Tag Archive: newsletter

2016 Annual Report of the Swiss National Bank

The Swiss National Bank carried out foreign exchange interventions totaling 67.1B Swiss francs in 2016 in order to counter "an undesired tightening of monetary conditions," the central bank disclosed in its annual report. That was down from 86.1B...

The Swiss Franc: The World’s Most Perplexing Currency?

Swiss policymakers consider their domestic currency (the franc, or CHF) to be significantly overvalued. Measures taken by the Swiss National Bank seem to corroborate this stance, holding its nominal overnight rates well into negative territory....

FX Daily, March 23: Some Thoughts about the Recent Price Action

The gains the US dollar scored last month have been largely unwound against the major currencies. The dollar's losses against the yen are a bit greater, and it returned to levels not seen late last November. The down draft in the dollar appears part of...

Non-Randomly Surveying RMB

China’s central bank, unlike other central banks, is constantly active almost never resting. Because it is always in motion, the PBOC can seem to be “adding” liquidity at the very same time it might be “draining” it. Its specific actions should never...

Economics Through The Economics of Oil

The last time oil inventory grew at anywhere close to this pace was during each of the last two selloffs, the first in late 2014/early 2015 and the second following about a year after. Those events were relatively easy to explain in terms of both price...

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

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...

Weekly Speculative Position: After ECB, Reduction of Euro Shorts

Speculators reduced their net Euro shorts after the less dovish ECB. But the net short of CHF nearly remains stable. This resulted in an appreciation of EUR/CHF.

FX Weekly Preview: Divergence Theme Questioned

Recent developments have given rise to doubts over the divergence theme, which we suggested have shaped the investment climate. There are some at the ECB who suggest rates can rise before the asset purchases end. The Bank of England left rates on hold,...

Emerging Markets: Week Ahead Preview

EM FX had a stellar week, ending on a strong note in the aftermath of what the market perceived as a dovish Fed hike Wednesday. Every EM currency except ARS was up on the week vs. USD, with the best performers ZAR, TRY, COP, and MXN. There are some...

The Colonization of Local-Business Main Street by Corporate America

This is what our mode of production optimizes: ugliness, debt-serfdom, and servitude to politically dominant corporations.

Dow 20K, US Debt $20 Trillion, Trump and Gold

By Jan Skoyles, Editor Mark O’Byrne In case you’ve been hiding under a rock, the Dow Jones Industrial Average reached 20,000 earlier this week for the first time in its 132 year history to much media fanfare. Bigcharts via Financial Sense Since...

FX Daily, January 17: Trump’s Comments Send the Dollar Reeling

The Pound has been subjected to a heavy amount of pressure as we progress further into 2017, with GBP/CHF rates being one of the heaviest losers. The pairing is now trading at a similar level to GBP/USD levels below the 1.22 mark. Their is an enjoyable...

How to Invest in the New World Order

In our latest Toward a New World Order, Part III we ended by promising to look closer at investment implications from the political and economic shift we currently find ourselves in; and that story must begin with the dollar.

Swiss to avoid EU clash as immigration bill passes final hurdle

After three years of uncertainty, Switzerland may just have solved its immigration dispute with the European Union. Lawmakers in Bern on Friday passed a bill designed to curb EU immigration by giving locals a head start on filling job vacancies. By...

Swiss rents drop, substantially in the Lake Geneva region

Rents have dropped across Switzerland, declining substantially in the Lake Geneva region, according the the property consulting firm Wüest Partner. According to the firm, Swiss rents in the second quarter of 2016 were 1.6% lower than the same quarter...

Buttonwood: Land of the falling yield

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Letters: On Mitt Romney, India, Switzerland, common law, "The Iron Lady", executive pay, theme parks, walking, the Olympics

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Business this week

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The Swiss National Bank: Damage control

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Swiss central bank chief quits: Exit Hildebrand

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