Over to the girls

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1 mins. to read
Over to the girls

It’s been a giddy few days trading currencies and I decided to cash in on my JPY short. It’s quite a profit.

By standards understood to me JPY is still a raving short. But timing is everything so the chairman’s advice was taken.


However, not long after that he got me to go long Mexican peso (MXN) against the USD. This, muddlingly, means selling MXN at around 20.20. Here I hit a problem in that my free loot was/is stuck in ETX and their margin rate is a staggering 8%. This has the result that my position at ETX is minute. As against that the rate at City Index is 1%. Interestingly, the spread at City is virtually the same as that at ETX. I suspect that he who sets the margin rate at ETX was so staggered by the MXN depreciation (8% at one point) versus USD during the Trump election phase he has yet to wake up.

*****

Elsewhere in the world of spreads, I have shorted the 10 Yr Gilt December future (settled 28th November, as it happens) at 123.35. It is now 124.34 to buy. Talk about duff timing. Nonetheless, interest rates are going up. It’s only a matter of time.

*****

Churchill Mining (LON:CHL) livened up yesterday’s session by announcing that it expects to serve up a decision on its Indonesian claim in a fortnight’s time. The market warmed to this and took CHL up 8p. It is now around 36p. The question is: can anything be read into the notice (if you like) of an announcement? I do not know and have given up looking for the sub plot. Others who are more sensitive may infer the answer. Over to the girls.

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