Category Archive: SNB

The Central Banks Face Unwelcome Realities: Their Policies Boosted Wealth Inequality, Failed to Generate “Growth”

Rather than be seen to be further enriching the rich, I think central banks will start closing the "free money for financiers" spigots. Take a quick glance at these charts of the Federal Reserve balance sheet and bank credit in the U.S.

Weekly Sight Deposits and Speculative Positions: Strong Swiss Trade Balance: SNB allows EUR/CHF to 1.0680

With the strong Swiss trade balance, the SNB let EUR/CHF fall to 1.0680. SNB intervenes for 0.5 bn CHF. Speculators are net short CHF with 13.6K contracts against USD, nearly unchanged.

80 percent Of Central Banks Plan To Buy More Stocks

Regular readers remember how, when we first reported around the time of our launch eight years ago that central banks buy stocks, intervene and prop up markets, and generally manipulate equities in order to maintain confidence in a collapsing system,...

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.

Steuerreform holt das Geld dort, wo sich keiner wehrt: Im arbeitenden Mittelstand

Die kommende Abstimmung über die Unternehmenssteuerreform III führt uns einmal mehr vor Augen, wie hoch komplex diese Materie ist. Ein „Normalsterblicher“, also jemand, der sich nicht von Berufes wegen mit Steuerfragen auseinandersetzt, dürfte mit den...

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 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.