Tag Archive: Swiss National Bank

How Currency Speculators Help the SNB to Fight against Ordinary Investors

2012-12-05

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2012-12-05

UBS Export-weighted exchange rate CHF
A discussion in the investor forum made clear how currency speculators currently help the SNB to maintain the floor against normal investors. A situation that was different in August/September 2011, when the SNB had to fight against these speculators.   A discussion in the investor forum Seeking Alpha: part one   Based on our analysis of …

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Credit Suisse and UBS Will Charge Negative Interests Above a Threshold

2012-12-03

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2012-12-03

Credit Suisse and UBS will charge negative interests for cash clearing clients above a threshold. Last year such was worth 150 bps, this year on 28 bps.  See the official news at FT Alphaville

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Definitions of money supply in the context of the SNB

Monetary Aggregates according SNB M0 M1 M2 M3


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Gold, CHF, Brent Arbitrage Trading after Negative CS, UBS Interest Rates

2012-12-01

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2012-12-01

gold price usd/chf 1972 2012
  Credit Suisse and UBS will charge negative interests for cash clearing clients above a threshold. Last year such news was worth 250 bps, on December 3 only 28 bips. One remembers August 26, 2011, when UBS only spoke of negative interests and consequently EUR/CHF rose from 1.1420 to 1.1688. At the time FX traders …

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SNB Sight Deposits Week November 16

2012-11-19

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2012-11-19

snb reserves vs. eur/chf usd gold
Total sight deposits at the SNB rose by 0.5 billion to a total of 373 bn. francs in the week ending on November 16th. "Other sight deposits", the ones of foreign banks and Swiss companies, fell by 600 million francs, but the ones of local institutes increased by more than 1 billion francs. See full detail on our explanation, historical and our expected development of

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SNB Valuation Losses in October: Around 6 Billion Francs

2012-11-08

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2012-11-08

snb valuation losses in october 2012
The Swiss National Bank (SNB) had valuation losses of around 6 billion francs in October due to the weaker EUR/CHF exchange rate and a weaker gold price.

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Die Wiederwahl Obamas bedeutet nichts Gutes für die Schweiz

2012-11-07

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2012-11-07

Obama
  Barack Obama war und ist der präferierte Kandidat vieler Schweizer. Obama scheint der Mann von Welt zu sein, während vom konservativen Mitt Romney eher feindselige Politik gegen Russland, China und Iran zu erwarten ist. Daher sind die Neutralität- und Frieden-liebenden Schweizer eher auf Obamas Seite. Aber auch wirtschaftspolitisch scheinen viele Eidgenossen Obama zu mögen. …

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Jordan: Dropping Peg Is Premature

2012-11-03

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2012-11-03

Jordan in the ECO interview
The Swiss National Bank's cap on the franc of 1.20 per euro remains the right policy tool for now and talk of dropping it is premature, Chairman Thomas Jordan said. See  Reuters

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SNB Results Q3 2012: SNB Radically Reduces Euro Share from 60% to 48%

2012-11-02

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2012-11-02

snb q3 breakdown in currencies usd eur gbp
SNB Q3 Profits: 10 billion francs   The Swiss National Bank (SNB) radically reduced its euro share, in the third quarter from 60% to 48%, and bought US dollars and sterling instead. In the second quarter, however, it increased the euro share from 51% to 60% and concentrated on buying euros. Given that the EUR/USD was … Continue reading...

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The Swiss National Bank straddle

2012-10-31

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2012-10-31

It’s Swiss National Bank reserve figures Wednesday! That glorious day when we get to see how exactly the ingredients of the SNB’s cake have changed. Or to put it more literally, how have they been dealing with the masses of euro assets they are colle...

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How the SNB Destroyed Ashraf Laidi’s EUR/USD 1.35 Party

2012-10-31

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2012-10-31

Ashraf Laidi
Trend Follower Ashraf Laidi Loses Against the Contrarian Investor SNB The currency strategist Ashraf Laidi recently evoked a EUR/USD exchange rate of 1.35 thanks to the risk appetite after the easing operations of the Fed and the ECB. We show that he and the masses of his Forex rooters actually traded against a big central …

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Trade Like a Central Bank: Buy EUR/USD at 1.24 and sell at 1.30! .. SNB

2012-10-31

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2012-10-31

q1-q3 snb currency breakdown
Composition of SNB Forex Reserves, Q3 2012  The Swiss National Bank (SNB) reduced the share of euros in the third quarter substantially from 60% in Q2 to 48% in Q3 and increased dollar and pound positions. The SNB bought 80 billion euros or more when the common currency was trading around 1.24$, especially at the end of …

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Did the SNB Front-Run ECB Decisions Far Ahead of Hedge Funds?

2012-10-30

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2012-10-30

Spanish 5 yrs. bond yields
We think that the Swiss National Bank invested far more in Italian and Spanish bonds  than analysts like Standard and Poor’s expected and was able to front-run ECB decisions. This new style of hedge funds, formerly called “central banks”, can refinance at zero percent and is able to show a lot better performance than the …

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SNB Monetary Data Week October 26

2012-10-29

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2012-10-29

swiss m1 vs. gdp and credit 2008-2012
Seasonal effects, the good months for the SNB and the US economy, but weaker ones for emerging markets and Switzerland Despite the seasonal effects between October and March, the SNB is not able to sell currency reserves consistently. Traditionally the USD gets stronger and stocks rise over the autumn months till January. This year’s stocks appreciation was possibly already anticipated …

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SNB Monetary Data Week October 19

2012-10-22

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2012-10-22

Swiss Trade Balance by regions English
Seasonal effects, the good months for the SNB and the US economy, but weaker ones for emerging markets and Switzerland Given that the seasonal effects between October to March have started, the SNB might be able to sell some currency reserves. Traditionally both the USD gets stronger and stocks rise over the autumn months till January. This year’s stocks appreciation was …

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Net Speculative Positions, Global Stock Markets, Week October 22

2012-10-22

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2012-10-22

  Submitted by Mark Chandler, from marctomarkets.com   Our big picture view is that the US dollar is carving out an important bottom, after selling off in Q3 as policy makers moved to reduce the extreme tail risks. The position adjustment that inspired among investors appears to have largely run its course.This bottoming of the dollar is …

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SNB Monetary Data Week October 12

2012-10-15

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2012-10-15

Stock market performance per quarter
Seasonal effects, the good months for the SNB and the US economy, but weaker ones for emerging markets and Switzerland, have started Given that the seasonal effects between October to March have started, the SNB might be able to sell some currency reserves. Traditionally both the USD gets stronger and stocks rise over the autumn months till January. This year’s stocks …

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IMF Data: SNB Forex Reserves and Gold in September 2012

2012-10-12

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2012-10-12

This link  on the SNB website shows the data the central bank provides to the International Monetary Fund (IMF). It shows the SNB Forex and gold reserves in the last month. It is so-called “IMF Special Data Dissemination Standard (SNB Data)” It is released together with the international investment position, some monetary aggregates and the balance of payments two weeks after …

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SNB Monetary Data Week October 5

2012-10-08

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2012-10-08

Stock market performance per quarter
Seasonal effects, the good months for the SNB and the US economy, but weaker ones for emerging markets and Switzerland, have started Given that the seasonal effects between October to March have started, the SNB might be able to sell some currency reserves. Traditionally the United States and the USD dollar become stronger and stocks rise over the autumn months …

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