SNB & CHF

We think that it’s still too early to say whether Friday’s price action was simply profit-taking ahead of the weekend, or the resumption of overall negative market sentiment.  We think the global backdrop remains conducive for risk, at least near-term.  China concerns are on the back burner, while markets are still skeptical about the prospects for Fed tightening.  Commodity prices are the potential spoilers to a resume risk rally, as oil ended last week on a sour note. Country-specific...

We think that it’s still too early to say whether Friday’s price action was simply profit-taking ahead of the weekend, or the resumption of overall negative market sentiment.  We think the global backdrop remains conducive for risk, at least near-term.  China concerns are on the back burner, while markets are still skeptical about the prospects for Fed tightening.  Commodity prices are the potential spoilers to a resume risk rally, as oil ended last week on a sour note. Country-specific...

See Macro Analytics Home Page for a full abstract of this video LINK: http://www.gordontlong.com/Macro_Analytics.htm

The main driver of the investment climate is not so much the incremental economic data as the capital markets themselves. The market turmoil contributed to the tightening of financial conditions, which in turn heightened risks, which monetary officials are committed to resisting.    Financial markets stabilized last week, but the tone remains fragile.  The damage to the technical condition and sentiment requires further consolidation to rebuild investor confidence.  The price action...

The main driver of the investment climate is not so much the incremental economic data as the capital markets themselves. The market turmoil contributed to the tightening of financial conditions, which in turn heightened risks, which monetary officials are committed to resisting.    Financial markets stabilized last week, but the tone remains fragile.  The damage to the technical condition and sentiment requires further consolidation to rebuild investor confidence.  The price action...

The CFTC Commitment of Traders reporting week ending February 16 was short due to the US holiday.  This may have contributed to the small adjustments to speculative positioning in the currency futures.  It also may reflect the lack of conviction that a dollar recovery was at hand.   On a net basis, speculators had switched to a long yen position six weeks ago.  In the latest period, speculators swung to a net long Australian dollar position for the first time since last May.  The 2.8k...

The CFTC Commitment of Traders reporting week ending February 16 was short due to the US holiday.  This may have contributed to the small adjustments to speculative positioning in the currency futures.  It also may reflect the lack of conviction that a dollar recovery was at hand.   On a net basis, speculators had switched to a long yen position six weeks ago.  In the latest period, speculators swung to a net long Australian dollar position for the first time since last May.  The 2.8k...

After a terrible first several weeks of the year, global capital markets stabilized in the past week.  Chinese markets re-opened after the extended Lunar New Year holiday and proved not to be disruptive.   Chinese equities did not decline to catch-up to the performance of global markets in its absence and instead gained 3% on the week. The offshore yuan appreciated during the holiday, and the onshore yuan strengthened to converge with it.  It traded in a narrow range after the markup. ...

After a terrible first several weeks of the year, global capital markets stabilized in the past week.  Chinese markets re-opened after the extended Lunar New Year holiday and proved not to be disruptive.   Chinese equities did not decline to catch-up to the performance of global markets in its absence and instead gained 3% on the week. The offshore yuan appreciated during the holiday, and the onshore yuan strengthened to converge with it.  It traded in a narrow range after the markup. ...

Zurich is of the busiest train stations in the world. It rarely comes to a standstill. (SRF/swissinfo.ch) Zurich’s main railway station is the largest in Switzerland. Every day more than 400,000 people travel through it. Zurich’s railway hub came into service in 1847 and is the second oldest railway station in the country. It was built as a terminus for the Swiss Northern Railway, the first railway to be built within Switzerland’s borders. Because of its central location within...