SGM-FX insights

Our Daily Brief provides insights into the news and views driving today’s foreign currency exchange rates.

To Hedge or Not to Hedge – Part One

To Hedge or Not to Hedge – Part One

SGM-FX Mon 25 Sep 2017

Discussion and Analysis by Charles Porter   Today our social media interactions indicated an uptake in hedging options including the use of forward contracts. Specifically, corporations concerned about their exposure to import markets and international firms vulnerable to payroll and exchange transactions are seeking insure against downside risk and exchange rate fluctuations. The present uptake […]

Will Risk off Prevail

Will Risk off Prevail

SGM-FX Fri 22 Sep 2017

Discussion and Analysis by Charles Porter:   Today holds considerable upside potential and downside risk within major currency pairs. Before our publication of a week in review and week ahead report, this article guides you though this tumultuous Friday and weekend. The events covered include North Korea’s supposed threat and Theresa May’s speech in Florence: […]

South African Reserve Bank Holds Rates

South African Reserve Bank Holds Rates

SGM-FX Thu 21 Sep 2017

  Discussion and Analysis by Charles Porter:   The South African Reserve Bank held interest rates steady following today’s September Committee meeting. The Bank held the repurchase rate at 6.75% despite an equal division within the Monetary Policy Committee.   Three members preferred an unchanged stance and three members preferred a 25 basis point reduction. […]

Federal Open Market Committee

Federal Open Market Committee

SGM-FX Thu 21 Sep 2017

  Discussion and Analysis by Charles Porter:   Foreign exchange markets were eagerly awaiting yesterday evening, 19:00 BST. At this time, the highly anticipated Federal Open Market Committee was scheduled to publish their decisions regarding the United States’ (US) monetary policy. The Fed’s decision to normalise their heavy balance sheet was unanimous. The gradual withdrawal […]

Dormant Central Banks

Dormant Central Banks

SGM-FX Wed 20 Sep 2017

  Interview and Conversation between SGM’s Charles Porter and Dr. Waltraud Schelkle of the London School of Economics     This week, foreign exchange specialist Charles Porter spoke with Dr. Waltraud Schelkle. In this article we transcribe a segment of the full interview. It provides an analysis and contextualisation of the Federal Open Market Committee’s […]

Fed Interest Rate Debate

Fed Interest Rate Debate

SGM-FX Wed 20 Sep 2017

Interview between Charles Porter from SGM Foreign Exchange and Dr. Waltraud Schelkle, professor at the London School of Economics: The Fed Interest Rate Debate.     In this video we discuss whether the European Sovereign Crisis, the Financial Crisis, and the Great Recession are over.     Dr. Schelkle argues that an interest rate hike […]

Macron looks East

Macron looks East

SGM-FX Tue 19 Sep 2017

Discussion and Analysis by Charles Porter:   It is well known that France’s President Emmanuel Macron is a pro-integration Europhile. In fact, the mandate upon which he assumes government is intrinsically linked with his profile vis-à-vis the European Union and future of the Eurozone economy. Germany is an especially critical member of the Eurozone economy, […]

BoE Carney Speaks to IMF

BoE Carney Speaks to IMF

SGM-FX Mon 18 Sep 2017

Discussion and Analysis by Charles Porter:     Last week, the minutes published following the Monetary Policy Committee’s Decision rallied the pound sterling. This event triggered an appreciation of the Pound Sterling contributing to intraweek gains in excess of 3 percent. Moreover, the Hawkish conclusion delivered by Gertjan Vlieghe, a traditionally Dovish Committee member, signalled […]

Germany’s General Election

Germany’s General Election

SGM-FX Mon 18 Sep 2017

Discussion and Analysis by Charles Porter: Germany will head to the polls on Sunday (24th September). The salience of this election to the Eurozone political economy cannot be understated. This article will guide readers through the consequences of a significant European election given the continent’s underlying social, political and economic currents.   There are numerous […]

The Week Ahead

The Week Ahead

SGM-FX Fri 15 Sep 2017

Discussion and Analysis by Charles Porter:   The week that is now behind us has been eventful and tumultuous. One overarching characteristic was a bullish Pound Sterling. Driven by statistics releases and central bank activity, the Pound finished the week trading at its strongest rate against the US Dollar since 23rd June 2016. The intra-week […]

Vlieghe Boosts Sterling’s Gains

Vlieghe Boosts Sterling’s Gains

SGM-FX Fri 15 Sep 2017

Discussion and Analysis by Charles Porter:   Gertjan Vlieghe, an External member of the Monetary Policy Committee, gave a speech in London today offering an uncharacteristically hawkish conclusion. Whilst the conclusion appeared to be only as aligned to a rate hike as yesterday’s Monetary Policy Decision, the endorsement from a characteristically dovish member, and the […]

Hawkish Message Concealed within Dovish Decision

Hawkish Message Concealed within Dovish Decision

SGM-FX Thu 14 Sep 2017

Discussion and Analysis by Charles Porter:   This afternoon, the Bank of England’s Monetary Policy Committee published what at first sight appeared to be a Dovish decision. However, concealed amidst the interest rate and quantitative easing headlines were more Hawkish undertones. The market, to a significant extent, internalised these comments as a signal of an […]

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