Category Archive: 1) SNB and CHF

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

2017-05-08

Nikkei 225 vs. BoJ ETF Holdings 2011-2017

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, it was not the BOJ: while the Japanese Central Bank's interventions in the stock market are familiar to all by now, and as we reported last night on sessions when the "the BoJ comes in big, the...

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Digital Swiss Francs

2017-05-05

by Dirk Niepelt

2017-05-05

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 future.

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

2017-05-04

by Marc Meyer

2017-05-04

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 können von der grössten Zockerin aller Zeiten.

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

2017-05-03

by George Dorgan

2017-05-03

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 moved the EUR/CHF up to 1.0865, mostly caused by FX speculators, but the SNB had to intervene.

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New 50 Swiss franc note wins international beauty contest

2017-04-29

by Le News

2017-04-29

The new 50 franc note, launched last year, was voted the best new bank note in 2016 by the International Bank Note Society, a society founded in 1961. Nearly 120 new banknotes were released worldwide in 2016. The Swiss 50 only narrowly beat the Maldive Islands 1000 Rufiyaa bill, Argentina’s 500 Peso jaguar, and the Royal Bank of Scotland’s 5 Pound first polymer note.

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SNB posts 7.9 billion CHF Profit in Q1

2017-04-27

by George Dorgan

2017-04-27

SNB Results in the first 1 Quarters 2017: +2.2 billion CHF

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.

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Where There’s Smoke…

2017-04-25

by Tyler Durden

2017-04-25

Evolution of Atlanta Fed GDP, December 2016 - April 2017

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 really are talking about everything; we're talking not just about the sky-high prices of stocks and bonds, but also of the trillions of dollars’ worth of derivatives that are linked to them, as well...

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Euro gains against Swiss franc on French election result

2017-04-24

by Investec

2017-04-24

The official French presidential election results place Emmanuel Macron (23.8%) and Marine Le Pen (21.5%) in first and second places in the first round of the French presidential race. The run off between these two will take place on 7 May 2017, when most forecasters expect Macron to win and become France’s next president.

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

2017-04-20

by SECO

2017-04-20

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 International Monetary Fund (IMF) and the World Bank Group in Washington, D.C., from 21 to 23 April 2017. Prior to these meetings, Federal Councillor Ueli Maurer will represent Switzerland at the meeting of G20...

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Stephens

2017-04-18

by Tyler Durden

Swiss Franc Exchange Rate Index

2017-04-12

by Dirk Niepelt

2017-04-12

Nominal and real effective exchange rate indices of Swiss Franc

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.

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

2017-04-10

by George Dorgan

2017-04-10

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.

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End of EUR/CZK peg: Czech National Bank

2017-04-09

by Win Thin

2017-04-09

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 the strong side. POLICY OUTLOOK Price pressures are rising, with CPI accelerating to 2.5% y/y in February. March data will be reported April 10, with consensus at 2.6% y/y. If so,...

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

2017-04-03

by George Dorgan

2017-04-03

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

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

2017-03-31

by Marc Meyer

2017-03-31

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 können wir ja keine Versuche im Labor durchführen.

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

2017-03-28

by George Dorgan

2017-03-28

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.

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Bozena Riot

2017-03-27

by Tyler Durden

Riskante SNB-Politik: up! fordert Währungswettbewerb

2017-03-27

by Die Zürcherin

2017-03-27

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 Fremdwährungsreserven von 692 Milliarden Franken geführt hat. Zudem fordert up! einen Übergang von der staatlichen Währung zu einem System von Marktwährungen.

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SNB Spent $68 Billion On Currency Manipulation In 2016

2017-03-24

by Tyler Durden

2017-03-24

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, the Yuan and to halt the ~$1 trillion in capital flight from China.

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2016 Annual Report of the Swiss National Bank

2017-03-23

by George Dorgan

2017-03-23

The Swiss National Bank carried out foreign exchange interventions totaling 67.1B Swiss francs in 2016 in order to counter "an undesired tightening of monetary conditions," the central bank disclosed in its annual report. That was down from 86.1B francs in 2015, when the SNB intervened heavily at the start of the year following its decision to remove a cap on the franc's value against the euro.

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