SNB & CHF

14.11.2019 – The number of employed persons in Switzerland rose by 0.3% between the 3rd quarter 2018 and the 3rd quarter 2019. During the same period, the unemployment rate as defined by the International Labour Organisation (ILO) increased from 4.4% to 4.6%. The EU’s unemployment rate decreased from 6.5% to 6.2%. These are some of the results of the Swiss Labour Force Survey (SLFS). Download press release: 3rd quarter 2019: 0.3% increase in number of employed...

The Producer Price Index (PPI) or officially named “Producer and Import Price Index” describes the changes in prices for producers and importers. For us it is interesting because it is used in the formula for the Real Effective Exchange Rate. When producers and importers profit on lower price changes when compared to other countries, then the Swiss Franc reduces its overvaluation. The Swiss PPI values of -6% in 2015 (see below), compared to -3% in Europe or -1% in...

In the third quarter of 2019, one in which the global economy continued to cycle lower, global central banks across the world continued to slash interest rates and launched/expanded quantitative easing programs with very little success at troughing global growth. Still, US equity indices powered to new highs, climbing a wall of worry of President Trump’s “trade optimism” tweets. It seemed quite evident over the quarter that President Trump’s tweeting of constant...

Der Bundesrat hat am Mittwoch beschlossen, die Teilrevision des Bundesgesetzes über die Währung und Zahlungsmittel (WZG) auf den 1. Januar 2020 in Kraft zu setzen. Das Parlament hatte diese im Juni verabschiedet. Bisher galt für Notenserien, die von der Nationalbank (SNB) zurückgerufen wurden, eine Umtauschfrist von 20 Jahren. Während dieser Zeit konnten diese Noten zwar noch bei der SNB umgetauscht, aber nicht mehr für Zahlungen verwendet werden. Der unbefristete...

Sunrise had planned to acquire UPC for CHF6.3 billion. (© Keystone / Christian Beutler) Following shareholder pushback, Swiss telecom operator Sunrise has cancelled the purchase contract for the cable network operator UPC, officially burying the controversial deal. This is another failed attempt to challenge industry leader Swisscom. “Yesterday evening we cancelled the purchase agreement,” Sunrise CEO Olaf Swantee said on Wednesday. “The deal proposed by management...

It’s not too difficult to predict a political rebellion against the machinery of soaring wealth and income inequality. The one constant across the media-political spectrum is an unblinking focus on the stock market as a barometer of the national economy: every major media outlet from the New York Times to Fox News prominently displays stock market action, and TV news anchors’ expressions reflect the media’s emotional promotion of the market as the end all to be all:...

The number of people from neighbouring countries commuting to Switzerland for work each day reached a record 325,000 this year. The increase was felt especially in cantons Ticino and Geneva. Following a slight drop in 2018, the Swiss job market is once again attracting cross-border workers in historically high numbers. Some 325,291 peopleexternal link entered the country each day in the third quarter of 2019, beating the previous record of 316,491 set in...

Swiss Franc The Euro has fallen by 0.27% to 1.09 EUR/CHF and USD/CHF, November 13(see more posts on EUR/CHF, USD/CHF, ) Source: market.ft.com - Click to enlarge FX Rates Overview: The recent rise in equity markets and backing up in yields spurred many observers to upgrade their macroeconomic outlooks rather than the other way around. Yet we continue to see may worrisome signs. It is not just trade, though, of course, that is part of it. Sentiment itself is...

Foreign exchange market remains fragile Negative rates, readiness for intervention still necessary Danger of a worsening international situation remains large Imbalances in Swiss real estate market still persist Some remarks by the Jordan, cited by the Swiss government. Nothing out of the ordinary here as they maintain their same messaging about the franc and the need to intervene in the FX market as and when is necessary. Though the timing is a little interesting...

SEBA is part of a new wave of financial institutions that plan to offer a different style of banking service. (SEBA) Crypto bank SEBA is confident of attracting a “three-digit” number of Swiss clients by the end of the year before setting its sights on global expansion and raising more than CHF100 million ($101 million) in extra funding from the public. The Swiss financial regulator awarded SEBA a banking license in August, along with another bank specialising in...