Category Archive: SNB

Swiss National Bank releases updated banknote app

The Swiss National Bank (SNB) is releasing an app for mobile devices, designed to help the public familiarise themselves with the new banknotes. The app – an updated version of the ‘50-franc’ app launched last year to accompany the issue of the new...

Weekly SNB Interventions and Speculative Positions: More Interventions at higher Euro rate

The pro-European politician Macron has won the French elections. His success moved the EUR/CHF up to 1.0980, mostly caused by FX speculators. But "serious" investors (not FX speculators) did not follow the political event, but focus on monetary...

Weekly SNB Intervention Update: Sight Deposits and Speculative Position

The pro-European politician Macron has won the French elections. His success moved the EUR/CHF up to 1.0980, mostly caused by FX speculators. But "serious" investors (not FX speculators) did not follow the political event, but focus on monetary...

A Problem Emerges: Central Banks Injected A Record $1 Trillion In 2017… It’s Not Enough

Two weeks ago Bank of America caused a stir when it calculated that central banks (mostly the ECB & BoJ) have bought $1 trillion of financial assets just in the first four months of 2017, which amounts to $3.6 trillion annualized, "the largest CB...

Weekly SNB Interventions and Speculative Positions: After French Elections

The centre-left politician Macron has won the French elections. His success moved the EUR/CHF up to 1.0960, mostly caused by FX speculators. But serious investors - i.e. not FX speculators - did not follow the political event. The SNB had to intervene...

“Mystery” Central Bank Buyer Revealed, Goes On Q1 Buying Spree

In the first few months of the year, a trading desk rumor emerged that even as institutional traders dumped stocks and retail investors piled into ETFs, a "mystery" central bank was quietly bidding up risk assets by aggressively buying stocks. And no,...

Digital Swiss Francs

The Swiss National Bank held its annual general meeting of shareholders (web TV). In response to one of the questions posed by shareholders Thomas Jordan suggested (2:58–2:59) that possibly a digital Swiss Franc might be introduced sometime in the...

Gefühlskältester Event des Jahres: Die GV der grössten Zockerin aller Zeiten

Wie jedes Jahr fand auch diese letzte Aprilwoche der wohl gefühlskälteste Grossanlass der Schweiz statt: die Generalversammlung der Schweizerischen Nationalbank (SNB) im alten Casino in Bern. Der Ort „altes Casino“ hätte nicht treffender gewählt sein...

Weekly SNB Interventions and Speculative Positions: Interventions despite Positive Outcome in France

The centre-left politician Macron has won the French elections. He is a politician that - similar to Hollande four years ago - promises economic improvements, move investment, more jobs. Mostly probably he will fail similar to Hollande. His success...

SNB posts 7.9 billion CHF Profit in Q1

The SNB reports a profit of 7.9 bn CHF, of which 2.2 bn come from the gold holdings. Given that the bank has introduced a "minimum euro rate" around 1.06-1.07, this is not very difficult. It comes at the price of continuing interventions.

Where There’s Smoke…

Central banks around the world have colluded, if not conspired, to elevate and prop up financial asset prices. Here we'll present the data and evidence that they've not only done so, but gone too far. When we discuss elevated financial asset prices we...

Switzerland at IMF and World Bank 2017 Spring Meetings in Washington, D.C.

Federal Councillor Ueli Maurer as Head of the Swiss delegation, Federal Councillor Johann N. Schneider-Ammann and Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, will take part in the joint Spring Meetings of the...

Swiss Franc Exchange Rate Index

The Swiss National Bank has updated its exchange rate indices. In an SNB Economic Studies paper, Robert Müller describes how. The upshot is that the SNB considers the Swiss Franc slightly less overvalued than before.

Weekly SNB Interventions and Speculative Positions: Back to 2.4 bn Intervention per Week

SNB sight deposits changed by 2.4 bn last week, hence the SNB intervened for this amount. This value is a movement back to the weekly intervention trend. We expect a further downtrend of EUR/CHF in the next 2 years.

End of EUR/CZK peg: Czech National Bank

The Czech National Bank (CNB) ended the EUR/CZK floor today. Timing was a little earlier than expected, but rising inflation and a robust economy warranted it.  We think it’s too soon to talk about a rate hike, as we expect the koruna to overshoot to...

Weekly Sight Deposits and Speculative Positions: SNB interventions are rising again

The SNB intervenes for 1.6 bn CHF at EUR/CHF 1.07 - 1.0750. This is less than previously.

Unsere Exporteure sind die neuen Bauern. Statt deren Milch ist ihr Euro garantiert

Wie hoch würde der Euro gegenüber dem Schweizerfranken notieren ohne die Interventionen unserer Schweizerischen Nationalbank (SNB)? Das ist eine hypothetische Frage, die wissenschaftlich nicht exakt beantwortet werden kann. In der Nationalökonomie...

Weekly Sight Deposits and Speculative Positions: SNB interventions are rising again

The SNB intervenes for 2.9 bn CHF at EUR/CHF 1.07. For us, clearly too much and too risky; she will not maintain this pace over a longer term. Hence the EUR/CHF is prone to fall again.

Riskante SNB-Politik: up! fordert Währungswettbewerb

Die Schweizerische Nationalbank (SNB) hat am Donnerstag ihren Geschäftsbericht publiziert und musste erneut heftige Kritik vor der Schweizer Unabhängigkeitspartei up! einstecken. up! kritisiert insbesondere die expansive Geldpolitik, die zu...

SNB Spent $68 Billion On Currency Manipulation In 2016

While Donald Trump has repeatedly expressed his displeasure with China for manipulating its currency, he appears to have recently figured out that over the past 2 years Beijing has been spending hundreds of billions in dollar to strengthen, not weaken,...
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