In this episode, we discuss the recent strengthening of the Euro, where it went up over FX1.14 and there continues to be a lot of volatility. Why would the Euro suddenly strengthen when the Greek situation is worsening? We attached a FX Sentiment Report for your information entitled the Net USD position, which looks at the non-commercial, speculative contracts out there and analyses whether overall they are net short of the dollar and Euro. It contains the global FX strategy. Overall, over the next weeks, we predict there will be Euro strength, and Sterling GBP strength post-election euphoria with the Conservatives winning.
Problems lay ahead with demand and pricing. We have seen completely supply-led pricing, especially with regard to hazel nuts which have now priced themselves out the shelves. Almond prices have gone up solidly the past year, and prices now remain high. Demand is slowing down at this time, and slow spot sales are very slow.
Find out more in our latest episode.