Category Archive: SNB

Weekly Sight Deposits and Speculative Positions: Weaker dollar let SNB accumulates losses

EUR/CHF is slightly above the “in-official minimum band”. The weaker dollar leads to bigger SNB losses in January. SNB intervenes for 0.9 bn at higher EUR/CHF rate. Speculators are net short CHF with 13.7K contracts against USD.

Weekly SNB Intervention Update: Sight Deposits and Speculative Position

EUR/CHF is slightly above the “in-official minimum band”. The weaker dollar leads to bigger SNB losses in January. SNB intervenes for 0.9 bn at higher EUR/CHF rate. Speculators are net short CHF with 13.7K contracts against USD.

Weekly Sight Deposits and Speculative Positions: Stronger SNB interventions at more expensive EUR

EUR/CHF slightly above the “in-official minimum band” of 1.0680 – 1.07. SNB intervenes for 1.7 bn at higher EUR/CHF rate. Speculators are net short CHF with 14K contracts against USD.

SNB announces 24 bn CHF profit for 2016 thanks to rising stock markets.

The Swiss National Bank has announced 24 bn profits from 2016. Profits came from the dollar, yen and Canadian dollar, while the pound retreated by 15%. The EUR/CHF is only slightly weaker, mostly because the SNB actively supported the euro.

Weekly Sight Deposits and Speculative Positions: SNB Intervenes, Speculators Short CHF again

EUR/CHF at the "in-official minimum band" of 1.0680 to 1.07. SNB intervenes for 0.7 bn CHF to keep the euro slightly over 1.07. Speculators are net short CHF with 13K contracts against USD, 3K more than last week. This is still far from the post...

Risk Reward Analysis for Financial Markets

We focus this video regarding the potential upside for stocks versus the considerable downside risk for investors. All Technical Analysis is flawed and backward looking, it is a Critical Thinking flaw to extrapolate the future from the most recent...

Weekly Sight Deposits and Speculative Positions: SNB Intervenes, Speculators Short CHF again

Last week's data: FX: EUR/CHF was between 1.07 and 1.0750. SNB sight deposits: SNB intervenes for 0.7 bn. CHF at the EUR/CHF 1.07 level. CHF Speculative Positions Speculators went net short CHF with 10K contracts, this is still far from the 26.K...

Weekly Sight Deposits and Speculative Positions: SNB intervenes, while Speculators go Long CHF

The Fed has hiked rates and with this fait accomplis speculators sold the news. They closed their short CHF and opened new CHF longs. The SNB, however, intervened again for 0.5 billion CHF.

Swiss Financial Accounts, 2015 edition

This year, the Swiss financial accounts, which have been released by the Swiss National Bank since 2005, feature changes affecting both timeliness and presentation. For the first time, data on the financial accounts are now published within eleven...

We Know How This Ends – Part 2

In March 1969, while Buba was busy in the quicksand of its swaps and forward dollar interventions, Netherlands Bank (the Dutch central bank) had instructed commercial banks in Holland to pull back funds from the eurodollar market in order to bring up...

Kosten eines Vollgeld-Systems sind hoch (Costly Sovereign Money)

Eine Umsetzung der Vollgeld-Initiative würde grossen Schaden anrichten und dürfte im Ergebnis selbst die Initianten enttäuschen. Verbesserungen verspricht dagegen eine «sanfte» Reform: die Einführung von elektronischem SNB-Geld für alle.

Swiss balance of payments and international investment position: Q3 2016

In the third quarter of 2016, the current account surplus amounted to CHF 21 billion. This was CHF 2 billion less than in the year -back quarter. As a result of lower receipts from direct investment, the receipts surplus in primary income (labour and...

Swiss National Bank further strengthens provisions for currency reserves

The Swiss National Bank uses a strange formula on the basis of economic growth for the provisions for FX losses. It would be much easier to connect this number to the size of the balance sheet, e.g. 10% of the balance sheet.

Direct Investments in 2015

Swiss direct investment abroad. Companies domiciled in Switzerland invested CHF 100 billion abroad, compared with disinvestment of CHF 1 billion the year before. Thus, Swiss direct investment abroad was significantly above the average for the past ten...

SNB Monetary policy assessment December 2016 and Comments

The Swiss National Bank (SNB) is maintaining its expansionary monetary policy. Interest on sight deposits at the SNB is to remain at–0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%. At the same time, the...

Swiss banks probed at home over Brazil’s ‘Carwash’ bribe scandal

The Switzerland attorney general’s office is shifting its focus to banks operating in the country as it continues to investigate Brazil’s bribery scandal, after plea deals with individual executives provided fresh insights into how the illicit funds...

Weekly Sight Deposits: No SNB Interventions, Short CHF nearing records

Who has read Milton Friedman knows that the Trump reflation trade is now showing its positive side. US wages are rising by 2.5%, while inflation is still relatively low. According to Friedman, inflation will increase only later.

Wie die SNB durch Kapitalsteuern die Schweizer Wirtschaft belastet

Vor dem Hintergrund eines angeblich „schwachen Wirtschaftswachstums“ rechtfertigte SNB-Chef Thomas Jordan neulich in einem Interview in der Tagespresse die SNB-Negativzinsen und bezeichnete diese als „expansiv“. Nur: Sind Negativzinsen wirklich...

Weekly Sight Deposits: Investors hedge with Swiss Franc again for the coming inflation cycle.

We explained the Trump reflation trade, where the Swiss Franc acts as the usual inflation hedge against the obviously inflationary policies of Trumpeconomics. Trump is about tax cuts – i.e. a fiscal deficit up to 10%, and about protectionism. Trump...

Swiss banks taking more risks to compensate for record-low interest rates

Swiss banks focused on property lending are taking more risks to compensate for the impact of record-low interest rates, increasing the threat of a real-estate bubble, Swiss National Bank Vice President Fritz Zurbruegg said.
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