Tag Archive: Switzerland
The next SNB rumor: Wall Street Journal and our response
A bit breathlessly…. The next SNB rumor story comes from the so-well established Wall Street Journal, its columnist Nick Hastings. WSJ: The Swiss National Bank was bold before. And the central bank would be well advised to be just as bold again. When the SNB announced just over a year ago that it was setting a …
Read More »
Read More »
Net Speculative Positions, FX Outlook, Global Stock Markets, Week September 10
Submitted by Mark Chandler, from marctomarkets.com Key policy makers are preparing new efforts to address the deterioration of financial and economic conditions. This is seen reducing tail risks, which allowed the rally in risk assets to be extended, and undermined the dollar. China is providing new fiscal support. The ECB announced its new Outright Market …
Read More »
Read More »
The Big Swiss Faustian Bargain: Differences between SNB, ECB and Fed Money Printing Explained
In this post we show that the risks the Fed, the ECB and the Bundesbank incur are far smaller than the one the Swiss SNB takes. The Fed has “just” an inflation risk, that could cost 200 billion US$, 1.2% of US GDP. The ECB and Bundesbank have the risk that the euro zone splits … Continue reading »
Read More »
Read More »
Net Speculative Positions, Technical Outlook, Global Markets Ahead of Eventful Week September 3rd
Submitted by Mark Chandler, from marctomarkets.com The week ahead kicks off what we expect to be a period of intense event risk. The combination of positioning, judging from the futures market and anecdotal reports, and the low implied volatility in currencies and equity markets warn of heightened risk in the period ahead. The week begins …
Read More »
Read More »
The End of ECB Rate Cuts or Draghi against Weidmann to be Continued..
Even in the unlikely case of a fiscal union, the conflict “Draghi against Weidmann”, between the ECB and the Bundesbank will continue for years. The ECB mandate and european inflation figures do not allow for excessive ECB rate cuts or for state financing via the printing press, but Draghi wants to help his struggling …
Read More »
Read More »
The Full English Translation of the Interview with Thomas Jordan
Here a translation of the interview with the president of the Swiss National Bank, Thomas Jordan, in the finance magazine ECO of the Swiss television SF1. Here the original German video. Question: Given that the SNB has reserves of over 200 bln. Euros, are you still able to sleep ? Jordan: We are in a … Continue reading...
Read More »
Read More »
The Swiss television interview with Thomas Jordan, or was it Leonid Brezhnev ?
Today Thomas Jordan gave a quick interview in the Swiss television. Everything was so well prepared and as sterilized. Thomas Jordan learned all answers by heart and was answered the questions about one second after the question was asked. It reminded me of an interview in Soviet television with former Soviet leader Leonid Brezhnev. Each …
Read More »
Read More »
SNB only major central bank missing at Jackson Hole, are important SNB decisions looming ?
The Jackson Hole Symposium is traditionally a meeting of global central bankers, here the 2010 attendance list. This year it takes place between August 30 and September 1. Central bankers assemble The annual economic symposium for central bankers staged by the Federal Reserve Bank of Kansas City begins in Jackson Hole, Colorado (until September 1). …
Read More »
Read More »
FX Technical Outlook, Net Speculative Positions, Global Markets, week August 27
Submitted by Mark Chandler, from marctomarkets.com There are two main drivers behind the price action in the foreign exchange market and they will likely persist in the days ahead. First, there continues to be position adjustment ahead of the what promises to be eventful few weeks. Second, the release of the minutes from the August 1 …
Read More »
Read More »
Net Speculative Positions , Global Markets and Outlook, week from August 20
Currency Positioning and Outlook, week from August 20 Submitted by Mark Chandler, from marctomarkets.com The market is like expectant parents who don’t know the gender of the fetus. They know something big is around the corner, but they don’t have enough information to make some important decisions. They can contemplate the future, but there …
Read More »
Read More »
How former central bankers stepped up against the central banks
There are already three former European central bankers who criticize more or less openly the European Central Bank (ECB).
Read More »
Read More »
Global PMIs Contracting More – Are Stocks Overvalued?
updated August 05,2012 We publish a detailed analysis of global PMIs and compare them with the main risk indicators S&P500, Copper, Brent and AUD/USD some days after most PMIs came out. Abstract: Thanks to positive US consumer confidence, stock markets are highly valued, whereas the Purchasing Manager Indices (PMIs) for the manufacturing industry are contracting …
Read More »
Read More »
EUR/CHF, A History of Interventions: What markets say, July 2012
More Chatter About The EUR/CHF Peg The FT reports that Switzerland is ‘new China’ in currencies Chatter that the SNB was buying 3 billion francs worth of euros per day. “The picture is one of a central bank that’s not coping with how much money is coming in,” said Kit Juckes, foreign currency analyst at Société … Continue reading »
Read More »
Read More »
How Switzerland Implicitly Joins the Eurozone: SNB Obliges each Swiss to Invest 73% of 2012 income in Euros
The SNB forces each Swiss to invest 73% of each one's yearly income into Euros. Reason enough to join the Euro zone ?
Read More »
Read More »
German Schatz turns negative again
After the first time End May, the German Schatz turns negative:
German June 2014 Schatz Average Yield -0.06% vs 0.10% on June 20
Swiss Eidgenossen 2yrs still at -0.4%
Read More »
Read More »
The End of Swiss and Japanese Deflation
At a time of speculations about global deflation, we show an interesting and very different aspect. Our CPI and wage data comparison among different developed countries, shows that Switzerland and Japan will see both inflation, whereas other countries like Australia will see disinflation.
Read More »
Read More »
Switzerland in MoM deflation due to cheaper energy and clothes
Slowing energy prices (MoM -4.2%) and seasonal effects for clothes and footwear (MoM -2.8%) drove Switzerland in a slight deflation on monthly basis again.
Read More »
Read More »
EUR/CHF, A History of Interventions: What markets say, June 2012
SNB In A Bind With Euro Holdings Today’s reserve data showed skyrocketing reserves at the Swiss National Bank as they defend the EUR/CHF floor. Reserves were at 365B francs at the end of Q2 compared to 245B at the end of March, with all the growth coming in the final two months of the quarter … Continue reading »
Read More »
Read More »
Spread Swiss Eidgenossen vs. German Bund to see further gains
The spread between the Swiss government Eidgenossen bond against the Germany 10yrs. Bund will see further gain in the future, after the Euro summit opened the door for ESM direct financing of banks. Differences between EFSF and ESM explained
Read More »
Read More »