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Foreign Exchange

Feudalism in a capitalist society

I’ve found it really hard to produce the column this week. There’s plenty of buzz around, but most of what I’ve got has been told to me on an embargoed basis. What that means is that I’ve been given privileged information on the basis that I don’t publish it just yet.

And as someone who respects the rules of the game, that means I have to wait, which is sometimes difficult for me. As I mentioned last week, patience is not one of my virtues.

Also, I don’t see the value in simply rewriting a load of boring old press releases and repackaging them as news. Another reason why I’ve been struggling is because I went down to France last weekend with a couple of senior muckers from the currency options market. We were on a last gasp mission to get fit for the fearsome bike ride we’re going to do on July 7. I reckon I totally depleted my body’s glycogen stores two days on the trot. As most of you will know, glycogen, as well as being the main fuel of choice in hard exercise, is what powers the brain. So I blame my inability this week to think or speak coherently on cycling. Makes a change from alcohol, I guess.

But I do have one great story to report this week. I’ve always said that the FX market is schizophrenic; it’s not contradictory to describe this extremely capitalistic environment as feudal. But it is and it always has been.

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