Tag Archive: newsletter

FX Daily, January 21: New Respiratory Illness Saps Risk-Taking Appetites

2020-01-21

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2020-01-21

The spread of a new respiratory illness in China has spurred a wave of profit-taking in equities and risk assets more generally. All of the markets in the Asia Pacific region tumbled, with Hong Kong hit the hardest (-2.8%) after posting a key reversal yesterday. The sell-off continued in Europe. The Dow Jones Stoxx 600 is off about 0.8% in late morning turnover, led by consumer discretionary, materials, and energy. 

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USD/CHF consolidates in a range, below 0.9700 handle

2020-01-21

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2020-01-21

Technical levels to watch
USD/CHF consolidates Friday’s goodish intraday positive move. The prevalent cautious mood seemed to have capped the upside. The USD/CHF pair was seen oscillating in a narrow trading band below the 0.9700 mark on Monday and consolidated the previous session's goodish positive move.

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Davos 2020: What to watch for at this year’s World Economic Forum

2020-01-21

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2020-01-21

World leaders, chief executives, thinkers and celebrities are gathering in the Swiss mountain town of Davos for the World Economic Forum’s annual meeting. The event, which begins on Tuesday, has earned a reputation for high-altitude pontificating as the global elite gather to pitch their takes on topics picked by WEF founder Klaus Schwab, from deglobalisation to the fourth industrial revolution.

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China Enters 2020 Still (Intent On) Managing Its Decline

2020-01-21

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2020-01-21

China Industrial Production, 1998-2019
Chinese Industrial Production accelerated further in December 2019, rising 6.9% year-over-year according to today’s estimates from China’s National Bureau of Statistics (NBS). That was a full percentage point above consensus. IP had bottomed out right in August at a record low 4.4%, and then, just as this wave of renewed optimism swept the world, it has rebounded alongside it.

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The ‘Great Replacement’ In Switzerland

2020-01-21

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2020-01-21

After the article on the Great Replacement in Belgium, I present you the following translation of an article by Polémia on the situation in Switzerland. The Swiss situation is unique, if only because of the country’s objective excellence and exceptional quality of life, and the extraordinary practice of direct democracy. Thus we have the rather rare situation of citizens actually being allowed to vote on whether and in what conditions new people...

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FX Daily, January 20: Stocks Stall while the Dollar Remains Bid

2020-01-20

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2020-01-20

Overview: The new week is off to a quiet start as the US celebrates Martin Luther King's birthday, and investors look for a fresh focus. Hong Kong and Indian markets were suffered modest declines while most of the other large Asia Pacific markets edged higher. European stocks are trading a little lower, and the Dow Jones Stoxx 600 is threatening to end a four-session advance. Most benchmark bond yields around half a basis point in one direction or...

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CHF appears well placed to extend its advance in the near-term – MUFG

2020-01-20

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2020-01-20

Analysts at MUFG Bank, point out that the Swiss franc has strengthened alongside the price of gold, perhaps reflecting debasement fears. They argue market participants are also questioning Swiss National Bank’s appetite for maintaining negative rates and intervening to dampen CHF strength.

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Zentralbank – SNB nach fünf Jahren Negativszinsen unter Druck

2020-01-20

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2020-01-20

Fünf Jahre nach der turbulenten Abkehr der Schweiz von der Euro-Anbindung regt sich zunehmend Widerstand gegen die von den Währungshütern stattdessen ausgerufene ultra-lockere Geldpolitik. Seit die Schweizerische Nationalbank (SNB) am 15. Januar 2015 die zuvor mehrere Jahre durchgesetzte Euro-Kursuntergrenze von 1,20 Franken abrupt kippte, setzt die Notenbank auf rekordtiefe Negativzinsen von minus 0,75 Prozent und Interventionen am Devisenmarkt,...

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FX Weekly Preview: Central Bank Meetings Featured

2020-01-20

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2020-01-20

The US dominated the news stream at the start of 2020. The spasm in the US-Iran confrontation has quickly subsided. The much-heralded US-China Phase 1 trade deal has been signed. The US has completed the ratification process of the US Mexico Canada Free-Trade Agreement. The early signs from the economic entrails suggest the world’s largest economy continue to enjoy a record-long, even if not robust, expansion. 

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How Zurich Airport prepares for Trump visit to Davos

2020-01-20

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2020-01-20

American secret service agents have been granted access to Zurich Airport’s control tower as they prepare for US President Donald Trump’s visit to the World Economic Forum (WEF) in Davos, the NZZ am Sonntag reports. WEF, which starts in the Swiss mountain resort on Monday, attracts wealthy, high-profile business and political figures, along with academics and other leaders of society.

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Luck and Taxes

2020-01-20

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2020-01-20

“Luck egalitarianism” is a philosophical fad, and in the past I have had some characteristically unkind things to say about it. I’d like today to discuss a new argument that concerns luck and government. The economist Robert H. Frank says in Under the Influence, Because successful people often fail to appreciate the importance of seemingly minor random events in life, they tend to develop an exaggerated sense of entitlement to the enormous material...

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California’s Anti-Self-Employment Law Is Already Crushing Freelancers

2020-01-20

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2020-01-20

In 1971, Isaac Asimov wrote an extraordinary novel, The Gods Themselves, about a machine that generates unlimited energy for free, defying the fundamental economic principle known as scarcity. It is later learned that the Electron Pump is originating from a hole in space that connects parallel universes. Doomsday is nigh as it is discovered that galaxies will soon be destroyed and that the sun will metastasize into a supernova. The crux of the...

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EM Preview for the Week Ahead

2020-01-20

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2020-01-20

Market sentiment on EM remains positive after the Phase One trade deal was signed.  Data out of China is also supportive for EM.  Key forward-looking data this week are Taiwan export orders and Korea trade data for the first 20 days of January.  The global liquidity story also remains beneficial for risk, with the ECB, Norges Bank, BOC, and BOJ all set to maintain steady rates this week.

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SNB can leverage its balance sheet if needed, Schlegel says

2020-01-19

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2020-01-19

The Swiss National Bank (SNB) retains the ability to wage currency market interventions if necessary,  Martin Schlegel, one of the SNB’s alternate governing board members, said on Wednesday, according to Bloomberg.

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Investing in crypto the sound way!

2020-01-19

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2020-01-19

I have long been fascinated by the far-reaching consequences and the great potential of the wave of new technologies and ideas that emerged with the crypto revolution. While most of us first came into contact with these concepts in 2017, this tectonic shift that is only just beginning has been in the making for nearly a decade. Now, we begin to see the basic ideas and tools take shape and give rise to endless exciting possibilities that can affect...

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Germany, Maybe Europe: No Signs Of The Bottom

2020-01-19

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2020-01-19

Europe Industrial Production, 2007-2019
For anyone thinking the global economy is turning around, it’s not the kind of thing you want to hear. Germany has been Ground Zero for this globally synchronized downturn. That’s where it began, meaning first showed up, all the way back at the start of 2018. Ever since, the German economy has been pulling Europe down into the economic abyss along with it, being ahead of the curve in signaling what was to come for the whole rest of the global...

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The Prospects for a Sound-Money Revolt against the Dollar and Euro

2020-01-19

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2020-01-19

In the last decade, the combination of virulent asset price inflation and low reported consumer price inflation crippled sound money as a political force in the US and globally. In the new decade, a different balance between monetary inflation’s “terrible twins” — asset inflation and goods inflation — will create an opportunity for that force to regain strength.

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Hartnäckige Frankenstärke – Auf der Suche nach den mysteriösen Franken-Käufern

2020-01-18

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2020-01-18

EUR/CHF (Currency Dealings)
Der cash Insider ist unter @cashInsider auch auf Twitter aktiv. Lesen Sie börsentäglich von weiteren brandaktuellen Beobachtungen am Schweizer Aktienmarkt. Am Morgen des 15. Januars 2015 waren die Devisenmärkten in Aufruhr. Dass die Schweizerische Nationalbank (SNB) das Ende des Euro-Mindestkurses von 1,20 Franken verkünden würde, hatten selbst erfahrenste Marktakteure nicht erwartet.

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Inflation, But Only At The Morgue

2020-01-18

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2020-01-18

Mortality Rates Divided by age group, 1999-2017
Why is everyone so angry? How can socialism possibly be on such a rise, particularly among younger people around the world? Why are Americans suddenly dying off? According to one study, two-thirds of millennials are convinced they are doing worse when compared to their parents’ generation. Sixty-two percent say they are living paycheck to paycheck, with no savings and no way to get any (though they also tend to “overspend” when compared to other...

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Why Do Prudent Indians Diversify Into Gold?

2020-01-18

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2020-01-18

All That Glitters, 2013-2019
◆ Indians diversify into gold coins, bars and jewellery because it never fails them in an emergency◆ Indians are simply very prudent and practical and believe in channeling some of their wealth and saving into physical gold ◆ “A woman’s gold is both her personal treasure and plays a functional role as the family’s financial buffer” – Richard Davies

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