Category Archive: 1) SNB and CHF

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How the SNB Destroyed Ashraf Laidi’s EUR/USD 1.35 Party

2012-10-31

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2012-10-31

Ashraf Laidi
Trend Follower Ashraf Laidi Loses Against the Contrarian Investor SNB The currency strategist Ashraf Laidi recently evoked a EUR/USD exchange rate of 1.35 thanks to the risk appetite after the easing operations of the Fed and the ECB. We show that he and the masses of his Forex rooters actually traded against a big central …

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Trade Like a Central Bank: Buy EUR/USD at 1.24 and sell at 1.30! .. SNB

2012-10-31

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2012-10-31

q1-q3 snb currency breakdown
Composition of SNB Forex Reserves, Q3 2012  The Swiss National Bank (SNB) reduced the share of euros in the third quarter substantially from 60% in Q2 to 48% in Q3 and increased dollar and pound positions. The SNB bought 80 billion euros or more when the common currency was trading around 1.24$, especially at the end of …

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Did the SNB Front-Run ECB Decisions Far Ahead of Hedge Funds?

2012-10-30

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2012-10-30

Spanish 5 yrs. bond yields
We think that the Swiss National Bank invested far more in Italian and Spanish bonds  than analysts like Standard and Poor’s expected and was able to front-run ECB decisions. This new style of hedge funds, formerly called “central banks”, can refinance at zero percent and is able to show a lot better performance than the …

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SNB Monetary Data Week October 26

2012-10-29

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2012-10-29

swiss m1 vs. gdp and credit 2008-2012
Seasonal effects, the good months for the SNB and the US economy, but weaker ones for emerging markets and Switzerland Despite the seasonal effects between October and March, the SNB is not able to sell currency reserves consistently. Traditionally the USD gets stronger and stocks rise over the autumn months till January. This year’s stocks appreciation was possibly already anticipated …

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SNB Monetary Data Week October 19

2012-10-22

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2012-10-22

Swiss Trade Balance by regions English
Seasonal effects, the good months for the SNB and the US economy, but weaker ones for emerging markets and Switzerland Given that the seasonal effects between October to March have started, the SNB might be able to sell some currency reserves. Traditionally both the USD gets stronger and stocks rise over the autumn months till January. This year’s stocks appreciation was …

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SNB Monetary Data Week October 12

2012-10-15

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2012-10-15

Stock market performance per quarter
Seasonal effects, the good months for the SNB and the US economy, but weaker ones for emerging markets and Switzerland, have started Given that the seasonal effects between October to March have started, the SNB might be able to sell some currency reserves. Traditionally both the USD gets stronger and stocks rise over the autumn months till January. This year’s stocks …

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IMF Data: SNB Forex Reserves and Gold in September 2012

2012-10-12

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2012-10-12

This link  on the SNB website shows the data the central bank provides to the International Monetary Fund (IMF). It shows the SNB Forex and gold reserves in the last month. It is so-called “IMF Special Data Dissemination Standard (SNB Data)” It is released together with the international investment position, some monetary aggregates and the balance of payments two weeks after …

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SNB Monetary Data Week October 5

2012-10-08

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2012-10-08

Stock market performance per quarter
Seasonal effects, the good months for the SNB and the US economy, but weaker ones for emerging markets and Switzerland, have started Given that the seasonal effects between October to March have started, the SNB might be able to sell some currency reserves. Traditionally the United States and the USD dollar become stronger and stocks rise over the autumn months …

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Is Standard and Poor’s a Rating Agency or a Rumor Agency ?

2012-10-01

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2012-10-01

Standard & Poors1
  Standard and Poor’s critique of the Swiss National Bank, Part 2, extracts from our full report       As many readers of our blog know, we are not the best of friends with the current Swiss National Bank (SNB) policy: we recently published a paper claiming that the SNB will go bankrupt and …

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SNB Monetary Data Week of September 28

2012-10-01

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2012-10-01

snb -expansion
Seasonal effects, the good months for the SNB and the US economy, but weaker ones for emerging markets and Switzerland, have started Given that the seasonal effects between October to March have started, the SNB might be able to sell some currency reserves. Traditionally the United States and the USD dollar become stronger over the autumn months till …

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Do Swiss companies prefer to hold cash at the SNB instead of local banks ?

2012-09-24

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2012-09-24

snb expansion
The most recent SNB monetary data show that more and more companies are increasing their deposits at the central bank at a quicker speed than local banks. Might this be missing trust in the Swiss banking system ?

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Swiss Net International Investment Position Increases by 64 Billion Francs

2012-09-21

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2012-09-21

Swiss Net International Investment Position Q2/2012
Swiss Gross National Income (GNI) rises by 1.8% in Q2, after Q1 +0.5%   According to the latest SNB Monthly Bulletin, the Swiss net international investment position (NIIP) has improved by 64.5 billion francs. The Gross National Income (GNI) rises by 1.8% in Q2.     The SNB currency reserves rose by 128 Bln. Francs in the …

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Isn’t it wonderful to trade with a strong central bank behind you?

2012-09-13

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2012-09-13

DOCU payout UBS
  Isn’t it wonderful to have a strong central bank like the SNB sitting behind you when trading Forex? Losses are limited to the floor of 1.20 and in the meantime you can gain forward swaps with the higher euro zone interest rates. Today the Swiss National Bank (SNB) decided in its monetary policy assessment …

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The next SNB rumor: Wall Street Journal and our response

2012-09-12

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2012-09-12

GDP Switzerland vs. Eurozone
A bit breathlessly….     The next SNB rumor story comes from the so-well established Wall Street Journal, its columnist Nick Hastings. WSJ: The Swiss National Bank was bold before. And the central bank would be well advised to be just as bold again. When the SNB announced just over a year ago that it was setting a …

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SNB prints nearly 5 billion francs in one week, FX traders poised to get ripped off

2012-09-10

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2012-09-10

monetary expansion snb
  As we expected in our post “What’s this crazy movement in EUR/CHF ? SNB Floor Hike ?“, long-time investors, global macro funds and US investment banks are moving into gold and the Swiss franc again.  The SNB had to buy euros and print new Swiss francs of around 5 billion francs last week, as … Continue reading »

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The Full English Translation of the Interview with Thomas Jordan

2012-08-29

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2012-08-29

Jordan in the ECO interview
  Here a translation of the interview with the president of the Swiss National Bank, Thomas Jordan, in the finance magazine ECO of the Swiss television SF1. Here the original German video. Question: Given that the SNB has reserves of over 200 bln. Euros, are you still able to sleep ? Jordan: We are in a … Continue reading...

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