Some headline numbers: Public spending is 57% of GDP. 35 hour working week. 1.1 million civil servants of which 310,000 work less than those 35 hours. In Brittany civil servants are allowed 6 days off per annum to attend…car boot sales, in Deux Sevres, council workers get 10.5 weeks per annum holiday plus 2 extra days to compensate them for working in winter. President Macron is seeking to insist on the 35 hour work for everyone. By law employers have to compensate workers who work more than 35 hours by between 10 and 50% additional salary. SGM-FX South Africa specialist Richard thought these amounts of hours and holiday were right up his strasse until he found out that Deux Sevres was quite a way away from his braai pit in Putney. Dream on Rich!
Markets marooned with little overnight net movement: Oil slightly lower, Asian stock markets a little lower on the back of Japan selling off for the first time this year. Turkish interest rates rose to over 1000%(not a typo) to prevent banks selling the Lira. For seasoned Turkish traders, this is a regular phenomenon and they will already know that Turkey is convulsed pretty much every 5 years-this time in the lead up to the election and questions on President Erdogan. Meanwhile do not be short Lira unless you have s strong stomach and…deep pockets!
Beverley Knight, soul singer 46 last week who we remember for her 2002 hit
Shoulda Woulda Coulda
No doubt about it, the UK Parliament will have been humming that tune as they embarked on the “Indicative Voting” rounds last night. MPs should most definitely remember the map of the Leave Remain Referendum Result from 2016 if they decide to ignore the electorate.
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Click Here to Subscribe to the SGM-FX Newsletter
Related Insights
Morning Brief – Will they, won’t they
Charles Porter
Thu 26 Jan 2023
Will they, won’t they It’s one week to the day until the next Bank of England decision. It will prove critical to the value of GBP and perhaps prove to be a defining feature of the currency market for at least the first quarter of this calendar year. Bank rate in the UK currently sits […]
Morning Brief – Inflation
Humphrey Percy
Fri 27 Jan 2023
Inflation With markets as ever getting ahead of themselves by many having decided that the inflation peak is a yesterday thing, there is a dawning realisation that with the current levels of USA 6.5%, 9.2% UK and 10.4% EU as at Dec 2022, inflation is not only well above target of 2% but is still […]
Morning Brief – UK Government Borrowing By Numbers
Humphrey Percy
Wed 25 Jan 2023
UK Government Borrowing By Numbers Many people have a disconnect when it comes to linking government finances with their own-bring on the idea of teaching finance as part of the school curriculum-however, yesterday’s release showing the government borrowing figures fall into the category of both attention grabbing but so eye watering that many will likely […]
