Tag Archive: newslettersent

Emerging Markets: Preview of the Week Ahead

2017-07-17

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2017-07-17

Emerging Markets FX ended the week on a firm note, helped by softer than expected US data. Indeed, EM FX was up across the board for the entire week and was led by BRL, MXN, and ZAR. The ECB meeting this week will draw some interest, especially after the BOC last week became the second major central bank to hike rates.

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Weekly Speculative Positions (as of July 11): Speculators Switch to CHF Long against USD

2017-07-17

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2017-07-17

swiss franc july 17
The net long CHF position has risen from 0.1K short to 0.2K contracts short (against USD). Speculators are long EUR against both USD and CHF. We wonder how long this will be the case, given that we expect Euro zone inflation to fall under 1% from December 2017 onward.

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FX Weekly Preview: Focus Shifts from Fed to ECB

2017-07-17

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2017-07-17

Market has downgraded chances of a September hike from low to lower, but the chances of a December hike are higher than the day after the June hike. ECB meeting is the most important event of the week. A small change in the risk assessment is likely. The US and Europe have been more disruptive to the global capital markets this year than China.

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FX Weekly Review, July 10 – July 15: CHF Winning against USD, but losing vs. Euro

2017-07-16

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2017-07-16

EUR/CHF and USD/CHF, July 15
The Euro remained the strongest among EUR, CHF and USD during the last month.  The Swiss lost against EUR 1.5%, while it gained versus the dollar 0.75%.

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Switzerland Opens Door To Bitcoin Asset-Management Business

2017-07-16

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2017-07-16

Falcon Private Bank
Bitcoin and other cryptos have fallen sharply over the past month in a shakeout that saw some of the early longs decide to take their winnings and walk away. But a 20% drop from the all-time highs hasn’t done much to temper wealthy investors interest in bitcoin and other cryptocurrencies as alternative investments potentially worthy of diversification.

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Nos agriculteurs sont harcelés! Soutenons-les! LHK

2017-07-16

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2017-07-16

Cow
La vache, source de pollution à cause du méthane contenu dans ses pets! En revanche, les blocs de béton construits sur les près,dans lesquels elles broutaient, ne polluent pas… Une offense à notre intelligence…

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Swiss railways – you get what you pay for

2017-07-16

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2017-07-16

Miners
The slowcoaches in the study, carried out by consultants SCI Verkehr for the German Pro-Rail Alliance, were France and Spain, which spent €37 and €36 per person respectively.

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Wholesale: No Acceleration, No Liquidation

2017-07-16

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2017-07-16

Wholesale Sales and Inventory, NSA
In the same way as durable goods orders and US imports, wholesale sales in May 2017 were up somewhat unadjusted but down for the third straight month according the seasonally-adjusted series. As with those other two, the difference is one of timing. In other words, combining the two sets, seasonal and not, we are left to interpret a possible recent slowing in activity.

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China Imports and Exports: The Ghost Recovery

2017-07-16

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2017-07-16

China Trade Ghost Cities
To the naked eye, it represents progress. China has still an enormous rural population doing subsistence level farming. As the nation grows economically, such a way of life is an inherent drag, an anchor on aggregate efficiency Chinese officials would rather not put up with.

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Emerging Markets: What has Changed

2017-07-15

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2017-07-15

Pakistani Prime Minister Nawaz Sharif may face trial on corruption charges. Turkey will reportedly pay $2.5 bln for a Russian missile defense system. Nigeria said it was willing to cap its oil production to support OPEC efforts to cut global supply. Former Brazilian President Lula was sentenced to nine and half years in prison on corruption charges. S&P downgraded Chile one notch to A+ with a stable outlook.

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Great Graphic: Dollar Index Bottoming?

2017-07-15

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2017-07-15

The Dollar Index set the year's high on January 3 a little above 103.20. Today it made a marginal new lows for the year at 95.464. The previous low, set at the end of last month was 95.47.

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Novartis sued by bird flu guinea pig

2017-07-15

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2017-07-15

Scientist feared
When the H5N1 virus broke outexternal link among birds in Europe in 2005, scientists feared it could be transmitted from human to human and cause a pandemic. The pharmaceutical industry across Europe rushed to develop a vaccine.

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“Financial Crisis” Of Historic Proportions Is “Bearing Down On Us”

2017-07-15

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2017-07-15

Outcome of Financial Crisis on Central Bank's Balance Sheets
“Financial Crisis Of Historic Proportions” Is “Bearing Down On Us”. John Mauldin of Mauldin Economics lata“Financial Crisis Of Historic Proportions” Is “Bearing Down On Us”. John Mauldin of Mauldin Economics latest research note, Prepare for Turbulence, is excellent and a must read warning about the coming financial crisis.

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How Dumb Is the Fed?

2017-07-15

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2017-07-15

Crash
Bent and Distorted. POITOU, FRANCE – This morning, we are wondering: How dumb is the Fed? The question was prompted by this comment by former Fed insider Chris Whalen at The Institutional Risk Analyst blog.

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Competing CPI,PPI, Industrial Production and Retail Sales: No Luck China, Either

2017-07-15

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2017-07-15

China Retail Sales and Industrial Production
Former IMF chief economist Ken Rogoff warned today on CNBC that he was concerned about China. Specifically, he worried that country might “export a recession” to the rest of Asia if not the rest of the world. I’m not sure if he has been paying attention or not, but the Chinese economy since 2012 has been doing just that to varying degrees often just shy of that level.

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FX Daily, July 14: Aussie Scales New Highs for the Year, as the Greenback Remains on the Defensive

2017-07-14

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2017-07-14

The Australian dollar has taken over leadership in the dollar bloc from the Canadian dollar. The Aussies are up about 0.35% today to extend this week's gains to more than 2% and reach a new high for the year a little more than $0.7760. The Canadian dollar is up 1.1% this week, in comparison.

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Singapore sentences ex-BSI banker to more jail time

2017-07-14

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2017-07-14

A political storm has raged for two years in Malaysia over the scandal at 1Malaysia Development Berhad (1MDB), which is the focus of money-laundering investigations in at least six countries, including Switzerland and the United States.

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India Gold Imports Surge To 5 Year High – 220 Tons In May Alone

2017-07-14

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2017-07-14

India Gold Imports, June 2016 - July 2017
Gold imports into India have surged in the last six months thanks to festivals, economic recovery and concerns over a new tax regime and the push for the cashless society in India. Imports totalled 521 tonnes in the first half of this year, compared to just 510 tonnes in all of 2016.

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Swiss to help Indian tax-dodging investigation

2017-07-14

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2017-07-14

Herve Falciani fled Switzerland
The decision was reached on Thursday by the Federal Administrative Court in St Gallen, which rejected an appeal by two Indian citizens and two companies that are subject to requests by the Indian taxman following up on data included in the Falciani files.

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No “Trump Bump” for the Economy

2017-07-14

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2017-07-14

Consumer Confidence Cartoon
POITOU, FRANCE – “Nothing really changes.” Sitting next to us at breakfast, a companion was reading an article written by the No. 2 man in France, Édouard Philippe, in Le Monde. The headline promised to tell us how the country was going to “deblock” itself.

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