Category Archive: 1) SNB and CHF

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Weekly Sight Deposits and Speculative Positions: Once again a new SNB intervention record

2017-02-20

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2017-02-20

Sight deposits February 20 2017
Once again a massive SNB intervention and a post Trump election record: 4.5 billion CHF at a EUR rate of 1.0648.

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Schuld an der Steuerklatsche sind die honorigen Ökonomen

2017-02-19

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2017-02-19

Swiss National Bank
Sieben Bundesräte, das Parlament, alle Finanzdirektoren und alle Wirtschaftsverbände waren für die Steuerreform. Millionen wurden in den Abstimmungskampf investiert. Trotzdem ging die geplante Steuerreform III mit rund 60 Prozent bachab. Ein klareres Misstrauensvotum kann man sich kaum vorstellen. Das Volk ist seiner Regierung nicht mehr gefolgt. Wo liegen die Gründe?

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What Will Trump Do About The Central-Bank Cartel?

2017-02-14

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2017-02-14

Euro Banks find it increasingly hard to obtain US dollar credit
The US is by far the biggest economy in the world. Its financial markets — be it equity, bonds or derivatives markets — are the largest and most liquid. The Greenback is the most important transaction currency. Many currencies in the world — be it the euro, the Chinese renminbi, the British pound or the Swiss franc — have actually been built upon the US dollar.

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Here Are The Best Hedges Against A Le Pen Victory

2017-02-13

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2017-02-13

France "Risk" Over Germany
On Friday, after it emerged that as part of Marine Le Pen's strategic vision for France, should she win, is a return to the French franc as well as redenomination of some €1.7 billion in French (non-international law) bonds, both rating agencies and economists sounded the alarm, warning it would "amount to the largest sovereign default on record, nearly 10 times larger than the €200bn Greek debt restructuring in 2012, threatening chaos to the world...

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Weekly Sight Deposits and Speculative Positions: Another Post-Trump SNB Intervention Record

2017-02-13

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2017-02-13

Sight deposits February 13 2017
A big Swiss bank bets on EUR/CHF 1.10 as soon as the ECB ends their bond buying program. But one should realize that private investors will need to buy the EUR at 1.10, but the SNB is not willing to do so any more. Hence we must see SNB interventions of zero, before EUR/CHF goes to 1.10.

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Ist die SNB fachlich überfordert?

2017-02-12

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2017-02-12

Swiss National Bank
„Die SNB druckt Franken und kauft mit dem Geld Anleihen oder Aktien in Fremdwährungen.“ Diese Behauptung wurde in den vergangenen Tagen einmal mehr flächendeckend von den Schweizer Medien kolportiert. Vorausgegangen war ein „Montagsinterview“ von SNB-Chef Thomas Jordan in der Süddeutschen Zeitung.

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Swiss National Bank’s U.S. Stock Holdings Hit A Record $63.4 Billion

2017-02-10

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2017-02-10

Value of Swiss National Bank US Stock Holdings, June 2014 - December 2016
Being able to print your own money and buy stocks at any price sure can be fun. Just as the SNB which unlike many other (if ever fewer) central banks admits to doing just that. In its latest 13F filing, the Swiss National Bank reported that the value of its portfolio of US stocks rose again in the fourth quarter, increasing by 1.6% from $62.4 billion as of Sept. 30 to a record high $63.4 billion at the end of the year.

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The Central Banks Pull Back: Now It’s Up to Fiscal Policy to “Save the World”

2017-02-08

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2017-02-08

Top Spending from 1990 to 2012
Another problem is the rise of social discord, for reasons that extend beyond the reach of tax reductions and increased infrastructure spending. Have you noticed that the breathless anticipation of the next central bank "save" has diminished? Remember when the financial media was in a tizzy of excitement, speculating on what new central bank expansion would send the global markets higher in paroxysms of risk-on joy?

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The VIX Will Be Over 100 due to Central Bank Created Tail Risk

2017-02-07

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2017-02-07

Switzerland Central Bank Balance Sheet
We discuss the manner in which Central Banks have destroyed financial markets, and have the stage for what I label as the Red Swan Event in this video. When the Swiss National Bank holds risky Tech stocks in its portfolio, we are in unchartered territory!

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Weekly Sight Deposits and Speculative Positions: SNB Intervenes for 2.4 bn CHF, while Speculators increase CHF Shorts

2017-02-06

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2017-02-06

Sight deposits February 06 2017
SNB intervenes for 2.4 bn CHF, while speculators increase their CHF shorts to 17K.

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

2017-02-05

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2017-02-05

U.S. Fed Summary
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.

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Every country will be digital – John Chambers & Izabella Kaminska at Web Summit 2016

2017-01-31

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This panel includes John Chambers of Cisco Systems and Izabella Kaminska of Financial Times. We are currently going through the biggest digital transition in history and if companies and countries don’t adapt they will die. What needs to be done to make sure countries and companies do not get left behind in this changing landscape? …

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

2017-01-30

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2017-01-30

Sight deposits January 30 2017
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.

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80 percent Of Central Banks Plan To Buy More Stocks

2017-01-24

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2017-01-24

Central banks foreign-exchange reserves, Global debt
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, and avoid a liquidation panic and bank runs, it was branded "fake news" by the established financial "kommentariat."

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

2017-01-23

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2017-01-23

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.

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

2017-01-18

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2017-01-18

Swiss francs
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 Abstimmungsunterlagen masslos überfordert sein. Ja, selbst Ökonomen, die Fragen zur Besteuerung studiert haben, dürften bald am Ende ihres Lateins sein.

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What Vice Costs – The World’s Cheapest (& Most Expensive) Countries For Drugs, Booze, & Cigarettes

2017-01-17

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2017-01-17

Forbidden Cost of Vice?
Indulging in a weekly habit of drugs, booze and cigarettes can cost you as little as $41.40 in Laos and a whopping $1,441.50 in Japan, according to the Bloomberg Vice Index.

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Swiss franc less overvalued according to latest Big Mac index

2017-01-16

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2017-01-16

Big-Mac
On 12 January 2017, the Economist came out with its latest Big Mac index. Also known as the burger benchmark, the index compares the price of a Big Mac around the world. This catchy, if highly incomplete means of comparing the relative purchasing power of different currencies, uses the United States and the US$ as its base. Countries where Big Macs cost less than in the United States (in US$ terms) have weak currencies, and those where they are...

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

2017-01-16

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2017-01-16

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.

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How Derivatives Markets Responded to the De-Pegging of the Swiss Franc

2017-01-13

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2017-01-13

bank of england
In a Bank of England Financial Stability Paper, Olga Cielinska, Andreas Joseph, Ujwal Shreyas, John Tanner and Michalis Vasios analyze transactions on the Swiss Franc foreign exchange over-the-counter derivatives market around January 15, 2015, the day when the Swiss National Bank de-pegged the Swiss Franc. From the abstract.

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