Sea of Green
As expected the Bank of England yesterday kept UK interest rates at 5.25%. The accompanying narrative was firm: rates may go up again but the inference is clear, only if it is necessary, but it is much too early to talk about cuts. The market liked this nuanced message and the equity market and GBP both duly rallied.
GBP/USD 1.2190
Africa
Late to the game- the Chinese have been building both infrastructure and influence for decades- the USA has belatedly woken up to the imperative to gain a foothold in Africa. They are sinking hundreds of millions of dollars in the Lobito corridor by building a rail link between copper mines in the Democratic Republic of Congo and Zambia and the Atlantic Coast. SGM FX are ready for this and are seeing more African currency business already.
USD/ZAR 18.42
Eating Meat Contributes to Climate Change
That’s the sort of warning on meat packaging that is planned to reduce UK meat consumption and is to be introduced soon. According to researchers at Durham University that “powerful” messaging will turn the tide of meat eaters. Maybe.
GBP/EUR 1.1485
You’re So Vain
This day in 1972 pop royalty singers Carly Simon and James Taylor got married in Carly’s apartment presumably to avoid their legions of fans. While James Taylor saw himself in one way with his album at the time: Sweet Baby James, his new wife had a different take after really rather a short time: You’re So Vain. Despite these artistic differences, the marriage lasted 11 years.
You walked into the party like you were walking onto a yacht
Your hat strategically dipped below one eye
Your scarf it was apricot
You had one eye in the mirror, as you watched yourself gavotte
And all the girls dreamed that they’d be your partner
They’d be your partner and
You’re so vain
You probably think this song is about you
You’re so vain (you’re so vain)
I bet you think this song is about you
Don’t you don’t you?
You had me several years ago when I was still quite naive
Well you said that we made such a pretty pair and that you would never leave
But you gave away the things you loved
And one of them was me
I had some dreams they were clouds in my coffee clouds in my coffee and
You’re so vain
You probably think this song is about you
You’re so vain (you’re so vain)
I bet you think this song is about you
Don’t you don’t you don’t you?
I had some dreams they were clouds in my coffee clouds in my coffee and
You’re so vain
You probably think this song is about you
Have a Great Weekend!
Discussion and Analysis by Humphrey Percy, Chairman and Founder
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