Forex Market Commentary
Even during moments of political calamity there is nothing more entertaining than parliamentary wit as UK politicians continue to ridicule one another other in search of an endearing punchline and understatement.
In the House of Commons this week the current Conservative leader and Prime Minister, David Cameron, rebuffs the parliamentary opposition Labour Party leader, Jeremy Corbyn, on his stubborn refusal to step down in the face of growing criticism within the Labour Party. As the debate over the referendum result grew more heated David Cameron, already having chosen to fall on his own sword last Friday, with dying gladiatorial breath, quips to Jeremy Corbyn: "For heaven's sake man, go"!
It is astonishing how in the very thick and thin, British humor can more or less carry the day in the face of grimace. British currency traders are a tough breed. we had never seen anything like this before. On the day the ERM crashed in 1992 (Black Wednesday - 16th September 1992) I can remember trooping into my office on Moorgate to face a sea of sell orders as the market prepared to open. There was confusion all around in silence as we all looked at each other with pale faces. Then one dealer stood up and asked aloud what we were all thinking "what on earth do we do; were British?" to which from somewhere behind an unseen terminal came the very curt reply "pass the brandy and let's start the butchery'! We all fell on our own swords that day yet staggered on. I can remember cutting losing positions for customers so thick and fast with swashbuckling bravado like a Douglas Fairbanks fending off pirates invading our ship! To keep the ship afloat with damage limitation we had to offload customer positions very fast against a sea of lower bids. For hours on end we couldn't even stop for a cup of coffee let alone a shot of brandy and yet we quipped our ways up and down with our chins held high.
The brave new world that the international media diagnoses continuously is nothing new at all! Yes Pound Sterling will die but life goes on! So did Manchester United die this year only to resurrect with a smaller pride and the prospect of Euro Thursday night football in unknown rainy lands much to the glee of the rest of us! In fact right now UK currency traders have an even harder time getting over the shock defeat to Iceland in the Euros than on dealing with pressing issues on the UK currency trading floors. So the confusion is nothing new at all. Buy or sell, come Friday it's chins up and always look on the bright side of life.
Yes, the Brits have been drifting from crisis to crisis ad hoc since the times of the arrival of Julius Cesar and one of the first ever great Euro-land experiments. Currency crisis woes have been going on in the UK ever since the medieval King John tried to confuse his own earls and barons by stealthily shaving off pieces of silver from his own currency! life goes on for the Brits and humor shall be restored across the various trading rooms in London.
As an aside, Sir Winston Churchill at public school was cajoled into declining the Latin noun mensa (table) by his master. With quintessential humor the young Winston refused to exclaim O Mensa in the vocative case. Pressed for an immediate explanation young Winston declared that it would be absurd to address a table as such and he had never done so in his life before and that he is not about to start addressing tables in such dramatic Latin fashion either! Fortunately, for the young Winston he had rendered his master speechless at the exhibition of such levels of humor and impertinence. Alas, for myself, for failing to decline the Latin noun puella (girl) and for my demonstration of similar impertinence, I was promptly whacked on my backside. Needless to say, at that moment, some several other boys got canned in the process as well as myself, although we all had a jolly good smirk about it behind the master's back afterwards!
Always look on the bright side of life; trade on, trade on!
In the House of Commons this week the current Conservative leader and Prime Minister, David Cameron, rebuffs the parliamentary opposition Labour Party leader, Jeremy Corbyn, on his stubborn refusal to step down in the face of growing criticism within the Labour Party. As the debate over the referendum result grew more heated David Cameron, already having chosen to fall on his own sword last Friday, with dying gladiatorial breath, quips to Jeremy Corbyn: "For heaven's sake man, go"!
It is astonishing how in the very thick and thin, British humor can more or less carry the day in the face of grimace. British currency traders are a tough breed. we had never seen anything like this before. On the day the ERM crashed in 1992 (Black Wednesday - 16th September 1992) I can remember trooping into my office on Moorgate to face a sea of sell orders as the market prepared to open. There was confusion all around in silence as we all looked at each other with pale faces. Then one dealer stood up and asked aloud what we were all thinking "what on earth do we do; were British?" to which from somewhere behind an unseen terminal came the very curt reply "pass the brandy and let's start the butchery'! We all fell on our own swords that day yet staggered on. I can remember cutting losing positions for customers so thick and fast with swashbuckling bravado like a Douglas Fairbanks fending off pirates invading our ship! To keep the ship afloat with damage limitation we had to offload customer positions very fast against a sea of lower bids. For hours on end we couldn't even stop for a cup of coffee let alone a shot of brandy and yet we quipped our ways up and down with our chins held high.
The brave new world that the international media diagnoses continuously is nothing new at all! Yes Pound Sterling will die but life goes on! So did Manchester United die this year only to resurrect with a smaller pride and the prospect of Euro Thursday night football in unknown rainy lands much to the glee of the rest of us! In fact right now UK currency traders have an even harder time getting over the shock defeat to Iceland in the Euros than on dealing with pressing issues on the UK currency trading floors. So the confusion is nothing new at all. Buy or sell, come Friday it's chins up and always look on the bright side of life.
Yes, the Brits have been drifting from crisis to crisis ad hoc since the times of the arrival of Julius Cesar and one of the first ever great Euro-land experiments. Currency crisis woes have been going on in the UK ever since the medieval King John tried to confuse his own earls and barons by stealthily shaving off pieces of silver from his own currency! life goes on for the Brits and humor shall be restored across the various trading rooms in London.
As an aside, Sir Winston Churchill at public school was cajoled into declining the Latin noun mensa (table) by his master. With quintessential humor the young Winston refused to exclaim O Mensa in the vocative case. Pressed for an immediate explanation young Winston declared that it would be absurd to address a table as such and he had never done so in his life before and that he is not about to start addressing tables in such dramatic Latin fashion either! Fortunately, for the young Winston he had rendered his master speechless at the exhibition of such levels of humor and impertinence. Alas, for myself, for failing to decline the Latin noun puella (girl) and for my demonstration of similar impertinence, I was promptly whacked on my backside. Needless to say, at that moment, some several other boys got canned in the process as well as myself, although we all had a jolly good smirk about it behind the master's back afterwards!
Always look on the bright side of life; trade on, trade on!
Pieter Bergli - Trader X16
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