SNB & CHF

The US reports September CPI on October 12 and the first decline in three months in the year-over-year rate is expected. However, the price action itself may overshadow not only the CPI but other high-frequency data in the week ahead. US grew more than twice the number of jobs in September as economists expected. US interest rates and the dollar jumped initially, and stocks were dumped. And then they reversed. Many narratives will be spun to explain the price...

Overview: One key issue for market participants is if the dollar's pullback is the beginning of something important or is largely position adjusting ahead of today's US jobs report. We suspect that the dollar's rally that began in mid-July is over, though a strong employment report that boosts the chances of a Fed hike before year-end could quickly demonstrate the folly of making claims ahead of what is still one of the most important reports in the monthly cycle of...

Overview:  The markets remain unsettled. Follow-through dollar selling has been limited today after yesterday's pullback. Narrow ranges are prevailing, but the Norwegian krone and Canadian dollar, the weakest G10 currencies in recent days, are heavier again today. Although it seems that the BOJ did not intervene earlier this week, but the dollar bulls has been chastened just the same and the greenback is holdings below yesterday's high (~JPY149.30). Higher than...

Overview: Dramatic yen price action around the JOLTS report yesterday after the dollar pierced the JPY150 level spurred speculation of BOJ intervention. Although there has been no confirmation, the strategic ambiguity is helping steady the yen and the dollar more broadly today, even though US yields remain firm. Final PMI readings were a better than the flash estimates and this may also be facilitating the consolidative tone. Most promising, from a technical point...

But once a commodity is established as a money on the market, no more money at all is needed. —Murray Rothbard, Taking Money Back The Fed’s distinguishing characteristic is its grant of privilege to buy assets with money it doesn’t have. No other person or institution can legally do this; those that tried would be indicted for counterfeiting. At the very least you might think this would raise eyebrows, but it doesn’t except in fringe quarters. It is simply part of...

The first cantonal bank to offer clients straightforward trading and secure storage of the most common cryptocurrencies. The offering complements its existing investment services and is delivered within a fully regulated banking environment. As of today, Zuger Kantonalbank clients are able to invest in cryptocurrencies such as Bitcoin, Ethereum, XRP, Litecoin, Polygon and Uniswap. The digital assets can be bought, traded and stored simply and conveniently via the...

Overview: The dollar's gains were initially extended before a consolidative tone emerged. The euro has been sold to $1.0460 and has returned to almost $1.05. Sterling fell to nearly $1.2060 and has recovered though has stopped short of $1.2100. The dollar edged closed to JPY150 but stalled near JPY149.95 and has held above JPY149.65. The Australian dollar near $0.6300 and the greenback rose to CAD1.3725. Benchmark 10-year yields are firm, though a well-received...

UBS Asset Management has launched its first live pilot of a tokenized Variable Capital Company (VCC) fund. The fund is part of a wider VCC umbrella designed to bring various “real world assets” on-chain as part of Project Guardian, a collaborative industry initiative led by the Monetary Authority of Singapore (MAS). Thomas Kaegi Thomas Kaegi, Head UBS Asset Management, Singapore & Southeast Asia, said: “This is a key milestone in understanding the tokenization of...

Because California’s government has hamstrung electricity producers in the state, its legislature now wants EVs to be “bidirectional,” that is, to put power from their batteries back into the grid. Original Article: Power Vacuum: How the State Wants to Suck Electricity from the SUV You Are Required to Buy [embedded content]...

Historically, inflation always referred to an increase in the money supply, whereas nowadays it refers to an increase in prices. This shift in the definition of inflation lets central banks get away with their fraudulent business. Thus, the original definition must be reestablished. We must, by all means, switch the focus from the symptoms to the disease. The CPI Deserves Less Attention The lure of the Consumer Price Index (CPI) doesn’t just undermine price...