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The UK's Crown Jewel Print
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The UK's Crown Jewel

The Jewel in the UK's crown is, and has been for the last four+ decades, the City of London. City bankers and banking can do no wrong, as we discovered in 2007/8. Banking and finance delivering the largest tax yield of any sector of British industry.

The City of London is a dominant centre in world and European finance. If Europe really wanted to cause a problem for the UK leaving the club of 27, quashing a deal on financial cross border services is where they could do most damage.

Last Thursday a rumour gathered momentum.

Leaks dripped out from the 'secret' meetings with Brussels. The City could continue to operate as before across the Eurozone. It was later denied, of course, but the rumour was enough to collapse the EURGBP, reversing two weeks of Euro gains in just four days.

Last Thursday was the time to reverse the a-b-c trade and ride the EURGBP down for another 150+ pips.

 

From the blog

KISS Trading - Keeping it Simple...and Safe....

Dear Trader and Clickevents reader

I guess we all have a natural naivety built into our DNA. We like to believe what we are told, particularly if we respect the source of the telling. It's also a herd thing. If lots of people are told the same thing, they tend to start agreeing with each other. After all, it must true if everyone believes it.

Far too frequently our beliefs turn out to be the opposite of reality. Central Bankers, politicians and economic gurus' words, statements and policies frequently prove to be the opposite of what actually happens.

As with many things, personal naivety has a spectrum. Ranging from 'I believe everything and everyone', through to the opposite, totally sceptical view, of believing nothing unless seen and experienced first hand.

Way back, in my youth, I had a spell in the car trade that taught me everything I needed to know about supply and demand, pricing and presentation. I rapidly realised I could never believe anyone's description of how wonderful was the condition of their trade in car!

I soon learned to believe 0% of what I heard and no more than 50% of what I could see. A useful policy for anyone trading the markets.

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