Another week, another on off threat from President Trump: this time to close the US border with Mexico. No avocadoes is the least of the problems faced by Texas and California which would be hardest hit. The aim is to stem the flow of illegal drugs and immigrants from Mexico but while it may impede the former, it will do little to achieve the latter and in addition will be both complex and very costly. Meanwhile our own SGM-FX “Tex Mex” Charles Porter is polishing up his Spanish and getting ready for those Taco trades.
Sombrero on, Carlos!
German factory orders were poor as signposted yesterday and for good measure German growth forecasts were also cut. Despite this the emerging US China story about successful trade talks was enough to outweigh that poor news and the Dax rose. Asian stock markets are little changed this morning. Oil firm with WTI at $62.14. Currencies flat except for GBP slightly firmer on slightly better mood music on a deal between Westminster’s warring factions. All eyes on this afternoon’s US payroll figures.
It will no doubt be amazing, but for long suffering Londoners this week’s report brings no relief at all on when Crossrail will be opened; the best that they can do is say that the earliest will be in 2020, which is no doubt code for the end of 2020, which is 21 months away from today or 630 days or 1260 journeys or quite enough to get very cross given the money spent, the cutting edge tech and the Bombardier rolling stock.
For all you train spotters including SGM-FX’s Euan, the trains will be 200 metres long with a capacity of 1500 passengers. So that further 21 month delay equates to 1,890,000 passenger journeys. Grrrrrrrr. Calm down, Euan!
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Click Here to Subscribe to the SGM-FX Newsletter
Related Insights
Daily Brief – Bucking the trend
Charles Porter
Thu 5 Feb 2026
Bucking the trend The Aussie Dollar has broken out from recent ranges and is on a convincing upward trajectory. Post-Covid, the antipodean currencies, AUD and NZD, had found themselves a step ahead of the dominant global cycle shared between the likes of the UK, EU, and US economies. Over the past couple of years that […]
Daily Brief – A Dollar Vacuum
Charles Porter
Tue 27 Jan 2026
A Dollar Vacuum If you’ve ever heard the phrase, ‘a rising tide lifts all boats’, you already know everything you need about today’s FX market. That is provided of course you’re not trying to analyse the rising tide itself, in this case our US Dollar. The Dollar is the counter currency to most key pairs […]
Daily Brief – Renminbi Reserves?
Charles Porter
Tue 3 Feb 2026
Renminbi Reserves? The Dollar debasement debate hasn’t finished but should now take a breather whilst some stability has been restored to the currency. A combination of the nomination of Kevin Warsh, as we noted yesterday, as well as some robust US data are to thank for that recovery. To note here whilst on the subject, […]
