SNB & CHF

With obstacles such as language barriers, lack of training, and prejudice, finding a job can be a daunting task for refugees and asylum seekers. Swiss public television meets Ursula Stämpfli, who is responsible for employment integration in the canton of St Gallen. (SRF/swissinfo.ch) --- swissinfo.ch is the international branch of the Swiss Broadcasting Corporation (SBC). Its role is to report on Switzerland and to provide a Swiss perspective on international events. For more articles,...

This will be a brief report, as we’re focused on releasing our Outlook 2016 Report which is over 8,000 words of our assessment of the gold, silver, currency, and credit markets. Also, this was a holiday-shortened week (Monday was Martin Luther King Day in the US). But that did not stop the fireworks in silver on Friday. We will look at what happened below. On the week, the prices of the metals were up $9 and 7 cents, for gold and silver respectively. This happened with serious volatility...

Whatever force had gripped the global capital markets since the start of the year has been broken.   This simple characterization is rich.  It is not clear if or what macroeconomic considerations were driving the markets.  The markets had taken the unsurprising Fed rate hike in mid-December in stride. The dramatic moves in the market did not begin until this year.  Some have suggested China was at the crux of it, but the global impact seemed out of proportion.   Others suggested it was...

The latest Commitment of Traders report that covers the four sessions through January 19 saw speculators anticipating the continuation of the current moves.  Of the sixteen gross positions we track, only five were in reducing exposures.  Last week there was only six increased exposures.   With the benefit of hindsight, we know that something changed a day or two after the reporting period ended.  Given the magnitude of the reversal in some cases, some of these late positions were likely...

The first two and a half weeks of the new year saw persistent selling of equities, commodities, and emerging markets.  In the foreign exchange market, the dollar-bloc and sterling were crushed.  The yen was the single biggest beneficiary, and speculators in the CME are net long the yen in the futures market for the first time since late 2012.  It was as if many equity sellers returned from the year-end holidays, and got the jump start on the buyers.  Some of the selling was passive as...

ECB President Draghi made clear at yesterday's press conference that new risks have materialized and the central bank's job to reach its mandate is far from over. Current efforts may not suffice to achieve its legal prescribed mandate. Monetary policy will be reviewed and reassessed at the next meeting in March, when new staff forecasts will also be available. In his opening remarks, Draghi cited the "slightly expansionary" fiscal policy, "reflecting in particular measures in support of...

 (from my colleague Dr. Win Thin) 1) Malaysia’s central bank kept rates steady at 3.25%, as expected, but cut bank reserve ratios from 4% to 3.5%2) S&P downgraded Poland one notch to BBB+ with negative outlook3) Brazil’s central bank did a complete about-face and left rates steady at 14.25%4) Mexico may tweak its FX auction program again when it is extended this month5) Argentine officials met with IMF chief Lagarde at the World Economic Forum in Davos In the EM equity space, Russia...

Like a car ignition that finally catches after several attempts, the global markets are building on the recovery seen in North America yesterday.   Asian stocks rallied, with the Nikkei leading the way with a 5.9% rally.  More modest 1.25% gains in Shanghai Composite allowed Chinese stocks to finish the week with small gains.  Australian, Korean, and Thai shares have also finished higher on the week.  European bourses are higher, and the Dow Jones Stoxx 600 is up 2.5%.  Not only is it...

The number of people who cross the border to work in Switzerland is on the decline, but over the past few years, there has been an almost 30% increase in the number of workers who commute by plane. (SRF, swissinfo.ch) --- swissinfo.ch is the international branch of the Swiss Broadcasting Corporation (SBC). Its role is to report on Switzerland and to provide a Swiss perspective on international events. For more articles, interviews and videos visit swissinfo.ch or subscribe to our YouTube...

There have been two important reforms announced, one in the EU and other in the IMF, that many investors may have missed due to the carnage in the markets.  While the economic challenges that Europe faces remain potent, the refugee problem appears more pressing.  Tomorrow the flash January PMIs from the eurozone are expected to slip a little, but the composite will likely remain near the multi-year high matched in December.  This suggests growth is steady.  The EU prides itself on its...