Today Spring Bank Holiday in the UK
And also in the USA (Memorial Day) as well as the Middle East and other Muslim centres celebrating Eid Al Fitr and the end of Ramadan.
SGM-FX is working a full day today ready to support our clients and what is shaping up to be a busy time at the start of the last trading week in May.
The safe haven trades were piling on over the weekend following renewed tensions between China and the USA-this time due to China announcing it would impose a new security law on Hong Kong which will in the market’s view see a return to scenes of civil unrest in Hong Kong. The offshore Yuan traded at over 7.16 to the USD and the onshore Yuan was also markedly weaker. Other currencies that suffered in the light of the stronger USD were the Norwegian Kronor, GBP Pound, the Australian Dollar and the New Zealand Dollar.
Oil fell about 0.2% on fears of further economic disruption caused by those USA-China tensions. However WTI at $33.25 while not buoyant is still much better than it was a few short weeks ago.
86 years ago on May 23 1934 outlaws Bonnie and Clyde immortalized in the 1967 film by Warren Beatty and Faye Dunaway were ambushed by a sheriff’s posse on a country road in Louisiana and were shot multiple times in their car which was found to be full of weapons and ammunition which were of no use to either Bonnie or Clyde.
Serge Gainsbourg and Brigitte Bardot wrote and performed a romanticized song in 1968 of what was a much more humdrum story:
Vous avez lu l’histoire de Jesse James
Comment il vécut, comment il est mort
Ça vous a plu, hein, vous en d’mandez encore
Eh bien, écoutez l’histoire de Bonnie and Clyde
British singer Georgie Fame sang it in English and here is the last verse which sums up what turned out also in fact to be the last verse for Bonnie and Clyde:
Acting upon reliable information
A Federal Deputation laid a deadly ambush
When Bonnie and Clyde came walking in the sunshine
A half a dozen carbines opened up on them
Bonnie and Clyde
They lived a lot together
And finally together
They died
For those of you able to enjoy the sun and a day off today, have a great day!
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Click Here to Subscribe to the SGM-FX Newsletter
Related Insights
Morning Brief – UK Wages
Humphrey Percy
Fri 26 May 2023
UK Wages Bank of England Governor Andrew Bailey yesterday warned of the pressure on wages that are threatening to lead to a wage price spiral as the effects of inflation on the cost of living together with the 12 consecutive interest rate rises that consumers have experienced. The market has not enjoyed the poor inflation […]
Morning Brief – US Consumer Credit
Humphrey Percy
Fri 19 May 2023
US Consumer Credit Back in 2000 US consumer credit stood at USD 1.6 Trillion. Clearly near zero interest rates for the past 10+ years plus easy credit conditions have lulled US consumers into a sense of borrow now repay tomorrow. Except that the repay tomorrow part seems to be getting lost with US consumer credit […]
Morning Brief – De Dollarization
Humphrey Percy
Mon 22 May 2023
De Dollarization Much being written about the demise of the USD, and for the sake of getting it out there in case you missed it, Iraq has just banned the use of USD to buy houses and cars which are normally the largest ticket items for the consumer. Mainly Iraqis have until now used USD […]
