Category Archive: Newsfeed

Fast CHF and Gold Price Movements

Our CHF and Gold News Bar on our home page explains daily CHF and gold price movements based on the most important fundamental indicators in a few sentences. Keep in mind that the only Swiss fundamental data that is able to move the CHF must come from the SNB and from Swiss inflation data – … Continue reading »

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Swiss, Norwegian and UK PMI Lead European Recovery

The Swiss, Norway, the UK and Germans are in the lead, while, despite improvements, France, Italy and Spain are still lagging (details).

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Sight Deposits are Rising Despite Weaker Franc

Despite the weaker franc, sight deposits at the SNB are still rising. Last week they increased by 300 million CHF – details here. For us the SNB is not buying euros, but traders are taking more and more derivative (carry trade or FX positions) against the franc that do not show up in the sight … Continue reading...

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EUR/CHF to 1.25?

Chinese economy is weaker, the Brent oil price under 100$ , the German DAX near 7500, the USD/JPY near 100, the Australian dollar is dipping. Most assets that are positively correlated to CHF are weaker. Time for EUR/CHF to rise?

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SNB Reserves Rise by 8 bln. CHF Thanks to Stronger USD, GBP, CAD and some FX Purchases

In March 2013, the foreign currency reserves of the Swiss National Bank (SNB) rose by 8 bln. CHF from 437 bln. to 445 bln. mostly thanks to valuation gains on US dollar, sterling and Canadian dollar. full details

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SNB Sight Deposits: Only Slight Increase of 370 Million Francs despite Cyprus

The SNB published the weekly monetary data for the week of the "Cyprus crisis": SNB sight deposits are slightly up 400 million francs, mostly due to local banks. Details

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In Week Before Cyprus SNB Sight Deposits Rise Slightly by 250 Million Francs

The SNB published the weekly monetary data for the week before the Cyprus event: SNB sight deposits are slightly up 250 million francs, mostly due to other sight deposits (companies, the Swiss confederation, foreign banks) while local banks reduced their deposits slightly. Details

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Swiss Wages Keep on Rising: No Signs of Deflationary Pressures

No signs of the so often mentioned "deflationary pressures" by the SNB. According to Swiss statistics hourly wages rose by 1.1% in the year 2012, while they went up by 1.0% in 2011. More details

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SNB Monetary Assessment March 2013

In its monetary assessment the SNB maintains the EUR/CHF floor and warned against further risks in the euro zone. The SNB has downgraded the inflation path to -0.2% (previously-0.1%) in 2013 and +0.2% (+0.4%) in 2014.We do not completely agree.

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SNB Liabilities (deposits & bank notes) at New Record High

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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FOMC: Hawks Can Only Squawk But not Vote

We remind readers that the voting members of the 2013 FOMC are strongly leaning towards dovish policy (see details of its composition). Dovish economists have a common understanding:...

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SNB Sight Deposits Fall by 1.2 Billion CHF, Weeks ending February 1 and 8

The latest improvement in U.S. unemployment and good PMIs, finally let the sight deposits (money supply) at the SNB fall by 800 million francs in week ending on February 1 and 400 million for the one of Feb 8 . See the recent history of sight deposits.

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SNB’s Zurbrügg: No Negative Rates

Still in September, SNB's Zurbrügg was speaking of negative rates and deflationary risks in Switzerland. At that meeting we told him that deflationary risks were absurd given rising M1/M3, higher salaries and strongly rising home prices . Now he admits that

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Sinn: The Euro Crisis Is Not Solved

In 2012, austerity, the commitment of ECB and Fed and the weak euro helped to reduce peripheral yields, current account and partially fiscal deficits. The euro zone has possibly won the war. Now the weak countries need to win the peace, namely generate growth via competitiveness says 

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SNB Sight Deposits Rise by 100 Million CHF, Week January28

While FX traders and some hedge funds are long EUR/CHF and some short covering happened, sight deposits show a different picture. They rise again, this time with 100 million francs (see details) in one week. Risk-off investors are not convinced yet that the euro crisis is finished, while other investors keep profit of the rising SMI...

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Let Cyprus go Iceland! or Make Russians Believe it Were

While UBS  and a certain Mr Draghi are still warning that a bankruptcy would...

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SNB Sight Deposits Rise by 2 Bln. Francs, M3 by 10 Bln., Week January 21

While FX traders and some hedge funds go long the EUR/CHF, sight deposits at the SNB rise by 2 bln. francs (see details) in one week, M3 by nearly 10 bln. (nearly 2%) francs in one single month (see

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Pictet on the sudden EUR/CHF Appreciation

While we blamed FX traders, that were waiting months for some good European news to push down the CHF, Pictet finds some more explanations.

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SNB possibly Started some Sterilization, FX traders are gaming

While markets are long EUR/CHF and FX traders are playing currency games against each other, the SNB had to buy additional 1 billion CHF of reserves last week. In the first January week they possibly started...

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ZKB may introduce negative interest rates for ordinary savers

After UBS and CS introduced negative interest rates for big clearing accounts, ZKB changes general conditions for a potential introduction of negative rates even for ordinary savers. Time to get in contact with Geneva cash storing warehouses? More about the ZKB move on

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