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Sintra, Portugal and the ECB Governor
Mario Draghi ECB Governor despite the reported highest rate of wage growth reported earlier in the week saw weak inflation and growth as key challenges in his speech at Sintra yesterday. He also said that further rate cuts remain an option that the ECB may choose. So it is not only politically that the UK looks to be at odds with Europe, as Governor Carney and the MPC are contemplating rate rises rather than cuts!
Facebook: the next frontier-Libra.
The expected news that Facebook will be launching their own global currency called Libra which will be kept in a wallet called Colibra was unveiled yesterday. All sorts of questions kicking off with, why? After all Facebook have been here before with Facebook credits that were meant to be a global payment mechanism and also it should be remembered were quietly dropped after two years having failed to gain interest. Facebook said: “In time, we hope to offer additional services for people and businesses, such as paying bills with the push of a button, buying a cup of coffee with the scan of a code, or riding your local public transit without needing to carry cash or a metro pass.” Small point: all of the above can be accomplished now either through our phones or credit cards, so no need to wait for two years until Facebook launch!
If you have dropped a Euromillions lottery ticket with those numbers down the back of your sofa, it would pay you to hold off watching Love Island and fish it out before proceeding to claim the prize of £123,458,008 which has remained unclaimed from the 11 June draw. If you would like to convert your winnings into Yen, USD, EUR or actually pretty much any currency, SGM-FX’s James awaits your call-and says he is happy to share!
Conservative Leadership and PM contest
At 6pm yesterday the 313 Conservative MPs delivered their verdict in the second round for who should progress to the third round of the contest. Despite early promise and good progress from Stewart, it was big beasts Boris and Gove ahead of Hunt, Sajid Javid and Stewart who made it -thereby eliminating Raab.
Colonel Sanders’ KFC is the latest chain to climb aboard the no meat train with an Imposter Burger following in the meat substitute footsteps of Byron, Burger King and Greggs. Those interested should get themselves over to KFC Gloucester Road SW7 together with SGM-FX’s part-time vegan, Sam where the men in white coats and clipboards are trialling the Imposter Burger. Early reports suggest that plenty of ketchup and mustard required to spice up the BB as in bland burger..…
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Weaker US Dollar As the dust settles and the tealeaves are sifted, the obvious early take is that POTUS has achieved an initial post tariff announcement reduction in the value of USD which he stated as his aim before he took office. An immediate jump in value of so called safe haven currencies Japanese Yen […]
US Trade War Tariffs With all markets awaiting what emanates from POTUS later today, Trump has certainly achieved one aim: getting the world’s collective attention. Increasingly desperate TV pundits have spent the past hours dragging past Trade Negotiators into the studio in an effort to get them to predict what the tariffs will look like. […]
De-Dollarization A shift away from the US Dollar with Central Bank Reserves denominated in US Dollars moving down from a high of just over 70% down to 60% in the past 20 years is note worthy but the speed of that decline makes it less striking. However there are 3 factors that are changing the […]