Tag Archive: currency reserves. intervention

Weekly SNB Interventions and Speculative Positions: Investors do not take North Korea dispute seriously

2017-08-14

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2017-08-14

SNB
Despite the tensions between Donald Trump and North Korea's Kim Jong-un, the EUR/CHF only depreciated to 1.13. In the last week, the SNB did not have to intervene. This proves that investors have not taken the tensions seriously.

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Weekly SNB Interventions and Speculative Positions: Hawkish ECB, less SNB interventions

2017-07-17

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2017-07-17

SNB
Hawkish comments by Mario Draghi boosted the EUR against both USD and CHF. It also reduced the need for SNB interventions. The question is how long Draghi will remain hawkish, especially next winter, when headline inflation in the euro zone may fall under 1%.

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Weekly SNB Interventions Update: Slight Rise after Weeks of Near-Zero Interventions

2017-06-19

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2017-06-19

SNB Sight Deposits, May - June 2017
The pro-European politician Macron has won the French elections. His success moved the EUR/CHF up to 1.0980, mostly caused by FX speculators. But "serious" investors (not FX speculators) did not follow the political event, but focus on monetary policy. A ECB rate hike is very, very far, see why....

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Weekly SNB Interventions and Speculative Positions: More Interventions at higher Euro rate

2017-05-16

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2017-05-16

The pro-European politician Macron has won the French elections. His success moved the EUR/CHF up to 1.0980, mostly caused by FX speculators. But "serious" investors (not FX speculators) did not follow the political event, but focus on monetary policy. A ECB rate hike is very, very far, see why....

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Weekly SNB Interventions and Speculative Positions: After French Elections

2017-05-10

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2017-05-10

SNB Sight Deposite, May 08
The centre-left politician Macron has won the French elections. His success moved the EUR/CHF up to 1.0960, mostly caused by FX speculators. But serious investors - i.e. not FX speculators - did not follow the political event. The SNB had to intervene for 1.6 bn francs.

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Weekly SNB Interventions and Speculative Positions: Interventions despite Positive Outcome in France

2017-05-03

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2017-05-03

SNB Sight Deposite, May 02
The centre-left politician Macron has won the French elections. He is a politician that - similar to Hollande four years ago - promises economic improvements, move investment, more jobs. Mostly probably he will fail similar to Hollande. His success moved the EUR/CHF up to 1.0865, mostly caused by FX speculators, but the SNB had to intervene.

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Weekly SNB Interventions and Speculative Positions: Back to 2.4 bn Intervention per Week

2017-04-10

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2017-04-10

SNB Sight Deposite, April 10
SNB sight deposits changed by 2.4 bn last week, hence the SNB intervened for this amount. This value is a movement back to the weekly intervention trend. We expect a further downtrend of EUR/CHF in the next 2 years.

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Weekly Sight Deposits and Speculative Positions: SNB interventions are rising again

2017-04-03

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2017-04-03

SNB Sight Deposite, April 03
The SNB intervenes for 1.6 bn CHF at EUR/CHF 1.07 - 1.0750. This is less than previously.

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Weekly Sight Deposits and Speculative Positions: SNB interventions are rising again

2017-03-28

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2017-03-28

SNB Sight Deposite, March 27
The SNB intervenes for 2.9 bn CHF at EUR/CHF 1.07. For us, clearly too much and too risky; she will not maintain this pace over a longer term. Hence the EUR/CHF is prone to fall again.

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Weekly Sight Deposits and Speculative Positions: EUR/CHF suddenly higher after ECB

2017-03-20

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2017-03-20

Sight deposits March 20
The EUR/CHF suddenly appreciated with the ECB meeting, when Draghi seemed less dovish than before. The rate rose from the previous 1.0650 to over 1.0750. With the SNB meeting, the EUR/CHF receded again. SNB interventions, are currently at 2 bn. per week compared to 5 bn. before Draghi.

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Weekly Sight Deposits and Speculative Positions: EUR/CHF suddenly higher after ECB

2017-03-13

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2017-03-13

Sight deposits March 13 2017
The SNB intervened less than before. Investors might have changed their positions after a less dovish ECB.

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Weekly Sight Deposits and Speculative Positions: Each week an intervention record.

2017-03-06

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2017-03-06

Sight deposits March 06 2017
Once again a massive SNB intervention and a post Trump election record: 5,1 billion, at far too expensive FX rates: EUR rate of 1.0648 and USD/CHF over parity.

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Each Week the Same: Another SNB Intervention Record

2017-02-27

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2017-02-27

Sight deposits February 27 2017
Once again: another record in SNB intervention record for the period after Trump's election: an increase of 4.7 billion CHF in sight deposits. The trend for EUR/CHF versus parity getting confirmed.

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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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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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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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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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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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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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Weekly Sight Deposits and Speculative Positions: SNB Intervenes, Speculators Short CHF again

2017-01-09

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2017-01-09

Euro/Swiss Franc FX Cross Rate, January 09
EUR/CHF at the "in-official minimum band" of 1.0680 to 1.07. SNB intervenes for 0.7 bn CHF to keep the euro slightly over 1.07. Speculators are net short CHF with 13K contracts against USD, 3K more than last week. This is still far from the post financial crisis record of 26 K contracts. Moreover the net short GBP are increasing again.

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