SNB & CHF

The position adjustment among speculators in the currency futures market were minor in the reporting week that ended February 23.  There was only one gross adjustment we regard as significant (more than 10k contracts).  The Mexican officials sprung a bear trap and forced speculators to cover.  There were 15.8k gross short peso in speculative hands that were bought back, leaving 83k contracts still short.   Despite the minor adjustments elsewhere, two patterns were clear.  First,...

As systemic anxiety eased, the US dollar got better traction. The dollar-bloc currencies managed to hold their own as cross positions were unwound.    Major bourses posted gains for the second consecutive week.  With the recent advance, several markets, including the S&P 500, FTSE and Sweden, China, Korea, and Taiwan are now positive on the month.    The April light sweet oil futures had its highest weekly close this month.  More broadly, the CRB Index is nearly 7% off its February 11...

As systemic anxiety eased, the US dollar got better traction. The dollar-bloc currencies managed to hold their own as cross positions were unwound.    Major bourses posted gains for the second consecutive week.  With the recent advance, several markets, including the S&P 500, FTSE and Sweden, China, Korea, and Taiwan are now positive on the month.    The April light sweet oil futures had its highest weekly close this month.  More broadly, the CRB Index is nearly 7% off its February 11...

Every years the Swiss produce 729 kg of waste per person. Only the US and Denmark produce more. On the other hand the Swiss are also top recyclers of old appliances. However, a more profitable alternative would be to re-use them. (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...

In many ways, 2016 has been the year that the world woke up to how far down Krugman’s rabbit hole (trademark) DM central bankers have plunged in a largely futile effort to resuscitate global growth. For whatever reason, Haruhiko Kuroda’s move into NIRP seemed to spark a heretofore unseen level of public debate about the drawbacks of negative rates. Indeed, NIRP became so prevalent in the public consciousness that celebrities began to discuss central bank policy on Twitter. When we say “for...

In many ways, 2016 has been the year that the world woke up to how far down Krugman’s rabbit hole (trademark) DM central bankers have plunged in a largely futile effort to resuscitate global growth. For whatever reason, Haruhiko Kuroda’s move into NIRP seemed to spark a heretofore unseen level of public debate about the drawbacks of negative rates. Indeed, NIRP became so prevalent in the public consciousness that celebrities began to discuss central bank policy on Twitter. When we say “for...

1) Indonesia announced it will allow full foreign ownership in many local industries in an effort to boost foreign investment 2) The Thai military government called a referendum on the new constitution on July 31 3) Poland’s ruling Law and Justice party dropped its backing for candidate Wnorowski to join the MPC 4) The IMF is starting to warn Ukraine 5) Press reports suggest some slippage in Brazil’s fiscal consolidation efforts 6) Mexico’s Finance Minister Videgaray acknowledged...

The internecine pitch battle between ECB President Draghi and the man who may very well be his successor, Bundesbank President Weidmann opened a new front this week.  It is over the future of the 500 euro note.   Practically, every initiative by Draghi has been resisted by the Bundesbank.  Sometimes it puts the Bundesbank at odds with Berlin, like over the Outright Market Transactions (OMT), which has not been operationalized.  Still, after unsuccessfully blocking the program, Weidmann...

The internecine pitch battle between ECB President Draghi and the man who may very well be his successor, Bundesbank President Weidmann opened a new front this week.  It is over the future of the 500 euro note.   Practically, every initiative by Draghi has been resisted by the Bundesbank.  Sometimes it puts the Bundesbank at odds with Berlin, like over the Outright Market Transactions (OMT), which has not been operationalized.  Still, after unsuccessfully blocking the program, Weidmann...

The Byzantine Empire had a lasting influence on modern-day Europe. The signs of this culture can also be found in Switzerland – for example in the Rath Museum in Geneva. (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 channel: Website:...