Why is GBP weaker this week?
Apart from the age old adage of more sellers than buyers it comes down to the UK’s relative economic performance versus other countries. While Germany has grown by an anaemic 0.3% since Q4 2019, the UK has contracted by 0.8%. Contrast that with a different picture in North America: Canada up by 3% and the USA with a muscular increase of 4.3% according to the OECD. GBP suffering and fell below 1.20 versus USD before recovering to GBP/USD 1.2065 now and down to EUR 1.1360.
China
Positive noises as China seeks more growth measures and simultaneously is making more positive noises about relaxing border controls. Given the strength of the US economy, China is clearly considering re-prioritising growth. USD/CNY 6.9820.
Whiskey
Some impressive prices being notched up at auction in Perth, Scotland for some highly priced and clearly highly prized whiskies: GBP100,000 for a 12 year old Port Ellen and GBP35,000 for a 1974 Ardbeg. A quick check on the internet suggests that a Port Ellen can be obtained for a fraction of that GBP100,000 but there again, whiskey aficionados would doubtless prefer to pay full price. That GBP100,000 price was paid by an enthusiastic and likely well refreshed Hong Kong buyer.
Bank of Mum and Dad
Only in the USA. SBF or Sam Bankman Fried of FTX and Crypto infamy looks like making bail as he posts USD250 million on condition that…… he goes home to his parents. Clearly not down on his uppers and more surprisingly having been a flight risk last week is not considered one this week. Spirit of Christmas?
Rockin’ Around the Christmas Tree
This day in 2015 this Brenda Lee number topped not one but two Billboard Charts despite the fact that it was released 55 years earlier in 1960. What’s not to love about some long running Christmas traditions?!
Rockin’ around the Christmas tree
At the Christmas party hop
Mistletoe hung where you can see
Every couple tries to stop
Rockin’ around the Christmas tree
Let the Christmas spirit ring
Later we’ll have some pumpkin pie
And we’ll do some caroling
You will get a sentimental feeling when you hear
Voices singing, let’s be jolly
Deck the halls with boughs of holly
Rockin’ around the Christmas tree
Have a happy holiday
Everyone dancin’ merrily
In the new old-fashioned way You will get a sentimental feeling when you hear
Voices singing, let’s be jolly
Deck the halls with boughs of holly
Rockin’ around the Christmas tree
Have a happy holiday
Everyone dancin’ merrily
In the new old-fashioned way
Have a Great (long) weekend AND a very Happy Christmas!
Discussion and Analysis by Humphrey Percy, Chairman and Founder
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