Despite having one of the largest EU unemployment numbers at 3.3million, Spain is continuing to post the highest growth rate in the EU at 2.5%. Next year Spanish growth is forecast to be 2.2% far ahead of the rest of the other largest countries -France, Germany and Italy in the Eurozone. Ole ole! Olé, Olé, Olé!
Commodities: Gold at $1310, WTI Oil at $59.98,
Currencies: With global interest rates having moved sharply lower following the Fed’s announcement on no rate rises this week, expectations are now for lower interest rates in the next two years than previously envisaged. Currency markets calm this morning despite GBP volatility overnight. EUR flat , USD 0.2% lower and GBP up 0.3%.
Equities: FTSE 7355, Dow 25,962.
I0 year Govt Yields: US 2.52, Germany 0.04, UK 1.06, France 0.40, Italy 2.46, Japan -0.07. All 10yr Govt yields on lows.
Last week Mike Love of the Beach Boys celebrated his 78th birthday and here’s part of California Girls from 1965- honestly you had to be there…but if you were, the chances are that you will not remember!
California girls
We’re unforgettable
Daisy dukes
Bikinis on top
Sun-kissed skin
So hot
We’ll melt your popsicle
Ooh oh ooh
Ooh oh ooh
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Click Here to Subscribe to the SGM-FX Newsletter
Related Insights
Daily Brief – Weren’t Tariffs USD Negative?
Charles Porter
Tue 8 Jul 2025
Weren’t Tariffs USD Negative? The Dollar proved sensitive to headlines regarding trade during the US overnight session. However, contrary to what many commentaries would have you believe, as the risk of tariffs escalated the Dollar rose. The 90-day pause following Trump’s April ‘liberation day’ tariffs had been set to expire this coming Wednesday. To the […]
Daily Brief – Dollar Reserves
Charles Porter
Thu 10 Jul 2025
Dollar Reserves With the passing of Trump’s original deadline for the reimposition of liberation day tariffs yesterday, markets have breathed a sigh of relief. July VIX futures continued to slide lower. Moreover, what may surprise anyone who had been expecting the issue of tariffs to resurface following the passing of Trump’s new deadline, so too […]
Daily Brief – Big Girls Don’t Cry
Charles Porter
Thu 3 Jul 2025
Big Girls Don’t Cry A bond market tantrum and one of the sharpest one day sell offs in Sterling for several years appear to have been catalysed by the Chancellor’s appearance in PMQs yesterday. First: the back story. This Labour government has faced some embarrassment in recent weeks trying to get its welfare bill through […]
