Up 2.3% in July breaking the previous 3 month down trend due to purchases of summer clothes, picnic equipment and electric fans to cool consumers down. The last category could usefully be directed towards inflation which now stands at 9.4%. GBP/USD 1.2110.
As some of our readers will know, Spain produces more than half the world’s supply of olive oil amounting to 1.4 million tonnes and is sold in more than 100 countries. This year due to the blistering heat in the Iberian peninsula that is due to fall to 1 million tonnes and the result is predicted to be that prices will rise by 20-25%. So those olive oil aficionados among you would do well to stock up on olive oil sooner rather than later. EUR/USD 1.0220.
One of our West Sussex, UK readers is worrying about grape production and whether his favourite wines from France may be in short supply following the 2022 harvest. The official and timely answer from the French Farm Ministry came yesterday: 2022 up on 2021’s harvest overall led by Champagne which is predicted to be well up on its 5 year average due to rain in June ; however Burgundy is looking less good and Bordeaux will also be down on their 5 year averages. The French agricultural sector, the largest in the EU, is most certainly going to be affected by drought conditions in many parts of France but Champers stocks look to be bubbly. GBP/EUR 1.1830.
This day in 1976 Elton John played the first of 7 shows in NYC at Madison Square Garden that in total earned him a cool USD 1.25 million which eclipsed the Rolling Stones equivalent concert earnings at that time to put it in perspective. Famous song filling the airwaves in August 1976 was this duet with Kiki Dee:
Don’t go breaking my heart
I couldn’t if I tried
Honey if I get restless
Baby you’re not that kind
Don’t go breaking my heart
You take the weight off of me
Honey when you knock on my door
Ooh, I gave you my key
Woo hoo
Nobody knows it
When I was down
I was your clown
Woo hoo
Nobody knows it
(Nobody knows… it)
Right from the start
I gave you my heart
Oh-oh I give you my heart
So don’t go breaking my heart
I won’t go breaking your heart
Don’t go breaking my heart
Nobody told us
‘Cause nobody showed us
Now it’s up to us babe
Whoa I think we can make it
So don’t misunderstand me
You put the light in my life
Oh, you put the spark to the flame
I got your heart in my sight
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Click Here to Subscribe to the SGM-FX Newsletter
Related Insights
Morning Brief – Rather you than me, Christine
Charles Porter
Thu 7 Dec 2023
Rather you than me, Christine As we and the market alike have been speaking about recently, Eurozone rates are all the rage. As we highlighted yesterday, the path for rate cuts next year has already captivated the market with easing being forecasted as early as Q1 2024. As we approach the Christmas period, we must […]
Morning Brief – European Interest Rates
Humphrey Percy
Wed 6 Dec 2023
European Interest Rates More momentum on rate cuts in the Eurozone as expectations grew for cuts starting in March and totalling 140bps in 2024. Equally in the UK cuts of 130bps starting in June are being pencilled in to market calendars. What this means is that GBP/EUR is looking more than especially good value at […]
Morning Brief – Eurozone
Humphrey Percy
Fri 1 Dec 2023
Eurozone That was a surprise: yesterday the EU announced that inflation had fallen to 2.4% which was considerably better than the 2.7% that markets had expected. Despite the ECB saying it was far too early to cut rates, the market has pencilled in the first cut for April. Before getting carried away it should be […]
