Like other countries with huge diaspora working overseas such as the Philippines, the amount of remittances or funds from those workers that are sent home each month is keenly watched in Mexico City. Despite evidence that suggests that casual workers have seen their earnings crater in most countries during LockDown, for Mexico at least, remittances have actually increased in the past month to $3.4 Billion which is a year on year increase from the same period in 2019. SGM-FX remains active in the Mexican Peso and our very own Charles Porter keeps a close eye on the MXN which has fluctuated between 18.5 and 25.4 versus USD in the past year. The MXN market has always been a challenge for all participants-even professionals- and I well remember in 1995 at the time of the Mexican Financial Crisis, a whole trolley of tortillas being ordered and delivered to loud and ironic applause on the trading floor in a money centre bank in New York as it was wheeled across the floor to a senior trading manager in recognition of his conspicuous failure to read the market. Sadly but probably understandably he did not see the funny side, and having demanded the name of the miscreant, it was Adios Amigo!
If a weekend of football, Grand Prix motor racing, cricket, horse racing and boxing has not provided enough excitement, a look at the price action in Bitcoin will certainly get pulses racing: having broken through then key $10,000 level last week, Bitcoin stood at $11,000 on Friday night and then around midnight on Saturday roared up to break $12,000 before crashing back to nearly $10,500 in the early hours of Sunday morning. Currently at $11,150, where it goes now is less certain, but for the optimists reading this, the next chart point is $13,800.
It was today in 1936 84 years ago at the Berlin Olympics that Jesse Owens won the 100 meters gold medal and additionally won gold for the 200 meters, 100 meters relay and the Long Jump. As history relates Owens also upset the then German Chancellor, Adolf Hitler and his own pet theory regarding sporting prowess being dependent on one race-the German race. However Jesse Owens as sports fans attuned to history will know, prior to that time, had already ensured his place in their affection and in the history books for what happened the year before on May 25 1935: at the Big Ten Track Event at Ann Arbor, Michigan, Jesse Owens broke three world records and tied a fourth in less than one hour. That feat has never been equaled and is known as the greatest 45 minutes in sport. Respect.
Discussion and Analysis by Humphrey Percy, Chairman and Founder