Tag Archive: Swiss National Bank

Weekly Newspaper on Swiss National Bank, Edition October 28

2013-10-28

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2013-10-28

The SNB recently published the latest real effective exchange rate (REER). According to that the franc was only 7% overvalued against the base year 1999. Credit Suisse (CS) has taken some more factors than the REER under consideration: for them the fair value of the EUR/CHF is now 1.22, while the dollar was still undervalued. …

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Danthine: SNB would end franc cap once it raises interest rates

2013-08-11

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2013-08-11

Jean Pierre Danthine Swiss National Bank SNB
It was obvious already at the latest SNB Monetary Policy Assessment, the SNB is becoming more and more hawkish. At the forefront is its ueber-hawk Jean-Pierre Danthine, the person responsible for the overheating Swiss housing market. He has now announced: SNB would end franc limit once it raises interest rates The Swiss National Bank will …

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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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A Nationalization of Swiss Foreign Assets? SNB Owns 56% of Swiss Net International Investment Position

Net International Invest Position Switzerland
The SNB currently owns 56% of the Swiss net international investment position (“NIIP”). In the year 2007 this number was only 12%. Is the central bank implicitly nationalizing the Swiss international companies?

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Our Detailed Estimate of SNB Q2 Results: 17 Billion Francs Loss, The Reality 18 Billion

2013-07-30

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2013-07-30

Swiss National Bank
UPDATE: July 30th, 2013: Our estimate for the quarterly loss missed the reality by 1 billion francs. The quarter results: 18.3 billion francs loss. The loss for H1 was 7.3 billion CHF. July 1st 2013: We estimate that the Swiss National Bank (SNB) obtained a loss of 17.3 billion francs in the second quarter 2013. … Continue reading »

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Swiss ZEW Investor Survey Sees 1.20 per Euro Cap Gone within 2 Years

2013-07-17

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2013-07-17

The Swiss ZEW investor sentiment has risen to 4.8 by 2.6 points, news that do not influence markets. More interesting is the following:  Swiss ZEW Investor Survey Sees 1.20 per Euro Cap Gone within 2 Years * Majority see no change in euro/franc for next 6 months (Reuters) – The Swiss National Bank will most … Continue reading »

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SNB Monetary Assessment June 2013: Very risk-averse, nearly hawkish tone

2013-06-21

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2013-06-21

snb monetary assessment june 2013
The Swiss National Bank (SNB) delivered a, for her standards, very hawkish monetary assessment with the focus on the risks in the financial sector. This does not come as a surprise for us. Each time, after the United States has recovered from a crisis – just like now – inflation and risks increased in Switzerland. …

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SNB’s Danthine: Credit – is the sky the limit?

Jean Pierre Danthine Swiss National Bank SNB


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SNB to Follow the Bank of Japan? Part1

2013-06-04

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2013-06-04

ISM Manufacturing Non-Manufacturing May 2013 YoY
Questions to George Dorgan Is there any chance that the SNB or other central banks could follow the BOJ and just depreciate the currency? George Dorgan: What did the BoJ do? Monetary easing and talk down the yen in a mercantilist style. A central bank is able to talk down a currency only if there … Continue reading »

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Is EUR/CHF 1.30 Possible?

Growth Differential CH Eurozone UBS


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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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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 Sight Deposits: Only Slight Increase of 370 Million Francs despite Cyprus

2013-03-25

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2013-03-25

The SNB published the weekly monetary data for the week of the "Cyprus crisis": SNB sight deposits are slightly up 400 million francs, mostly due to local banks. 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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IMF (2013): Sees Considerable Risks on SNB Balance Sheet

imf end snb cap franc, reuters
The International Monetary Fund (IMF) judges "that the SNB’s net revenue is subject to large fluctuations, and sizeable losses could occur if an appreciation of the Swiss franc was to take place before foreign exchange interventions were unwound."

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In Week Before Cyprus SNB Sight Deposits Rise Slightly by 250 Million Francs

2013-03-18

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2013-03-18

The SNB published the weekly monetary data for the week before the Cyprus event: SNB sight deposits are slightly up 250 million francs, mostly due to other sight deposits (companies, the Swiss confederation, foreign banks) while local banks reduced their deposits slightly. Details

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SNB Monetary Assessment March 2013

2013-03-14

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2013-03-14

Jordan in the ECO interview
In its monetary assessment the SNB maintains the EUR/CHF floor and warned against further risks in the euro zone. The SNB has downgraded the inflation path to -0.2% (previously-0.1%) in 2013 and +0.2% (+0.4%) in 2014.We do not completely agree.

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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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