On 29-03-1912…..Captain Scott, Antarctic explorer made the last entry in his diary:…”The end cannot be far..For God’s sake look after our people.” Both frustrated Bremainers and Brexiters know how that feels!
Those impacted by the Pink Pound should give Brunei a miss: the Sultan has now made gay sex not only illegal but punishable by death and dismemberment. Stick to Brighton-it may be chilly but it’s closer and safer!
GBP has staged a modest recovery over the weekend with markets concluding that a much watered down Brexit is now the most likely outcome. Quite why that would be UK positive is a mystery: surrendering present advantages to be locked in disadvantages a positive? Markets as ever will, once realisation sinks in, reverse that positivity. This morning Asian equities have all rallied on stronger Chinese economic numbers. WTI Oil remains over $60 and Gold is at $1293. Government Bond Yields have firmed marginally but remain close to their recent lows. AUD strengthened against the USD as did the EUR.
With last week’s events, the odds on the next PM are now showing some interesting pricing: Whatever your voting proclivity and reflecting what a strange world Westminster represents for the rest of us, Boris Johnson and Michael Gove and Jeremy Corbyn are all joint favourites at 4-1. Followed by a clutch of Sajid Javid, Jeremy Hunt, Dominic Raab and David Liddington at 7-1.
At the other end of the spectrum Piers Morgan and Tony Blair are both 500-1. Mid fielders Andrea Ledsom, Amber Rudd and Jacob Rees-Mogg (the Hon member for the Nineteenth Century) are all at 20-1. Like the Grand National it is a very large field with plenty of likely fallers especially when one remembers that 60% of the UK public would like to see a new face as everyone is fed up with the present Tory front bench.
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Click Here to Subscribe to the SGM-FX Newsletter
Related Insights
Daily Brief – A weaker Dollar: Trump vs. Powell
Charles Porter
Thu 26 Jun 2025
A weaker Dollar: Trump vs. Powell The Dollar continued to lose ground yesterday as the truce between Israel and Iran appeared to continue to hold. There has been a noticeable return to focus upon macro and monetary influences in major currency pairs. Yesterday, Fed Chair Jay Powell provided his semi-annual monetary policy report before the […]
Daily Brief – Next level
Charles Porter
Tue 1 Jul 2025
Next level EURUSD has managed a relatively smooth ascent to its current levels, around 1.18. That is despite significant resistance levels, most notably around 1.17. A large collection of option strike prices gathered around this key level and the price history of the pair shows us its significance. Sustained closes above this level since last […]
Daily Brief – Whiplash
Charles Porter
Tue 24 Jun 2025
Whiplash A highly volatile start to yesterday’s trading session saw a flight to safety in markets. Despite the Dollar having lost much of its appeal as a safe haven lately, there was still an identifiable USD bid prior to and during the European open. We have identified recently how markets have clearly differentiated between general […]
