SNB & CHF

Stock Markets EM FX was mixed last week, as markets await fresh drivers. Jobs report this Friday could provide greater clarity with regards to Fed policy. BOE and RBA meet but aren’t expected to change policy. Data is likely to reinforce the notion that inflation remains low in EM, allowing those central banks to remain dovish. Czech National Bank is the main exception, as it may start the tightening cycle this week....

Swiss Franc vs USD and EUR The Swiss franc was the only major foreign currency that fell against the dollar last week. The 2.6% decline was the largest in two years. Stops triggered in the euro-franc cross, reports of direct investment-related franc sales for yen, and conviction that the SNB will lag behind the other central banks is thought to be behind the move. The dollar high in June was near CHF0.9785, and the...

Holiday-weekend traffic has been causing long tailbacks at both ends of the Gotthard tunnel in central Switzerland. Reports of two-hour jams on Saturday may re-surface debates about traffic in the region. Southbound traffic waits to enter the Gotthard tunnel.(Keystone) As Swiss National Day approaches on 1 August, this weekend saw large movements of traffic...

The CRB Index gapped higher today and it follows a gap higher opening on Tuesday, which has not been filled. Today’s gains lift the commodity index to a trendline drawn off the January and February highs and catches the high from late May. It intersects today near 181.35 and the high has been a little over 181.17. This is depicted on the Great Graphic made on Bloomberg, with five and 20-day moving averages added....

‘Mother of all debt bubbles’ keeps gold in focus Global debt alert: At all time high of astronomical $217 T India imports “phenomenal” 525 tons in first half of 2017 Record investment demand – ETPs record $245B in H1, 17 Investors, savers should diversify into “safe haven” gold Gold good ‘store of value’ in coming economic contraction Gold’s medium- to long-term investment case, I believe, looks even brighter. Many...

The country voted narrowly in 2009 to ban the building of minarets. (Keystone) Switzerland should take steps to ensure that people’s initiatives do not contravene international law, the United Nations Human Rights Committee says. It notably called for the repeal of a Swiss vote banning the construction of minarets. The recommendations, released Thursday, came after the fourth periodic review of Switzerland by the...

Summary: Fundamental driver, divergence is still intact. The dollar’s losses have barely met the minimum retracements of a bull market. Sentiment may be exaggerating the positive developments in Europe and the negative developments in the US. The US dollar is sitting near multi-month lows against the major European currencies and the dollar bloc. Where does this leave our strategic view of the third...

International polls rank Bern as one of the safest capital cities to live in on the planet. swissinfo.ch found out what it means to feel secure there.  The city, with its thriving economy and excellent infrastructure, seems to offer a great quality of life. People appear to be pretty relaxed about personal safety, and burglar alarms on cars or houses are not commonplace. People often leave their belongings unattended while going for a swim in the pool or the river, while supermarkets leave...