SNB & CHF

It used to be that at each quarter’s end the repo rate would rise often quite far. You may recall the end of 2018, following a wave of global liquidations and curve collapsing when the GC rate (UST) skyrocketed to 5.149%, nearly 300 bps above the RRP “floor.” Chalked up to nothing more than 2a7 or “too many” Treasuries, it was to be ignored as the Fed at that point was still forecasting inflation and rate hikes. Total financial resilience otherwise. Yesterday was,...

The virus news stream out of Europe has improved a bit The US is already taking about the next relief bill; the Fed continues to roll out measures to address dollar funding issues ADP and ISM manufacturing PMI are the US data highlights Regulators across Europe are asking banks to stop paying dividends; eurozone and UK reported final manufacturing PMIs Japan Q1 Tankan report was released; BOJ tweaked its bond buying program for April RBA minutes were released; Korea...

As we watch in real-time how governments respond to the novel coronavirus pandemic, some of the most predictable forms of state overreach—from restrictions on the freedom of assembly to the suppression of regular commerce—have been rolled out. Thankfully, there is no unified world government, so there exist various examples of how certain countries are dealing with the crisis that we can closely examine and learn from. Pessimism and cynicism are generally warranted...

Swiss Franc The Euro has fallen by 0.34% to 1.0547 EUR/CHF and USD/CHF, April 2(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates Overview: After US stocks dropped more than 4% yesterday, investor sentiment has improved, apparently sparked by ideas that the pain will force oil producers to find a way to reduce supply. Oil prices have surged, with the May WTI contract rallying around 7%. Asia Pacific equities were mostly...

02.04.2020 – The consumer price index (CPI) increased by 0.1% in March 2020 compared with the previous month, reaching 101.7 points (December 2015 = 100). Inflation was –0.5% compared with the same month of the previous year. These are the results of the Federal Statistical Office (FSO). The 0.1% increase compared with the previous month can be explained by several factors including rising prices for clothing and footwear due to the end of the seasonal sales. New...

USD/CHF is trading up for the third consecutive day.  The level to beat for bulls is the 0.9700 resistance. USD/CHF daily chart USD/CHF is rebounding from the 0.9500 level while challenging the 50 SMA on the daily chart. DXY (US dollar index) is gaining some ground vs. most of its rivals. USD/CHF daily chart(see more posts on USD/CHF, ) - Click to enlarge USD/CHF four-hour chart The spot is about to challenge the 0.9700 figure while trading above the 100/200...

Numerous EasyJet planes have been parked on the tarmac at Geneva Airport as a result of the the coronavirus pandemic. Around 40% of the airport’s traffic comes via Easyjet. (Keystone / Salvatore Di Nolfi) Airlines around the world are battling to survive the coronavirus pandemic. After grounding its fleet of planes on Monday, EasyJet Switzerland has confirmed that it is hoping to receive Swiss state aid. EasyJet said on Monday that it had grounded its fleet of 344...

© Katarzyna Bialasiewicz | Dreamstime.com While there is currently no scientifically proven link between anosmia (loss of smell) and Covid-19, more and more experts are saying the symptom is a strong indicator. Gilbert Greub, head of the microbiology department at the CHUV hospital in Lausanne, is one such expert. “Given the widespread Covid-19 epidemic, I think that everyone who has a problem tasting or a problem smelling has a very high likelihood of testing...

So, the stock market has dropped. Every government in the world has responded to the coronavirus with drastic, if not unprecedented, violations of the rights of the people. Not to mention, extremely aggressive monetary policy. And, they are about to unleash massive fiscal stimulus as well (for example, the United States government is about to dole out over $2 trillion worth of loot). The question on everyone’s mind is what will be the consequences? The standard...

So here’s an April Fools congrats to globalization’s many fools. The tradition here at Of Two Minds is to make use of April Fool’s Day for a bit of parody or satire, but I’m breaking with tradition and presenting something that is all too real but borders on parody: the wonderful insanity of globalization. Like the famous emperor with no clothing, globalization’s countless glorious benefits have been flogged by neoliberal elites and its corporate media shills with...