Humphrey Percy Chairman and FounderWed 31 May 2023
While President Erdogan removed the uncertainty overhanging the Turkish market by winning the election in the run off over the weekend, the news served to cement the certainty that nothing much was likely to change with respect to Turkish economic policy or indeed the subservient role of the Central Bank of Turkey to the political leadership of Turkey that has uniquely embraced the concept of low rates to fight stratospheric inflation.
TRL at a new low of USD/TRL 20.62.
City of London Post Office
Across the road from SGM-FX headquarters is the last remaining full post office within the Square Mile of the City of London. Yesterday morning it was unusually full and when I asked what was driving this Tuesday morning footfall, I was told that it was due to the Bank of England sending anyone with GBP bank notes that are no longer legal tender to Eastcheap, the nearest Post Office. As it is an obligation of the issuer of GBP notes to exchange notes for members of the public, it is all a bit of a mystery as to why firstly there was a sudden surge in demand and secondly why the BoE was turning punters away.
GBP steady at GBP/USD 1.2405.
Normally when air travellers are placed on a wait list, it is because a flight is over sold and therefore the only option is to hope for some no shows. Air New Zealand have broken new ground by launching a weight list for their flights on the grounds that asking their passengers to step on to the scales prior to flying is both safer and also good practice ecologically. Stand by for complaints about fat shaming despite ANZ emphasising that customers’ weights will be confidential.
This day in 1976 The Who appeared at South East London’s football club ground belonging to Charlton Athletic. That day the band broke the record for the loudest rock concert ever at 120 decibels. Other contenders for the title are usual suspects bad boy British rock bands Deep Purple and Led Zeppelin and more recently Motorhead who hold the current record for ear drum splitting music. Here is one of the Who’s definitive anthems: My Generation:
People try to put us d-down (talkin’ ’bout my generation) Just because we get around (talkin’ ’bout my generation) Things they do look awful c-c-cold (talkin’ ’bout my generation) I hope I die before I get old (talkin’ ’bout my generation)
This is my generation This is my generation, baby
Why don’t you all f-fade away (talkin’ ’bout my generation) Don’t try to dig what we all s-s-s-say (talkin’ ’bout my generation) I’m not trying to ’cause a big s-s-sensation (talkin’ ’bout my generation) I’m just talkin’ ’bout my g-g-g-generation (talkin’ ’bout my generation)
My generation This is my generation, baby
Why don’t you all f-fade away (talkin’ ’bout my generation) And don’t try to d-dig what we all s-s-say (talkin’ ’bout my generation) I’m not trying to ’cause a b-big s-s-sensation (talkin’ ’bout my generation) I’m just talkin’ ’bout my g-g-generation (talkin’ ’bout my generation)
This is my generation This is my generation, baby My my my generation
Discussion and Analysis by Humphrey Percy, Chairman and Founder
USA In a sign not just for Americans but for everyone, a study based on Affordability 40%, Well being 25%, Healthcare 20% and Weather and Crime 15%, a table of the best and worst states to retire in has been published this weekend. The best are Iowa, Delaware and West Virginia. The worst are California, […]
Chinese Yuan Renminbi Chinese banks have been selling USD and buying CNY in London and New York in the past two days to support CNY at the behest of the People’s Bank of China. While not immediately apparent that it was having much of an effect on CNY given the easy money market conditions with […]
Data Update: UK Inflation Mixed messages for the UK macro economy were received once again yesterday. As the July inflation figures were released, it was clear that there wasn’t going to be one decisive narrative that would emerge as to whether the reading was supportive or destructive to the view that inflation is cooling in the […]