Oil closed above $41 (WTI) after POTUS clarified remarks about the status of the China trade talks which he announced remained intact. Markets were relieved and equities had a further positive day with FTSE up 5% from its lows last week and the US markets still back to their highs of earlier in the year. EUR is back at its best level since March versus USD and Gold at $1782 remains firm but has halted its rise after the initial rally of a month ago. Bitcoin for those of you with a crypto interest is at $9687 where it is currently finding it hard to break through the psychological $10,000 barrier.
Those with Alitalia vouchers or who are awaiting vouchers will be pondering whether they are likely to be better off on the news that the Italian government is poised to nationalise the airline which is down to its last EUR 232 Million of cash. On balance it must be better as it will make it harder in the future for Italy to shrug, say “Basta “ and walk away. For those of us who are wistfully looking at pictures of the Amalfi Coast, Rome, Venice and the Costa Smeralda from previous years, we are just thrilled at the prospect of being able to travel to Italy once again later in the summer. Meanwhile…
Cornetto anyone?!
Mick Fleetwood has enjoyed what is euphemistically called a full life. Married four times including twice to the same woman, Mick is currently single and worth $20 Million having by his own admission spent tens of millions on partying and recreational drugs. At 1.95 metres the best known native of Redruth, Cornwall has drummed his way through various combinations of Fleetwood Mac in the past 57 years since he embarked on his musical career in 1963. Far and away Fleetwood Mac’s most lucrative album was the 1977 Rumours which sold 40 million copies(and counting) and here’s part of their excellent song, Songbird:
For you, there’ll be no more crying
For you, the sun will be shining
And I feel that when I’m with you
It’s alright, I know it’s right
To you, I’ll give the world
To you, I’ll never be cold
‘Cause I feel that when I’m with you
It’s alright, I know it’s right
And the songbirds are singing
Like they know the score
And I love you, I love you, I love you
Like never before
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Click Here to Subscribe to the SGM-FX Newsletter
Related Insights
Daily Brief – Overrated Rates
Charles Porter
Tue 1 Oct 2024
Overrated Rates The unwinding of USD implied short term interest rates shouldn’t be underestimated. Take a brief look at changes in FX swap pricing over the past few months and you’ll see just how significant those interest rate expectations have proved to be. Particularly within GBPUSD, the difference is enormous. Post-pandemic inflationary pressures affected the […]
Daily Brief – Bank of England
Humphrey Percy
Fri 4 Oct 2024
Bank of England In an interview with the Guardian newspaper, Governor Bailey made it clear that Central Banks could afford to cut interest rates more sharply. Markets correctly interpreted that statement as him preparing the way for cuts at pretty much every Bank of England MPC meeting for the next 6 months until they reach […]
Daily Brief – Fifty Up
Humphrey Percy
Wed 2 Oct 2024
Fifty Up Exactly 50 years ago today I set out on my career in the City of London. Many of the men whom I worked with wore bowler hats and smoked pipes. Discount House men wore morning dress and top hats. Everyone wore two or three piece suits and black shoes. If you wore brown […]
