Category Archive: 1) SNB and CHF

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Week Ahead Preview: FOMC is the highlight

2022-09-19

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2022-09-19

MON: Japanese Respect for the Aged Day; EZ Construction Prices (Jul), Canadian Producer Prices (Aug), German Producer Prices (Aug). TUE: Chinese LPR, Riksbank Policy Announcement, RBA Minutes (Sep); Japanese CPI (Aug), EZ Current Account (Jul), US Building Permits/Housing Starts (Aug), Canadian CPI (Aug).

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Thomas Jordan: Carl Menger Award Ceremony 2022: Introductory remarks on Ricardo Reis

2022-09-14

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2022-09-14

I welcome you all to the ceremony of the Carl Menger Award, given by the Verein für Socialpolitik. I do so in the name of the sponsors of the award, namely the Deutsche Bundesbank, the Oesterreichische Nationalbank and the Swiss National Bank, as well as on behalf of the selection committee.

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BOC’s Rogers: We are not where we were in July, but a long way from where we need to be

2022-09-10

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2022-09-10

Bank of Canada's Senior Deputy Gov. Carolyn Rogers: We are not where we were in July, but we are a long way from where we need to be.

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SNB-Chef Jordan begrüsst Zinsschritt der EZB

2022-09-09

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2022-09-09

SNB-Präsident Thomas Jordan: Der Schritt der EZB war wichtig. (Bild: PD)Die Forward Guidance – die Leitlinien für die zukünftige Geldpolitik, auf welche die US-Notenbank und die Europäische Zentralbank achten, um die Finanzmärkte auf ihre Entscheide vorzubereiten und dem ihnen einen Schock zu ersparen – ist für die Schweizerische Nationalbank unbedeutend.

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More from SNB’s Jordan: No comment on currency invention. We don’t rule anything out

2022-09-09

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2022-09-09

SNB Chairman Jordan speaks to media during a news conference in Bern
Looks at series of models to gauge Swiss francs value; market has to live with some volatility, no comment on currency intervention.

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SNB’s Jordan: We must ensure price stability over medium-term

2022-09-09

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2022-09-09

SNB's Jordan is on the wires after the ECB hike rates by 75 basis points today: ECB 75 basis point rate hike not fully surprising.

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FX intervention watch – Swiss National Bank edition – too early for the CHF

2022-09-09

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2022-09-09

This via the folks at eFX. Credit Agricole CIB Research argues that it would be premature for the SNB to resume its intervention against CHF strength around current levels.

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Börse – Zinsen, Dividenden, Wachstum: Diese Schweizer Bank-Aktien ziehen starkes Interesse auf sich

2022-09-01

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2022-09-01

Die Chefs von Schweizer Banken dürften am 16. Juni aufgeatmet haben. Was auch immer über die Pros und Cons von Zinserhöhungen gesagt wird, der Zinsschritt der Schweizerischen Nationalbank (SNB) hilft der Branche. Wie eine Auswertung von cash.ch zeigt, liegen in der Jahres-Performance 12 der 16 besonders zinssensitiven Kantonal- und Regionalbanken in der Schweiz und Liechtenstein im Puls (siehe Tabelle).

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Swiss National Bank President Jordan warned of persistently higher inflationary pressure

2022-08-30

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2022-08-30

Swiss National Bank President Thomas Jordan spoke at the Federal Reserve’s annual Jackson Hole symposium on Saturday.“Structural factors such as the transition to a greener economy, rising sovereign debt worldwide, the demographic transition and ultimately also the fact that globalization appears to have peaked -- at least temporarily -- could lead to persistently higher inflationary pressure in the coming years”

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Thomas Jordan: Monetary policy under new constraints: challenges for the Swiss National Bank

2022-08-29

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2022-08-29

The pandemic and the war in Ukraine have fundamentally changed the constraints on monetary policy. Uncertainty has increased strongly in many respects, and there has been a sharp rise in inflation.

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Heads up for ECB, SNB, BoK speakers over the weekend

2022-08-26

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2022-08-26

On Saturday at the Jackson Hole symposium there will be speakers from the European Central Bank, Swiss National Bank and Bank of Korea.

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EUR/CHF forecast to 0.93 (Swiss National Bank to hike rates in September and December)

2022-08-23

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2022-08-23

"We expect the SNB to hike by 50bp again in September and December to curtail underlying inflation pressures bringing the policy rate to 0.75%. With the SNB broadly following the ECB, we see relative rates as an inferior driver for the cross," Danske notes.

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SNB Losses in the News

2022-08-01

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2022-08-01

My written statement for 20minuten: Anlageverluste der SNB sind schlecht für den Schweizer Steuerzahler, denn ihm gehört die SNB. Sie können aber auch Entwicklungen widerspiegeln, die ihre guten Seiten haben. Jetzt zum Beispiel führt die Frankenstärke zu Anlageverlusten, bremst aber auch die importierte Inflation.

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SNB Results Q2/2022: 95 Billion Loss, Close to my Predictions

2022-07-29

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2022-07-29

Income statement, 1 January–30 June 2022
I was predicting for many years that the SNB will suffer a big loss when inflation comes. The time of reckoning has come. I expected some 150 billion loss in one year: at half time we are 95 billion CHF.

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Swiss National Bank reports massive losses

2022-07-29

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2022-07-29

The Swiss National Bank (SNB) has taken a hit of CHF95.2 billion ($100 billion) for the first half of this year, mainly owing to losses on foreign currency positions.

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The SNB’s Financial Result, Currency Reserves, and Distribution Reserve

2022-07-27

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2022-07-27

How are SNB profits and losses distributed and what issues are debated? Annual Result Funds two “Reserves” The annual result (Jahresergebnis) of the Swiss National Bank (SNB) is split into two parts.

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Major Swiss private bank to scrap negative interest charges

2022-07-22

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2022-07-22

Wealth manager Julius Bär has joined a growing list of Swiss banks that will no longer pass on the cost of negative interest rates to clients.

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Inflation ‘back with a vengeance’ in Switzerland

2022-07-05

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2022-07-05

The price of household goods for Swiss consumers rose 3.4% in June compared to the same month last year, led by the surging cost of fuel and heating oil. “Inflation, which has de facto been absent for more than a decade, is back with a vengeance,” said economic forecast group BAK Economics.

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Persönliche Finanzen  – Wie betreffen die steigenden Hypothekarzinsen die Vorsorge? 

2022-07-04

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2022-07-04

Die Finanzierung von Wohneigentum und das Sparen fürs Alter sind Bestandteile der Finanzplanung. Manche Sparerinnen und Sparer verknüpfen Hypotheken mit Vorsorgeprodukten. Was hier bei steigenden Zinsen zu beachten ist.  Angetrieben durch die Inflation respektive deren Folge, der Geldpolitik der Notenbanken, sind die Hypothekarzinsen in der Schweiz 2022 deutlich gestiegen.

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Swiss franc worth more than the euro

2022-07-01

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2022-07-01

This week, the Swiss franc rose to beyond parity with the euro as traders sought safe haven assets as concerns about risks to global growth grew.

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