In London today is of course the late summer bank holiday. In the USA it is both National Eat Outside Day and National Bacon Day and yesterday was National Toasted Marshmallow Day. These are new kinds of celebrations for most non Americans but as non historical or religious based are at least easily understood.
SGM-FX is unable to enjoy a bacon sandwich outside today ( bacon sandwich provider of choice Birleys off Fenchurch Street remains shuttered) but while hungry for the return of Birleys, SGM-FX is ready and open for business with 41 Eastcheap manned and watchful.
EUR remains strong at 1.19 versus USD and USD weaker after the initial reaction to PM Abe’s resignation news versus JPY at 105.30. GBP remains a beneficiary versus USD and EUR enjoying its best levels for two months.
South Africa: Cape Town Table Mountain
Pretty scenes of Table Mountain covered in snow on Saturday although the mountain is shut to visitors due to slippery conditions. SA Consumer Price Inflation at 4.2% warming up as restrictions on the SA economy are lifted and will soon melt that snow except maybe at the very top of Table Mountain for a few more weeks. ZAR strengthened to 16.60 versus USD its best level since June 10.
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Calling the bluff As expected, the Federal Reserve raised interest rates in the United States yesterday evening by a further 50 basis points. As a result of this policy adjustment, immediate target policy levels now stand at 4.25-4.5%. As also expected, the Fed pushed back fairly hard on the idea that it is ready to […]
Pencil to pen As with any year ahead, 2023 has been fervently speculated over by market participants. Whilst forecasts for the forthcoming year take great priority every year, 2023 has perhaps the most divergent set of forecasts between analysts and institutions on recent record. Across asset classes and between institutions the core themes expected to […]
False Illusions On Friday last week markets had got very exuberant over comments made by the Federal Reserve Chair the day prior. As a result of the interpretation of those comments, the US Dollar had dropped several cents to trade at its recent lows. There was a narrative that was being pieced together and justified […]