Category Archive: 1) SNB and CHF

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

SNB has Won the Risk Aversion Battle, When Will the Inflation Battle Start?

CPI GDP Unemployment Rate


Read More »

Swiss ZEW Investor Survey Sees 1.20 per Euro Cap Gone within 2 Years

2013-07-17

by

2013-07-17

The Swiss ZEW investor sentiment has risen to 4.8 by 2.6 points, news that do not influence markets. More interesting is the following:  Swiss ZEW Investor Survey Sees 1.20 per Euro Cap Gone within 2 Years * Majority see no change in euro/franc for next 6 months (Reuters) – The Swiss National Bank will most … Continue reading »

Read More »

Swiss Franc History, 2012: CHF becomes a “safe” Risk-On Currency

SNB Inflation Forecasts of June 2012 and of September 2012
At the end of May, SNB president Jordan admitted that the EUR/CHF floor will not raised (here also cited by Bloomberg): “We cannot arbitrarily manipulate our currency. In an even worse crisis situation this would be disastrous and counterproductive. The floor must be legitimized. The current minimum exchange rate is realistic and has helped the Swiss economy.”

Read More »

SNB Monetary Assessment June 2013: Very risk-averse, nearly hawkish tone

2013-06-21

by

2013-06-21

snb monetary assessment june 2013
The Swiss National Bank (SNB) delivered a, for her standards, very hawkish monetary assessment with the focus on the risks in the financial sector. This does not come as a surprise for us. Each time, after the United States has recovered from a crisis – just like now – inflation and risks increased in Switzerland. …

Read More »

Thomas Jordan, Präsident des SNB-Direktoriums

2013-06-20

by

SNB-Präsident Thomas Jordan über den US-Steuerstreit und die Entwicklung des Frankens.

Read More »

SNB to Follow the Bank of Japan? Part1

2013-06-04

by

2013-06-04

ISM Manufacturing Non-Manufacturing May 2013 YoY
Questions to George Dorgan Is there any chance that the SNB or other central banks could follow the BOJ and just depreciate the currency? George Dorgan: What did the BoJ do? Monetary easing and talk down the yen in a mercantilist style. A central bank is able to talk down a currency only if there … Continue reading »

Read More »

Is EUR/CHF 1.30 Possible?

Growth Differential CH Eurozone UBS


Read More »

How Modern Monetary Policy Changed CHF from Gold-Backed to a USD and Euro-Backed Currency

Gold-backed CHF vs. EUR USD backed
we slowly move into an inflationary environment and prices of German Bunds and US Treasuries are falling.... ECB and Fed interest rates seem to be nailed to zero for years.

Read More »

CHF as Funding Currency: Where is the Carry Trade, Bob Savage?

euromoney swiss franc forum


Read More »

Swiss Franc Put/Call Ratio, Futures Volumes, Open Interest etc.



Read More »

Why negative Swiss rates would imply that the Swiss franc appreciates

Negative Interest Rates SNB


Read More »

SNB Q1 Results: Bottom-Fishing Cheap Yen, Increases Equity Share with Gains and Margin Debt

2013-04-30

by

2013-04-30

snb q1-q4 currency breakdown
We regularly publish the SNB asset structure by currency, rating & duration, they might be a template for the tactical asset allocation in these dimensions (CHF certainly excluded) for other fixed income and/or rather conservative asset managers. Composition of SNB Forex Reserves, Q1/2013 With the strong results of 11.2 billion francs, the SNB reduced the …

Read More »

SNB Reserves Rise by 8 bln. CHF Thanks to Stronger USD, GBP, CAD and some FX Purchases

2013-04-05

by

2013-04-05

snb q4 2012 breakdown by currency
In March 2013, the foreign currency reserves of the Swiss National Bank (SNB) rose by 8 bln. CHF from 437 bln. to 445 bln. mostly thanks to valuation gains on US dollar, sterling and Canadian dollar. full details

Read More »

IMF (2013): Sees Considerable Risks on SNB Balance Sheet

imf end snb cap franc, reuters
The International Monetary Fund (IMF) judges "that the SNB’s net revenue is subject to large fluctuations, and sizeable losses could occur if an appreciation of the Swiss franc was to take place before foreign exchange interventions were unwound."

Read More »

SNB Monetary Assessment March 2013

2013-03-14

by

2013-03-14

Jordan in the ECO interview
In its monetary assessment the SNB maintains the EUR/CHF floor and warned against further risks in the euro zone. The SNB has downgraded the inflation path to -0.2% (previously-0.1%) in 2013 and +0.2% (+0.4%) in 2014.We do not completely agree.

Read More »

Composition of SNB Reserves Q4, 2012, Yield on Investment

2013-03-07

by

2013-03-07

snb q4 2012 breakdown by currency
We regularly publish the SNB asset structure by currency, rating & duration, they might be a template for the tactical asset allocation in these dimensions (CHF certainly excluded) for other fixed income asset managers. Moreover we publish the yield on investment.   Composition of SNB Forex Reserves, Q4 2012 The Swiss National Bank (SNB) saw …

Read More »

What Ernst Baltensperger Got Wrong: Why SNB FX Losses Might Not Be Recovered By Income on Reserves

Baltensberger
Opposed to Ernst Baltensperger, we think that the risk of losses on the SNB balance sheet and of an asset price bubble might be more important than the dangers of upcoming Swiss inflation.

Read More »

SNB Liabilities (deposits & bank notes) at New Record High

2013-02-25

by

2013-02-25

Printing Press
SNB sight deposits are rising again, by 700 million CHF in one week. But the amount of cash in form of bank notes and coins has risen by 10% since September. It seems that the central bank is now not only virtually printing (via sight deposits) but also physically. SNB liabilities reached a new record high. Details

Read More »

SNB Remains the Only Central Bank Currency Warrior: The Japanese do not Fight, they Talk

Currency Warriors
Central Bank data show that the Swiss National Bank (SNB) remains the only central bank that strongly participated in currency wars with FX intervention, while the Japan was just verbal intervention.

Read More »