphrey Percy
Fri 15 Sep 2023
European Central Banks Going in to the final few hours before the ECB announcement and press conference on interest rates, the expectation was for a rise of 25BPs to 4% which is the highest level since the inception of the EUR in 1999. The market was poised to send the EUR lower whether the decision […]
Morning Brief – EURUSD lifeline?
Charles Porter
Tue 12 Sep 2023
EURUSD lifeline? Contrary to where market consensus would have read EURUSD at the start of the year, the currency pair has failed to find support as it grinds ever lower. The recent peak of 1.12 was short lived and largely macroeconomic factors have swiftly and confidently forced the Euro-Dollar currency pair to retreat. The causality […]
Morning Brief – Buoyant vessels
Charles Porter
Tue 5 Sep 2023
Buoyant vessels If loose lips sink ships, then the monetary policy institutions of the European Central Bank, Bank of England and Federal Reserve should be firmly afloat. Despite the President of the ECB speaking yesterday in London, there are still very few clues available about what lies in store for the European monetary authority’s September […]
