Wednesday, March 10, 2010

Beethoven to drive zloty trade?

Ludwig van Beethoven could soon be driving foreign-exchange trade in the zloty, or so one specialist service would have it. No, no, no, he has not come back from the grave with a war chest built up with all the royalties made since his death way back in 1827. Rather, Warsaw will soon host the ever growing 14th Ludwig van Beethoven Easter Festival from March 21 to April 3 and Axia FX has it that FX trade could be "driven by Brits visiting Warsaw, if recent suggestions are anything to go by."

Now let's see here. Brits are going to take advantage of the excellent economic conditions in the UK at present and the ever-rising low-cost flight prices to flood Poland for a series of classical music concerts, buy tons of zloty in order to buy these tickets and splash money around left, right and centre (as we exist in such hedonistic times), and thereby drive the zloty stronger at the cost of a sterling that no one will want to own.

Ummm.

I don't think so.

Though these numbers aren't that easy to track down, the Bank of England reports that the zloty was involved in 1.1% of average daily turnover of USD 1.356bn reported in the UK in April 2009. That gives us the nice sum of around USD 150mn. Even assuming relatively high prices and lots of shows, the 14th Ludwig van Beethoven Easter Festival in Warsaw is likely to remain, unfortunately, a highlight of the year for classical music lovers in Warsaw, across Europe and indeed spread throughout this great big lovable world of ours.

I am no classical music aficionado, so I will defer to Alex from Clockwork Orange. Take it away Alex (definitely NSFW).

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