SNB & CHF

Waiting for the Flood We have noticed a proliferation of pundits, newsletter hawkers, and even mainstream market analysts focusing on one aspect of the bitcoin market. Big money, institutional money, public markets money, is soon to flood into bitcoin. Or so they say. We will not offer our guess as to whether this is true. Instead, we want to point out something that should be self-evident. If big money is soon to come...

​   Gold set to shine as Washington stumbles “Bet on gold’s diversifying properties rather than political stability” World’s largest asset manager believes Trump and political drama in the U.S. means gold likely to rise Real rates flattening out and rising political instability – Blackrock’s Koesterich “For now my bias would be to stick with gold” – Blackrock U.S. debt ceiling issue to be fractious as bankrupt U.S....

This week the Bureau of Economic Analysis will release updated estimates for Q2 GDP as well as Personal Consumption Expenditures (PCE) and Personal Incomes for July. Accompanying those latter two accounts is the currently preferred inflation standard for the US economy. The PCE Deflator finally hit 2% and in two consecutive months, after revisions, earlier this year. - Click to enlarge  The inability of consumer...

The growth of diesel-powered cars is stagnating in Switzerland (Keystone) - Click to enlarge Swiss citizens are calling on their government to more quickly require stricter anti-pollution tests for diesel cars. Some 7,200 people submitted a petition to the Federal Chancellery on Tuesday. The petition, also supported by various environmental and consumer lobby groups, asks Swiss Transport Minister Doris Leuthard to...

08/30/17 Brown Brothers Harriman's Marc Chandler weighs in on expectations for the Federal Reserve in 2017. Chandler considers the divergent outlook for the ECB vs the FOMC and the implications for the EUR/USD.

08/30/17 Brown Brothers Harriman's Marc Chandler weighs in on expectations for the Federal Reserve in 2017. Chandler considers the divergent outlook for the ECB vs the FOMC and the implications for the EUR/USD.

M Cedric Tille, professeur d’Economie (Cédric tille bns)  vient de publier une étude fort intéressante qui gagne à être découverte. Elle cartographie la position économique de la Suisse par rapport au reste du monde. Il démontre à quel point la structure qui compose le moteur économique, financier et monétaire de la Suisse dans ses relations avec l’étranger avait changé en dix ans. Grâce à lui, nous voyons que la BNS se...

Swiss Franc The Euro has fallen by 0.09% to 1.1427 CHF. EUR/CHF and USD/CHF, August 30(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates The US dollar recovery that began in North American yesterday continued to in Asia and Europe. The geopolitical anxiety sparked by North Korea’s missile over Japan subsided. The US response was seen as measured and tempered. North Korea...

The economic reports released since the last update were slightly more upbeat than the previous period. The economic surprises have largely been on the positive side but there were some major disappointments as well. The economy has been doing this for several years now, one part of the economy waxing while another wanes and the overall trajectory not much changed. Indeed, the broad Chicago Fed National Activity index...

The consensus narrative from the Jackson Hole Symposium was the Yellen and Draghi used their speeches to argue against dismantling financial regulation and the drift toward protectionism. Many cast this as a push against US President Trump, but this may be too narrow understanding. Many investors were looking for policy clues, but these were not forthcoming. The December Fed funds futures contract was unchanged,...