I wonder what she's doing now? Probably living a life of leisure off the Soros-like proceeds of that amazing call.
From Marc to Market (definitely not to be confused with our earlier Marx-to-market):
Overview: The US dollar is softer against all the G10 currencies but the Japanese yen. Sterling is leading the advance and is at new two-year highs, knocking on $1.3250. More generally, the dollar's consolidative tone remains intact, but it looks like a pause rather than a reversal, especially against the dollar-bloc currencies. The weaker yen is a headwind for most of the regional currencies, including the yuan. Most central European currencies are firmer, helped by the euro.
Equities were mixed in the Asia Pacific region, but Europe's Stoxx 600 is firmer near its best level for a month and US index futures are slightly higher. Benchmark 10-year yields are rising. Even China's 10-year bond yield is up a couple of basis points (to 2.17%). European 10-year yield 3-5 bp higher, with Italian BTPs and UK Gilts leading the way. The 10-year US Treasury yield is up a couple of basis points to 3.84%. Gold is a little heavier but holding above $2500 so far today. The record high was set a week ago slightly below $2532. September WTI is paring yesterday's nearly 3.5% rally, scored on the back of rising Middle East tensions, Libya's internal dispute leading to an announcement of a stoppage in production and exports and new of repeated attacks on Colombian pipelines. September WTI reached $77.60 and is now around a dollar lower. It had rallied a little more than 7.5% over the past three sessions after losing around 6.5% in the previous four sessions. ...
....MUCH MORE
And Ms Iz? We're coming up on the second anniversary of the events retold in April 2023's "Capital Markets: I Hate Izabella Kaminska Edition":
Yes she called the turn in the British pound.
And yes, she did it the month the pound bottomed.*
And yes, the pound is the best performing G10 currency this year.
As noted in this September 26, 2022 post: "What The Hell Is Going On In Britain? Izabella Kaminska Has Some Thoughts":
From The Blind Spot, September 26:
Spot Markets Live Transcript: 26/09/22
*****
"I don’t know about you but it feels like there’s something very paradigm-shifting going on."
*****....MUCH MORE
Remember: a paradigm is 20 cents.
Also remember: a pair of dimes used to be worth a lot less vs the pound:
**928: Athelstan, the first King of England adopted sterling as the first national currency. He set up mints around the country to supply the growing nation.Which, on October 2nd, was followed by "Does King Henry I's Order of 1125 Apply To The BoE and Treasury As Well As To The Royal Mint?":One pound could buy you 15 cows.1717: The United Kingdom defined sterling's value in terms of gold rather than silver for the first time.
Sir Isaac Newton, as Master of the Mint, set the gold price of £4.25 per fine ounce that lasted two hundred years, except during the Napoleonic wars when gold cash payments were suspended.
1925: £1 equivalent to $4.86.
1949: Exchequer announces formal 30% devaluation, $4.03 to $2.80.
1964/65: [sterling crisis, cap in hand to the BIS and IMF]
1967: Formal devaluation, $2.80 to $2.40
— Prime Minister Harold Wilson, 1967“It does not mean that the pound here in Britain, in your pocket or purse or in your bank, has been devalued."
Sources:
https://www.weforum.org/agenda/2016/06/a-short-history-of-the-british-pound/
1.06583 last.
On the bovine standard 1 GBP = 1 MCD regular hamburger.
Down from 15 cows
"All the moneyers who were in England should be mutilated"
This was the order given by King Henry I in 1125. Specifically, they should each "lose their right hand and be castrated....
I don't think Ms Kaminska was that angry.
1.2476, last. It was the reversal of an almost 1100 year downtrend. (928 AD - 2022 AD)
So a good call. But where was she when we got crosswise to the the Denarius/Shekel pair in A.D. 70?
As we were running those damn "Here at Masada Securities we consider ourselves a fortress of strength in these uncertain times...." adverts.
GBP/USD 1.32185. From TradingView, five years of the pound vs the dollar, the weekly prints only show 1.08504 for the bottom Sept. 18, 2022, followed by 1.11556 on the 25th.
I should dig up the daily chart for that month, it's even more amazing how weak the￡was, 1.0384.
