A group of currency analysts hold a communal seance in order to divine where EUR/GBP will open this morning...
11 months ago
Showing posts with label fx. Show all posts
Showing posts with label fx. Show all posts
Thursday, 13 November 2008
BamBam The Buddha Boy
It's not surprising, with the virtually hysterical worldwide fervour released after last week's earth-shattering US election result, to see one or two other opportunists jump on the messianic bandwagon. Lo and behold Bambam the Buddha boy has popped up in Nepal again, artfully not denying claims that he is Siddhartha Gautama reincarnate. What is surprising, is that I was convinced that BamBam was trading Spot FX at a MSIB in Sydney - if he really can be in two places at once perhaps there is something to this after all...
Tuesday, 9 September 2008
The Financial Press Is Sooo Dull
It's been a fun few days nestling in on the spot desk with the monkeys, and while everyone seems to find it a bit of a drag, I actually quite like writing a contribution to the daily market report. It gets circulated to all our clients and I think some of them even read it. As I finished yesterday's installment it got me thinking about the financial press in general. It's just so uninspiring.
If you've ever managed to venture into the market report pages of the Financial Times you'll know what I mean (unless you're Trywalker, who probably cuts out his favourite articles and sticks them in a Fenerbace-branded scrapbook at the weekend. He's young, bright and enthusiastic. It'll wear off). I know it's a fairly mundane subject matter, but I find the writing so stodgy and monotonous that I'd rather spend my time looking up the origin of the word hebetudinous.
Now, if I wrote the currency reports for the FT, they'd be more like my observations on the Sterling markets, as published yesterday and repeated below. Funnily enough, the FT has so far managed to resist the temptation to try and lure me on board...
"GBP: Europe Swiftly Corrects Asia's Fawlty Valuation Of Cable
In a great TV comedy moment, Basil Fawlty, exasperated with his Spanish waiter's constant misunderstandings, ushers him forwards and says, "Manuel, let me explain." Then he pokes Manuel roughly in the eye. Europe, in short, did the same thing to Asia's inflated valuation of cable, following the weekend's news of the US taxpayers' bail-out of their suspiciously named
mortgage providers. Pausing only to check that the pound really was on a 1.79 handle, dealers proceeded to clump bids faster than a John Cleese clip round the ear. The Far East low crumbled quickly and Soft PPI data helped encourage further tapping of the "Yours" buttons. The sellers weren't satisfied until a solid 3 figures had been wiped from Sterling's overnight high, and after hitting a low of 1.7564 a base in EURUSD helped the pound to rally back above 1.76. 1.80 now looks a long way away, and 1.90 may as well be Web 2.0. Wishing that you could get 2 cents to the pound again is like wishing that they hadn't stopped making Fawlty Towers after only 12 episodes. 'Fromage dur!', as they probably don't say in France. EURGBP appeared to have little interest of its own, ushered this way and that like Polly on the sidelines of the whirlwind FX farce."
If you've ever managed to venture into the market report pages of the Financial Times you'll know what I mean (unless you're Trywalker, who probably cuts out his favourite articles and sticks them in a Fenerbace-branded scrapbook at the weekend. He's young, bright and enthusiastic. It'll wear off). I know it's a fairly mundane subject matter, but I find the writing so stodgy and monotonous that I'd rather spend my time looking up the origin of the word hebetudinous.
Now, if I wrote the currency reports for the FT, they'd be more like my observations on the Sterling markets, as published yesterday and repeated below. Funnily enough, the FT has so far managed to resist the temptation to try and lure me on board...
"GBP: Europe Swiftly Corrects Asia's Fawlty Valuation Of Cable
In a great TV comedy moment, Basil Fawlty, exasperated with his Spanish waiter's constant misunderstandings, ushers him forwards and says, "Manuel, let me explain." Then he pokes Manuel roughly in the eye. Europe, in short, did the same thing to Asia's inflated valuation of cable, following the weekend's news of the US taxpayers' bail-out of their suspiciously named
mortgage providers. Pausing only to check that the pound really was on a 1.79 handle, dealers proceeded to clump bids faster than a John Cleese clip round the ear. The Far East low crumbled quickly and Soft PPI data helped encourage further tapping of the "Yours" buttons. The sellers weren't satisfied until a solid 3 figures had been wiped from Sterling's overnight high, and after hitting a low of 1.7564 a base in EURUSD helped the pound to rally back above 1.76. 1.80 now looks a long way away, and 1.90 may as well be Web 2.0. Wishing that you could get 2 cents to the pound again is like wishing that they hadn't stopped making Fawlty Towers after only 12 episodes. 'Fromage dur!', as they probably don't say in France. EURGBP appeared to have little interest of its own, ushered this way and that like Polly on the sidelines of the whirlwind FX farce."
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