Weekly SNB Sight Deposits and Speculative Positions: SNB buying euros at high prices

Update August 10, 2020: SNB buying euros at high prices. Sight Deposits have risen by +2.1 bn CHF, this means that the SNB is intervening and buying Euros and Dollars: The change is +2.1 bn. compared to last week.

Weekly SNB Sight Deposits and Speculative Positions: SNB buying euros at high prices

Update August 10, 2020: SNB buying euros at high prices. Sight Deposits have risen by +2.1 bn CHF, this means that the SNB is intervening and buying Euros and Dollars: The change is +2.1 bn. compared to last week.

Short Term Weakness Likely Prior To A “Massive Short Squeeze Propels” Gold and Silver “To Much Higher Levels” – GoldCore

Gold and silver are set for a 5% and 6% gain this week and a significant 11% and 30% gain in the month of July.

Why Fed Bugs Really, Really Hate Gold

Judy Shelton, a Trump nominee to the Fed Board of Governors, may not have coined the excellent term "Fed Bug," but she used it to delicious effect in this 2019 Financial Times interview: “People call me a goldbug, and I think, well, what does that make them? A Fed bug,” she says.

House View, August 2020

We have revised up our euro area GDP forecast for 2020 to -8.5%, mainly due to improving data in Germany, which is better positioned to recover rapidly from the downturn than its European peers. Meanwhile, the US economy has shown signs of flatlining amid escalating covid-19 cases in the South. Consumer confidence has taken a hit, while weekly unemployment claims have been rising again.

Coronavirus: Swiss health authority adds pregnant women to risk list

After a number of recent studies that suggest pregnant women are exposed to higher risks from the SARS-CoV-2 virus, Switzerland’s Federal Office of Public Health (FOPH) adds them to the list of people vulnerable to Covid-19. The FOPH reached its recent conclusion based on discussions with the Swiss society of gynecology and obstetrics. The society sets out the findings of a number of studies in a report.

The Ant and the Grasshopper: A Window into Macro Part II

Regardless of the dollar's role and function in the world economy and the halls of finance, in the near and intermediate terms, investors and businesses are more concerned with foreign exchange prices.  The greenback has fallen out of favor. Its main supports, like wide interest rate differentials, favorable growth differentials, and political certainty if not stability, have weakened.

The Economy Is Mortally Wounded

A fully financialized, totally debt and speculation-dependent economy is terminal once leverage and debt stop expanding exponentially. We all know the movie scene in which the character is wounded but dismisses it as no big deal, and then lurches into the closing sequence where we discover the wound was not inconsequential, it was mortal, and the character expires.

Game Over Spending

Coming and Going Like a Wildfire. Second quarter 2020 came and went like a California wildfire.  The economic devastation caused by the government lock-downs was swift, the destruction immense, and the damage lasting.  But, nonetheless, in Q2, the major U.S. stock market indices rallied at a record pace.

Technically Speaking: COT Positioning – Back To Extremes: Q2-2020

As discussed in Is It Insanely Stupid To Chase Stocks, the market has gotten quite ahead of the fundamentals as money continues to chase performance. In the Q2-2020 review of Commitment Of Traders report (COT,) we can see how positioning has moved back to extremes.

Impressive Swiss Recovery After SNB Peg Removal

Retail data shows that the SNB peg removal in January 2015 as early as April 2015 with minimal adverse impact on the economy. Trade surplus showed that Switzerland had fully recovered its lost trade surplus in May and expectations crossed an important threshold into positive territory in June. CHF strengthened since May end, as the market caught wind of the Swiss recovery, and the Grexit would further strengthen the CHF if it were to occur.

Swiss Franc History: The Gold Standard and Bretton Woods

In this post we will show the history of the Swiss Franc until 1971, a monetary era driven by the gold standard and the Bretton Woods period, both periods with nearly fixed exchange rates.

Richard Koo´s misleading take on the great recession: The final chapter – a guest post by Mark Sadowski

Weak Yen, Is it Really a Currency War?

Some journalists, like Ambrose Evans-Pritchard of the U.K.'s Telegraph and Michael Casey of the Wall Street Journal, have already claimed this to be a shot in the currency wars. Casey focuses exclusively on the BOJ activity and does not even mention GPIF.