Category Archive: 1) SNB and CHF

Filter archive by: Show All Show only Articles Show only Videos

Swiss Franc Exchange Rate Index

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.

Read More »

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.

Read More »

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,...

Read More »

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.

Read More »

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.

Read More »

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.

Read More »

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.

Read More »

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.

Read More »

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.

Read More »

The Swiss Franc: The World’s Most Perplexing Currency?

2017-03-23

by LongShort Investments

2017-03-23

Swiss policymakers consider their domestic currency (the franc, or CHF) to be significantly overvalued. Measures taken by the Swiss National Bank seem to corroborate this stance, holding its nominal overnight rates well into negative territory. Considering where the Fed and ECB are in their policy cycles and where the SNB is in its cycle, the USD and EUR are likely to appreciate against the CHF.

Read More »

New calculation of SNB exchange rate indices

2017-03-22

by SNB

2017-03-22

Change to a more comprehensive and up-to-date methodology. The Swiss National Bank (SNB) is putting the Swiss franc exchange rate indices it calculates and publishes on a new footing. The adjustment allows the Swiss economy’s competitive and trading relationships to be replicated in a more comprehensive and up-to-date way. The new indices, too, show that the Swiss franc is significantly overvalued.

Read More »

North Korea Propaganda

2017-03-21

by Tyler Durden

Comey – No Wiretap

2017-03-20

by Tyler Durden

Comey

2017-03-20

by Tyler Durden

Weekly Sight Deposits and Speculative Positions: EUR/CHF suddenly higher after ECB

2017-03-20

by George Dorgan

2017-03-20

The EUR/CHF suddenly appreciated with the ECB meeting, when Draghi seemed less dovish than before. The rate rose from the previous 1.0650 to over 1.0750. With the SNB meeting, the EUR/CHF receded again. SNB interventions, are currently at 2 bn. per week compared to 5 bn. before Draghi.

Read More »

The Swiss Franc Hits its Lowest Since December

2017-03-17

by Investec

2017-03-17

According to some experts, the weaker franc can be partly explained by the market activities of the Swiss National Bank (SNB). The cantonal bank of Thurgau said that the SNB appeared to be targeting a weaker franc ahead of the Dutch elections on Wednesday. Adding that they think an exchange rate of around 1.085 against the euro is possible.

Read More »

SNB Monetary Policy Assessment March 2017: EUR/CHF lower again

2017-03-16

by George Dorgan

2017-03-16

Conditional Inflation Forecast, March 2017

The EUR/CHF collapsed after the monetary assessment meeting of the Swiss National Bank. The SNB did not fulfill the wishes of currency traders with a more dovish policy, i.e. with lower rates or the thread of stronger interventions.

Read More »