Tag Archive: Reserves

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

2017-01-03

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2017-01-03

Euro/Swiss Franc FX Cross Rate, January 03
Last week's data: FX: EUR/CHF was between 1.07 and 1.0750. SNB sight deposits: SNB intervenes for 0.7 bn. CHF at the EUR/CHF 1.07 level. CHF Speculative Positions Speculators went net short CHF with 10K contracts, this is still far from the 26.K contracts record.

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Weekly Sight Deposits and Speculative Positions: SNB intervenes, while Speculators go Long CHF

2016-12-27

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2016-12-27

Euro/Swiss Franc FX Cross Rate
The Fed has hiked rates and with this fait accomplis speculators sold the news. They closed their short CHF and opened new CHF longs. The SNB, however, intervened again for 0.5 billion CHF.

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Weekly Sight Deposits: No SNB Interventions, Short CHF nearing records

2016-12-12

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2016-12-12

Euro/Swiss Franc FX Cross Rate, December 12
Who has read Milton Friedman knows that the Trump reflation trade is now showing its positive side. US wages are rising by 2.5%, while inflation is still relatively low. According to Friedman, inflation will increase only later.

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Weekly Sight Deposits: Investors hedge with Swiss Franc again for the coming inflation cycle.

2016-11-28

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2016-11-28

Euro/Swiss Franc FX Cross Rate, November 28
We explained the Trump reflation trade, where the Swiss Franc acts as the usual inflation hedge against the obviously inflationary policies of Trumpeconomics. Trump is about tax cuts – i.e. a fiscal deficit up to 10%, and about protectionism. Trump would restrict global trade and push up U.S. wages.

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Weekly Sight Deposits: Investors hedge against Trump’s inflationary policy with Swiss Franc.

2016-11-21

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2016-11-21

Euro/Swiss Franc FX Cross Rate, November 21
We explained the Trump reflation trade, where the Swiss Franc acts as the usual inflation hedge against the obviously inflationary policies of Trumpeconomics. Trump is about tax cuts - i.e. a fiscal deficit up to 10%, and about protectionism. Trump would restrict global trade and push up wages. According to Lars Christensen Trumpeconomics is also about monetary stimulus: Trump would push for a more jobs and a dovish Fed, same as his fellow...

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SNB Sight Deposits November 7: No interventions, EUR/CHF under 1.08 with political jitters

2016-11-07

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2016-11-07

Euro/Swiss Franc FX Cross Rate, November 07
Sight Deposits: show that the SNB has not intervened to sustain the euro, that dipped under EUR/CHF 1.08. We considered the 1.08 as line in sand for the SNB. The odds of Trump are rising. This causes fear and demand for Swiss Franc. The EUR/CHF fell to 1.0750. Speculators were net short CHF January 2015, shortly before the end of the peg, with 26K contracts. Then again in December 2015, when they expected a Fed rate hike, with 25K contracts. We see...

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Swiss National Bank: Composition of Reserves (Assets) and Investment Strategy

The Q1/2016 update on the SNB investment strategy and its assets. The Swiss National Bank is a passive conservative investor. As opposed to other investors, the exposure in currencies is as important as the strategic asset allocation according asset classes (bonds, equities, cash, real estate). The importance of currencies is one reason why the SNB is often called a hedge fund, the second the volatility of gains and losses.

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History of Bank of Japan Interventions

We show the history of Japanese FX interventions. The Japanese only intervened when the USD/JPY was under 80. Therefore the 2016 FX intervention threads at 108 are ridiculous. As opposed to the Swiss National Bank, the Japanese only talk, they do not fight.

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SNB Q2/2013 Composition of Reserves

2013-08-02

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2013-08-02

snb q1-q4 currency breakdown
We regularly publish the SNB asset structure by currency, rating & duration, they might be a template for the tactical asset allocation in these dimensions (CHF certainly excluded) for other fixed income and/or rather conservative asset managers. here the newest data Total Balance Sheet and Liabilities The total balance sheet size decreased from 511 bln. …

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SNB Q1 Results: Bottom-Fishing Cheap Yen, Increases Equity Share with Gains and Margin Debt

2013-04-30

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2013-04-30

snb q1-q4 currency breakdown
We regularly publish the SNB asset structure by currency, rating & duration, they might be a template for the tactical asset allocation in these dimensions (CHF certainly excluded) for other fixed income and/or rather conservative asset managers. Composition of SNB Forex Reserves, Q1/2013 With the strong results of 11.2 billion francs, the SNB reduced the …

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Sight Deposits are Rising Despite Weaker Franc

2013-04-29

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2013-04-29

Despite the weaker franc, sight deposits at the SNB are still rising. Last week they increased by 300 million CHF – details here. For us the SNB is not buying euros, but traders are taking more and more derivative (carry trade or FX positions) against the franc that do not show up in the sight … Continue reading...

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SNB Reserves Rise by 8 bln. CHF Thanks to Stronger USD, GBP, CAD and some FX Purchases

2013-04-05

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2013-04-05

snb q4 2012 breakdown by currency
In March 2013, the foreign currency reserves of the Swiss National Bank (SNB) rose by 8 bln. CHF from 437 bln. to 445 bln. mostly thanks to valuation gains on US dollar, sterling and Canadian dollar. full details

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“SNB Concerned”: Does a Yes to the Swiss Gold Referendum Imply an End of the CHF Cap?

Ratio Gold to Balance Sheet SNB
If the upcoming referendum "Save our Swiss gold" wins, the SNB must increase gold holdings from 10% to 20% of its balance sheet. Gold purchases and/or sales of fiat money implies an end of CHF cap.

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Composition of SNB Reserves Q4, 2012, Yield on Investment

2013-03-07

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2013-03-07

snb q4 2012 breakdown by currency
We regularly publish the SNB asset structure by currency, rating & duration, they might be a template for the tactical asset allocation in these dimensions (CHF certainly excluded) for other fixed income asset managers. Moreover we publish the yield on investment.   Composition of SNB Forex Reserves, Q4 2012 The Swiss National Bank (SNB) saw …

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