George Dorgan
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SNB sight deposits are rising again, by 700 million CHF in one week. But the amount of cash in form of bank notes and coins has risen by 10% since September. It seems that the central bank is now not only virtually printing (via sight deposits) but also physically. SNB liabilities reached a new record high. Details
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2024-03-28
Overview: Comments by Fed Governor Waller, urging
patience on rates and wanting more evidence that price pressures are moderating
has helped the greenback extend its recent gains. The yen is the notable
exception as the fear of intervention has restrained the dollar bulls. Poor
German data, including a sharp 1.9% drop in February retail sales, the fourth
consecutive monthly decline, underscored the euro’s negative divergence, and the
single currency was sold to new lows for the month below $1.0780. The
Antipodeans and Scandis are leading the G10 currencies lower with 0.6%-0.8%
losses. Emerging market currencies are mostly lower. The South Korean won, and
Taiwanese dollar are exceptions with miniscule gains. Equities in the Asia Pacific region are
mixed. Japan, South Korea, and Taiwan
2024-03-28
The sight deposits at the SNB is stable compared to the previous week.
2024-02-23
Die Sonderkommission des Schweizer Parlaments zur Untersuchung des Credit-Suisse-Debakels geht gegen Indiskretionen vor.
2023-12-13
Commentary will resume with a 2024 outlook on December 29. Overview: The dollar is trading with a firmer bias today ahead of the outcome of the FOMC meeting. Standing pat for two
meetings was framed as a pause, but given the decline in price pressures, being
unchanged for a third meeting is understood as the end of the historically
aggressive tightening cycle. Fed Chair Powell is expected to express greater confidence
that policy is sufficiently restrictive to bring inflation back to target. Trading
after the FOMC meetings has been treacherous, with the markets often reversing
initial moves. The rally in the S&P 500 to
its best level since April 2022 failed to boost Asia Pacific equities today. Among
the large markets, Japan, Australia, and Taiwan did manage to gain slightly.
Europe’s
2023-11-09
In September 2022, the Swiss National Bank (SNB) raised its policy rate back into positive territory. At the same time, it adopted a new approach to implementing monetary policy in the money market. This approach employs two levers: the tiered remuneration of reserves, also referred to as reserve tiering, and reserve absorption.
2023-11-09
As part of its contribution to the stability of the financial system, the Swiss National Bank acts as lender of last resort. In this role, it makes emergency liquidity assistance available to banks when, in crisis situations, they need substantial liquid funds which they are no longer able to obtain on the market.
2023-11-08
Auf welchem Pfad wird sich die Schweizerische Nationalbank (SNB) bewegen? Den Zinspeak haben wir auch in der Schweiz gesehen, selbst wenn Präsident Thomas Jordan jüngst noch einmal bekräftigt hat, dass die SNB die Zinsen falls nötig erneut erhöhen würde. Ich bin allerdings fest davon überzeugt, dass dies nicht der Fall sein wird.
Tags: SNB sight deposits,Swiss National Bank