Tag Archive: newslettersent

Swiss National Bank commits to FX Global Code and supports establishment of foreign exchange committee

2018-06-13

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2018-06-13

The Swiss National Bank (SNB) has signed a Statement of Commitment to the FX Global Code (“Code”), thereby demonstrating that its internal processes are consistent with the principles of the Code. It also expects its regular counterparties to adhere to the Code and comply with the agreed rules of conduct.

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Swiss Producer and Import Price Index in May 2018: +3.2 percent YoY, +0.2 percent MoM

2018-06-13

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2018-06-13

Switzerland Producer Price Index (PPI) YoY, May 2018
The Producer and Import Price Index increased in May 2018 by 0.2% compared with the previous month, reaching 103.0 points (December 2015 = 100). The rise is due in particular to higher prices for petroleum products. Compared with May 2017, the price level of the whole range of domestic and imported products rose by 3.2%. These are some of the findings from the Federal Statistical Office (FSO).

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Tourist Accommodation in the Winter Season 2017/2018: Growth in Overnight stays in Switzerland

2018-06-13

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2018-06-13

Hotels and health resorts: Monthly development of overnight stays 2014 - 2018
The Swiss hotel industry registered 16.5 million overnight stays during the winter tourist season (November 2017 to April 2018), i.e. an increase of 4.6% (+724 000) compared with the same period of the previous year. With a total 8.7 million overnight stays, foreign demand grew by 5.6% (+460 000). Domestic demand rose by 3.5% (+264 000) reaching 7.8 million units.

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Vaud Plans Tax Cuts

2018-06-13

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2018-06-13

Lausanne
The residents of Vaud are among the highest taxed in Switzerland. In 2016, a single person in Lausanne earning CHF 100,000 paid CHF 16,050 in cantonal and communal tax on top of CHF 1,840 of federal tax. This was the fourth highest across all of Switzerland’s 26 cantonal capitals, and almost triple Zug, the lowest, where the figure was CHF 5,750 – see chart below.

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FX Daily, June 13: Dollar Edges Higher Ahead of FOMC

2018-06-13

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2018-06-13

The US dollar is trading firmly as the FOMC decision looms. In many ways, the actionable outcome of this meeting has hardly been in doubt this year. By all accounts, the Fed will deliver its second hike of the year today.

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A Slight Hint Of A 2011 Feel

2018-06-13

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2018-06-13

Deutsche Bank
Whenever a big bank is rumored to be in unexpected merger talks, that’s always a good sign, right? The name Deutsche Bank keeps popping up as it has for several years now, this is merely representative of what’s wrong inside of a global system that can’t ever get fixed. In this one case, we have a couple of perpetuated conventional myths colliding into what is still potentially grave misfortune.

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Sovereign Money Referendum: A Swiss Awakening to Fractional-Reserve Banking?

2018-06-12

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2018-06-12

On Sunday 10 June 2018, Switzerland’s electorate voted on a referendum calling for the country’s commercial banks to be banned from creating money. In a country world-famous for its banking industry, this was quite an interesting turn of events. Known as the Sovereign Money Initiative or ‘Vollgeld’, the referendum was brought to the Swiss electorate in the form of a ‘Popular Initiative‘.

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ECB gets ready to make the leap

2018-06-12

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2018-06-12

ECB Policy Rate, Jan 2018 - June 2018
The ECB has had essentially two options going into the June meeting: either a dovish decision but a hawkish communication (hinting at an imminent QE tapering), or a hawkish decision but a dovish communication (counterb alancing a tapering announcement with dovish sweeteners).

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Swiss pensions – lump sum withdrawal restrictions rejected by Council of States

2018-06-12

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2018-06-12

Against the wishes of the Federal Council, Switzerland’s upper house, the Council of States, rejected a plan to prevent people from withdrawing lump sums from their 2nd Pillar pensions, according to the newspaper Tribune de Genève. Last week, the Council of States voted 25 to 15 to reject the plan.

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FX Daily, June 12: US-Korea Summit Fails to Impress Investors

2018-06-12

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2018-06-12

The US dollar initially rallied in early Asia ahead of the US-North Korea summit but has subsequently shed the gains and more. As North American dealers return to their desks, the dollar is lower against nearly all the major currencies, but the yen and Canadian dollar. 

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Emerging Markets: Preview of the Week Ahead

2018-06-12

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2018-06-12

EM FX ended Friday on a mixed note, capping off a roller coaster week for some of the more vulnerable currencies.  We expect continued efforts by EM policymakers to inject some stability into the markets. However, we believe the underlying dollar rally remains intact.  Central bank meetings in the US, eurozone, and Japan this week are likely to drive home that point. 

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Retail Capitulation – Precious Metals Supply and Demand

2018-06-12

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2018-06-12

Keith Weiner’s weekly look on Gold. Gold and silver prices, Gold-Silver Price Ratio, Gold basis and co-basis and the dollar price, Silver basis and co-basis and the dollar price.

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SNB Statement on the outcome of the popular vote of 10 June 2018

2018-06-11

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2018-06-11

The Swiss National Bank (SNB) has acknowledged the outcome of the popular vote on the sovereign money initiative. The SNB has a constitutional and statutory mandate to pursue a monetary policy serving the interests of the country as a whole. It is charged with ensuring price stability while taking due account of economic developments.

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Nach Vollgeld-Schlacht: Wir Schweizer dürfen nie mehr zum Spielball ausländischer Ideologen werden

2018-06-11

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2018-06-11

Wer sich intensiv mit der fachlichen Materie „Vollgeld-Initiative“ auseinandergesetzt hat, kann aufatmen. Wäre diese Initiative angenommen worden, hätte deren Umsetzung unser Land in ein wirtschaftliches und politisches Chaos gestürzt.

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Europe chart of the week-German new orders

2018-06-11

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2018-06-11

Germany: three measures of new factory orders 2011-2018
German new orders were weak across the board in April, contracting for a fourth consecutive month and by a larger-than-expected 2.5% m-o-m following a downwardly-revised 1.1% drop in March. As a result, total manufacturing orders are off to an extremely weak start in Q2 (-3.3% q-o-q after -2.2% q-o-q in Q1). What is more, the decline in demand for German goods in April was fairly broad-based across countries and sectors.

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Swiss jobless rate drops to 2.4 percent

2018-06-11

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2018-06-11

The unemployment rate in Switzerland has reached a new nadir – just 2.4%, according to latest official statistics. The number of jobseekers is the lowest since the financial crisis. The statistics, published by the State Secretariat for Economic Affairs (SECO) on Thursday, show that the numbers of unemployed turning up at job centres fell by 9% last month, bringing the overall unemployment rate down from 2.7% to 2.4%.

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FX Weekly Preview: Busy Week Ahead

2018-06-11

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2018-06-11

The week ahead is eventful. The Federal Reserve, the European Central Bank, and the Bank of Japan hold policy meetings. This would make for a busy week by themselves, but there is more. Trade tensions are likely to escalate further, if the US, as scheduled provides a list of $50 bln of Chinese goods that will face another 25% tariff for intellectual property violations.

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Emerging Markets: What Changed

2018-06-11

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2018-06-11

The Reserve Bank of India hiked rates for the first time since 2014. Malaysia’s central bank governor resigned. Czech central bank tilted more hawkish. Russia central bank tilted more dovish. Argentina got a $50 bln standby program from the IMF.

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“Without Gold I Would Have Starved To Death” – ECB Governor

2018-06-11

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2018-06-11

– “Without gold I would have starved to death” – Ewald Nowotny, governor of Austrian central bank and member of ECB’s governing council – “I was born in 1944. When I was a baby, my mother could only buy food because she still had some gold coins…” – “When the going gets tough, gold becomes the ultimate money” reports Die Presse

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