Tag Archive: SNB sight deposits

Weekly SNB Intervention Update: SNB Selling FX Positions

Despite the tensions between Donald Trump and North Korea's Kim Jong-un, the EUR/CHF only depreciated to 1.13. In the last week, the SNB did not have to intervene. This proves that investors have not taken the tensions seriously.

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The good years have started, increasing SNB Profits

The Swiss National Bank (SNB) reports a profit of CHF 33.7 billion for the first three quarters of 2017. But in 2017, the picture is changed. Assuming a "biblical" cycle of seven good years and seven bad years, the SNB could now increase profits every year - thanks to a weaker franc and the seven good years.

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Weekly SNB Interventions and Speculative Positions: Investors do not take North Korea dispute seriously

Despite the tensions between Donald Trump and North Korea's Kim Jong-un, the EUR/CHF only depreciated to 1.13. In the last week, the SNB did not have to intervene. This proves that investors have not taken the tensions seriously.

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SNB reports a profit of CHF 1.2 billion for the first half of 2017

The Swiss National Bank (SNB) reports a profit of CHF 1.2 billion for the first half of 2017. A valuation gain of CHF 0.3 billion was recorded on gold holdings. The profit on foreign currency positions amounted to CHF 0.1 billion and the profit on Swiss franc positions stood at CHF 0.9 billion. The SNB’s financial result depends largely on developments in the gold, foreign exchange and capital markets.

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Weekly SNB Interventions and Speculative Positions: Hawkish ECB, less SNB interventions

Hawkish comments by Mario Draghi boosted the EUR against both USD and CHF. It also reduced the need for SNB interventions. The question is how long Draghi will remain hawkish, especially next winter, when headline inflation in the euro zone may fall under 1%.

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Weekly SNB Interventions Update: Slight Rise after Weeks of Near-Zero Interventions

The pro-European politician Macron has won the French elections. His success moved the EUR/CHF up to 1.0980, mostly caused by FX speculators. But "serious" investors (not FX speculators) did not follow the political event, but focus on monetary policy. A ECB rate hike is very, very far, see why....

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Weekly SNB Interventions and Speculative Positions: More Interventions at higher Euro rate

The pro-European politician Macron has won the French elections. His success moved the EUR/CHF up to 1.0980, mostly caused by FX speculators. But "serious" investors (not FX speculators) did not follow the political event, but focus on monetary policy. A ECB rate hike is very, very far, see why....

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Weekly SNB Interventions and Speculative Positions: After French Elections

The centre-left politician Macron has won the French elections. His success moved the EUR/CHF up to 1.0960, mostly caused by FX speculators. But serious investors - i.e. not FX speculators - did not follow the political event. The SNB had to intervene for 1.6 bn francs.

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Weekly SNB Interventions and Speculative Positions: Interventions despite Positive Outcome in France

The centre-left politician Macron has won the French elections. He is a politician that - similar to Hollande four years ago - promises economic improvements, move investment, more jobs. Mostly probably he will fail similar to Hollande. His success moved the EUR/CHF up to 1.0865, mostly caused by FX speculators, but the SNB had to intervene.

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SNB posts 7.9 billion CHF Profit in Q1

The SNB reports a profit of 7.9 bn CHF, of which 2.2 bn come from the gold holdings. Given that the bank has introduced a "minimum euro rate" around 1.06-1.07, this is not very difficult. It comes at the price of continuing interventions.

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Weekly SNB Interventions and Speculative Positions: Back to 2.4 bn Intervention per Week

SNB sight deposits changed by 2.4 bn last week, hence the SNB intervened for this amount. This value is a movement back to the weekly intervention trend. We expect a further downtrend of EUR/CHF in the next 2 years.

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Weekly Sight Deposits and Speculative Positions: SNB interventions are rising again

The SNB intervenes for 1.6 bn CHF at EUR/CHF 1.07 - 1.0750. This is less than previously.

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Weekly Sight Deposits and Speculative Positions: SNB interventions are rising again

The SNB intervenes for 2.9 bn CHF at EUR/CHF 1.07. For us, clearly too much and too risky; she will not maintain this pace over a longer term. Hence the EUR/CHF is prone to fall again.

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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 week compared to 5 bn. before Draghi.

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

The SNB intervened less than before. Investors might have changed their positions after a less dovish ECB.

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Swiss National Bank Results 2016 and Comments

The Swiss National Bank (SNB) reports a profit of CHF 24.5 billion for the year 2016 (2015: loss of CHF 23.3 billion). The profit on foreign currency positions amounted to CHF 19.4 billion. A valuation gain of CHF 3.9 billion was recorded on gold holdings. The profit on Swiss franc positions was CHF 1.6 billion.

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Weekly Sight Deposits and Speculative Positions: Each week an intervention record.

Once again a massive SNB intervention and a post Trump election record: 5,1 billion, at far too expensive FX rates: EUR rate of 1.0648 and USD/CHF over parity.

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It Is Time To Short The Swiss National Bank!

The current Article will take a closer look to the incredible rise of the Swiss National Bank stock and suggest why taking a short position could be the right trade at this level. The Swiss Central Bank: Mandate and Monetary Policy. According to the Swiss Federal Constitution (Art. 99) the Swiss Central Bank is an independent institution with the mandate to conduct the monetary policy in Switzerland by ensuring price stability, while taking into...

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Each Week the Same: Another SNB Intervention Record

Once again: another record in SNB intervention record for the period after Trump's election: an increase of 4.7 billion CHF in sight deposits. The trend for EUR/CHF versus parity getting confirmed.

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Weekly Sight Deposits and Speculative Positions: Once again a new SNB intervention record

Once again a massive SNB intervention and a post Trump election record: 4.5 billion CHF at a EUR rate of 1.0648.

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