Category Archive: 1) SNB and CHF

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Greenspan explains negative Swiss Yields

2016-08-01

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2016-08-01

For Alan Greenspan, negative Yield Reflect Spread between Italian and Swiss Bonds. For him, bond prices in general have risen too much.

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The relationship between CHF and gold

Many people think that Switzerland is related to gold due to its inflation-hedging safe-haven status. Historically this is true. With rising U.S. inflation in the 1970s gold appreciated to record-highs. So did the German Mark and even more the Swiss franc, that maintained low inflation levels.

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CHF Price Movements: Correlations between CHF and the German Economy

CHF Correlation to German economy
A big part of Swiss consumption is imported from Germany. Therefore Swiss inflation is often correlated to German inflation. Capital flows often move to Switzerland and Germany at the same time.

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Fintech 2016 Röportajları | Izabella Kaminska

2016-07-20

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Spiritus rector des kranken Bonussystems ist Oswald Grübel

2016-07-13

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2016-07-13

97 Franken – das war der Kurs der CS-Aktie im Mai 2007. Vergangene Woche notierte die Aktie noch bei einem Zehntel. Bei einem solch dramatischen Kurszerfall muss die CS sich nicht wundern, wenn kritische Fragen gestellt werden. Weshalb beträgt der aktuelle Wert der CS-Titel nur noch rund die Hälfte des in der Bilanz ausgewiesenen? Besteht die Gefahr eines Konkurses der CS? Wer wird dieses Too Big To Fail-Institut allenfalls retten? Die SNB, der...

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Swiss Franc Trade-Weighted Index, Performance Far Worse than Dollar Index

On a three years interval, the Swiss Franc had a weak performance. The dollar index was far stronger. Contrary to popular believe, the CHF index gained only 1.73% in 2015. It lost 9.52% in 2014, when the dollar strongly improved.

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Im Goldlager – Dans les entrepôts – Inside the gold vault – Nel deposito aureo

2016-07-08

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Diese Filmsequenz gehört zum Thema “Alles über unser Geld” des Informationsangebots “Unsere Nationalbank”. Sie erlaubt einen Einblick ins Goldlager der Nationalbank. Ce film illustre le thème “Tout savoir sur l’argent” traité dans le cadre de “Notre Banque nationale”. Il permet de découvrir les locaux de stockage de l’or de la Banque nationale. This short film, …

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Einblick in die GV 2016 – AG 2016 – Behind-the-scenes look at the 2016 GM – Uno sguardo all’AG 2016

2016-07-08

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Diese Filmsequenz gehört zum Thema “Das ist die Nationalbank” des Informationsangebots “Unsere Nationalbank”. Sie gibt einen Einblick in die Generalversammlung der Nationalbank. Ce film illustre le thème “A la découverte de la Banque nationale” traité dans le cadre de “Notre Banque nationale”. Il donne un bref aperçu de l’assemblée générale de la Banque nationale. This …

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Die Nationalbank bei der geldpolitischen Lagebeurteilung (Mediengespräch vom Dezember 2015)

2016-07-08

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Diese Filmsequenz gehört zum Thema “Die Bedeutung der Preisstabilität” des Informationsangebots “Unsere Nationalbank” und zeigt die Verkündigung des geldpolitischen Entscheids durch Thomas Jordan, Präsident des Direktoriums, am 10. Dezember 2015.

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Einblick ins Repogeschäft

2016-07-08

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Diese Filmsequenz gehört zum Thema “So wird die Geldpolitik umgesetzt” des Informationsangebots “Unsere Nationalbank”. Er zeigt, wie das Repogeschäft der Nationalbank funktioniert.

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Bekräftigung des Mindestkurses (Mediengespräch vom Juni 2013)

2016-07-08

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Diese Filmsequenz gehört zum Fokusthema “Die Geschichte des Mindestkurses” des Informationsangebots “Unsere Nationalbank”. Sie zeigt die Verkündigung des geldpolitischen Entscheids während der Phase des Mindestkurses durch Thomas Jordan, Präsident des Direktoriums, am 20. Juni 2013.

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Comey Shocker

2016-07-05

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SNB intervenes for 6.3 billion francs in one week, total 10bn Brexit intervention

2016-07-05

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2016-07-05

SNB intervenes for 6.3 bil francs in the week ending last Friday. Once again a record high since January 2015. The SNB raised the intervention level to 1.0850. Apparently conversion of GBP->CHF flows into GBP-> EUR flows – via EUR/CHF purchases. Speculators: are long CHF 10K contracts against USD versus 6.3K last week.

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FT Alphaville Izabella Kaminska interviews Geoffrey Brian West.

2016-07-04

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FT Alphaville’s Izabella Kaminska interviews theoretical physicist Geoffrey Brian West 2016, Festival of Finance. Camp Alphaville.

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Swiss Bond Yields all Negative up to 30 years: Greatest Bubble in Financial History

2016-07-02

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2016-07-02

yield curve Switzerland
Graham Summers says that central banks have lost control and investors are crazy. They pay the Swiss government for the right to own their bonds. One point is missing: Swiss rates are "more negative than others", because investors expect a slow appreciation of the Swiss franc.

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Swiss Balance of Payments and International Investment Position 2015

2016-06-29

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2016-06-29

Swiss National Bank
The Swiss National Bank (SNB) is publishing the annual Swiss Balance of Payments and International Investment Position report today. This year, the report is being released earlier – in May instead of August, as in previous years. It is based on the dataset for the fourth quarter of 2015, which was released with the press release of 21 March 2016 headed ‘Swiss balance of payments and international investment position, Q4 2015 and review of the year...

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El-Erian: Cash is more valuable than ever

2016-06-26

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2016-06-26

Mohamed El-Erian, chief economic adviser at Allianz Global Investors. says that Investors shouldn’t underestimate the role of cash in their portfolios We should add that the Swiss Franc is one of the most important havens for holding cash.

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Purchasing Power Parity, REER: Swiss Franc Overvalued?

Most economists, like the ones at the Swiss National Bank (SNB), claim that the franc is overvalued. Many use misleading Purchasing Power Parity (PPP) measures like the Big Mac index, the OECD index or the PPP based on consumer prices for computing fair values. The second big mistake is to compute the Real Effective Exchange Rate (REER) with the wrong "base year"The third error is to ignore massive Swiss current account surpluses, helped by high...

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In Surprising Development NIRP Starts To Work, Pushing Rich Swiss Savers Out Of Cash Into Stocks

2016-06-23

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2016-06-23

One of the rising laments against NIRP is that far from forcing savers to shift from cash and buy risky (or less risky) assets, it has done the opposite. Intuitively this makes sense: savers expecting a return on the cash they have saved over the years are forced to save even more in a world of ZIRP or NIRP, as instead of living off the interest, they have to build up even more prinicpal.

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As Of This Moment, Barclays Is Not Accepting FX Stop Loss Orders

2016-06-23

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2016-06-23

Anyone wondering why gaps and volatility in FX, and especially cable is reaching on the absured today, with 100 pips swings in minutes the norm, the reason is that there is virtually no liquidity.

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