Die Veranstaltung fand am 29.09.2022 statt. |
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2024-03-28
Overview: Comments by Fed Governor Waller, urging
patience on rates and wanting more evidence that price pressures are moderating
has helped the greenback extend its recent gains. The yen is the notable
exception as the fear of intervention has restrained the dollar bulls. Poor
German data, including a sharp 1.9% drop in February retail sales, the fourth
consecutive monthly decline, underscored the euro’s negative divergence, and the
single currency was sold to new lows for the month below $1.0780. The
Antipodeans and Scandis are leading the G10 currencies lower with 0.6%-0.8%
losses. Emerging market currencies are mostly lower. The South Korean won, and
Taiwanese dollar are exceptions with miniscule gains. Equities in the Asia Pacific region are
mixed. Japan, South Korea, and Taiwan
2024-03-18
Overview: The US dollar is trading with a mostly
softer bias against the G10 currencies. The notable exceptions are the Japanese
yen and Swiss franc. Ironically, speculation of a Bank of Japan rate hike
appears to have increased, while there is a risk that the Swiss National Bank
cuts rates this week. The Norwegian krone is the strongest of the major
currencies. The central bank meets later this week but is widely expected to
stand pat. The continued rise in oil prices may be buoying it. Most emerging
market currencies are softer. The MSCI Asia Pacific Index
snapped a seven-week advance last week but rebounded today. The Nikkei rallied
nearly 2.2%, its biggest rally in a month. Better industrial production data
from China may have helped the CSI 300 rally nearly 1%. Taiwan’s Taiex also
2024-02-27
In spring 2023, the Swiss National Bank conducted its second payment methods survey of companies in Switzerland. Around 1,750 companies, across all sizes, language regions and industries, participated in this survey on payment method topics. In-depth knowledge of these topics helps the SNB to fulfil its statutory tasks in relation to the supply and distribution of cash and to cashless payments.
2023-12-13
Commentary will resume with a 2024 outlook on December 29. Overview: The dollar is trading with a firmer bias today ahead of the outcome of the FOMC meeting. Standing pat for two
meetings was framed as a pause, but given the decline in price pressures, being
unchanged for a third meeting is understood as the end of the historically
aggressive tightening cycle. Fed Chair Powell is expected to express greater confidence
that policy is sufficiently restrictive to bring inflation back to target. Trading
after the FOMC meetings has been treacherous, with the markets often reversing
initial moves. The rally in the S&P 500 to
its best level since April 2022 failed to boost Asia Pacific equities today. Among
the large markets, Japan, Australia, and Taiwan did manage to gain slightly.
Europe’s
2023-12-04
On 1 December 2023, the Swiss National Bank – together with five Swiss and one German commercial bank – started a pilot project with central bank digital currency for financial institutions (wholesale central bank digital currency) on the regulated platform of SIX Digital Exchange (SDX).
With this pilot, called Helvetia Phase III, the SNB will for the first time issue real wholesale CBDC in Swiss francs on a financial market infrastructure based on distributed ledger technology (DLT). The SNB is thus moving its work from test environments into production and is making wholesale CBDC available for the settlement of real bond transactions. The banks involved will carry out the transactions on the DLT platform as intermediaries for issuers and investors. The tokenised bonds will be settled
2023-11-09
In September 2022, the Swiss National Bank (SNB) raised its policy rate back into positive territory. At the same time, it adopted a new approach to implementing monetary policy in the money market. This approach employs two levers: the tiered remuneration of reserves, also referred to as reserve tiering, and reserve absorption.
2023-11-09
As part of its contribution to the stability of the financial system, the Swiss National Bank acts as lender of last resort. In this role, it makes emergency liquidity assistance available to banks when, in crisis situations, they need substantial liquid funds which they are no longer able to obtain on the market.
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