SNB & CHF

© Alexirina27000 | Dreamstime.com Switzerland’s Federal Council announced on June 2 that it plans to maintain border restrictions with Italy until further notice as a reciprocal border arrangement with Italy would be premature. From 3 June 2020, Swiss residents will be able to travel to and return from Italy, but Italians or Italian residents will not be able to travel to and from Switzerland unless they are able to under current border restrictions, for example...

Honestly, what did everyone think was going to happen? I know, I’ve seen the analyst estimates. They were talking like another six or seven perhaps eight million job losses on top of the twenty-plus already gone. Instead, the payroll report (Establishment Survey) blew everything away, coming in both at two and a half million but also sporting a plus sign. The Household Survey was even better, +3.8mm during May 2020. But, again, why wasn’t this expected? All this...

That which has failed is unsustainable, no matter how many trillions the Federal Reserve tosses against the tides of history. The Gulfs Between the Classes The Credibility Gap The Partnerships That Failed The Groups That Opted Out The Undermining of Effort Every one of these is a manifestation of institutional failure. The Gulfs Between the Classes (see chart of soaring inequality below) manifests a completely broken economic and social order, and the abject...

Jackie Pang from Meigu TV called and wanted to talk about the seeming disconnect between Wall Street and Main Street. In this nearly 4.5 minute clip that she posted here, she gave me plenty of time to explain what I make of it. At the beginning of the year, as the S&P 500 was making new record highs, many observers wondered about the connection. The growing disparity of wealth and income may also raise questions about the linkages between Wall Street and Main...

Former president George W. Bush has returned to the spotlight to give moral guidance to America in these troubled times. In a statement released on Tuesday, Bush announced that he was “anguished” by the “brutal suffocation” of George Floyd and declared that “lasting peace in our communities requires truly equal justice. The rule of law ultimately depends on the fairness and legitimacy of the legal system. And achieving justice for all is the duty of all.” Bush’s...

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Swiss Franc The Euro has risen by 0.64% to 1.0898 . FX Rates Overview: The modest loss in the S&P 500 and NASDAQ yesterday did not signal the end of the bull run. All the markets in the Asia Pacific region rallied, with the Hang Seng among the strongest with a 1.6% advance that brought the week’s gain to around 7.8%. South Korea’s Kospi was not far behind with a weekly gain of 7.5%. In the past two weeks, the MSCI Asia Pacific Index is up nearly 10%.  European...

Voici une vidéo tournée par Christian Campiche lors d’une rencontre matinale autour d’un café. Christian s’est mis à enregistrer alors que nous parlions de ce que la BNS faisait, et surtout ne faisait pas, pour soutenir la population suisse dans cette période de post-confinement. Mon point de vue est non seulement qu’elle ne fait rien pour l’économie locale, mais qu’elle fait tout pour le marché financier international auquel elle appartient pleinement. embedded...

The conventional wisdom is that central banks are the most important economic actors in the world. Markets hang on their every word. Yet, what if that power has less to do with actual monetary policy and more to do with how the performance of that policy creates a self-fulfilling prophecy as market actors respond to media coverage? Jeff Snider is the head of global research at Alhambra Investments. In this conversation, he and NLW explore: How the Fed lost the ability to even...