SGM-FX insights

Global Currencies   It was all about the USD again yesterday and once again on the downside: led by the People’s Bank of China which set a new high by setting the official fix for the onshore Renminbi Yuan of a midpoint of 6.4760, the offshore market reached 6.4419-a big move and the biggest for […]

Lockdown 3.0   The UK Pound yesterday succumbed to selling pressure with prices at the 1.37 mark versus the US Dollar rejected. Despite the positive backdrop to the first full trading session of 2021, largely created by the EU free trade agreement late last year, Sterling was hampered by concerns over spiralling cases of the […]

Janus   As classicists among our readers will recall, Janus was the Roman mythological god of the entrance and so January is therefore named for being the doorway into the new year. A long winded way of saying Happy New Year from all of us at SGM-FX! Here’s wishing all of our clients a healthy, […]

Happy New Year   Reminders flooded in yesterday from Chief Medical and Scientific Officers, Cabinet Ministers and the Prime Minister himself that New Years Eve will grant the opportunity for most of the United Kingdom for quiet and isolated celebration only. GBP was resilient despite some choppy and illiquid trading conditions as markets hoped that […]

Currencies   Following the US moving forward with the long awaited Covid relief package and at a much enhanced $2000 per head, the USD suffered and stood at its 2 ½ year low with EUR and GBP both benefitting. The CFTC reflected bets against the USD was at a 3 month high of $26.6 Billion […]

Finally   FX markets have begun their first proper trading day secure in the knowledge that the United Kingdom will have a trade deal above WTO standards with respect to the EU-27 come 1st January. So far there hasn’t been a huge sigh of relief evident within the Pound but it is evident that, in […]

GBP Market   Yesterday’s GBP performance was based on the nailed on certainty of a UK-EU deal being concluded imminently. By late last night that euphoria had leeched away to be replaced by a more jittery feeling. Result? GBP off  almost 1% across the board. Where it has opened up this morning. The sense remains […]

What a Load of Carp   Christmas is Cancelled! Well, not quite yet, but the reality for Members of Parliament is that a few days of their Christmas break could be revoked next week should the United Kingdom and European Union come to an agreement on a trade deal soon. These rumours began to gather […]

GBP   With the UK Prime Minister warning his ministers that there is a strong chance of NoDeal and an hour later the German Ambassador to the EU announcing that there is the chance of a EU-UK trade deal by the end of the week (this week for the avoidance of doubt) it is hardly […]

Fetters of Gold, Paper and Blockchain   The Dollar faces a challenge tomorrow when the US Federal Reserve releases its latest monetary policy decision. There are swelling expectations moving into the event that whether realised or undermined should spell considerable movement in the world’s foremost currency. Of course, the impact that the greenback itself has […]

Extra Mile: EU-UK   With no sense of discernible irony, Ursula Von der Leyden and Boris Johnson issued a joint statement on Sunday morning saying that while there was a long way to go, they felt it right to continue the Brexit trade terms talks and go “the extra mile.” While the British PM is […]

GBP   With a range v USD of more than 1.5 cents, GBP was skittish on the back of hopes and fears with little in the way of encouragement on progress with the ongoing Brexit negotiations. The end of the weekend ie before trading starts in Asian markets on Sunday night is now the new […]