SNB & CHF

Swiss franc losses strength versus USD, EUR despite risk aversion.  USD/CHF modestly lower for the day after finding resistance at 0.9500.  The USD/CHF was trading around 0.9470, modestly lower from the level it closed on Friday. The pair bottomed during the European session at 0.9390, following rate cuts from many central banks. It then rebounded as the DXY turned positive, trimming losses. The 0.9500 area capped the recovery of the US dollar. From a fundamental...

USD/CHF holds onto recovery gains inside the short-term bullish technical pattern. Key SMA, sluggish MACD question the buyers. In addition to the current risk-reset, USD/CHF takes clues from the technical indicators while rising 0.26% to 0.9493 amid the initial trading session on Tuesday. The pair recently bounced off the support-line of a one-week-old rising trend channel, which in turn pushes the quote towards a 100-bar SMA level of 0.9540. However, the quote’s...

Bern, 16.03.2020 – At an extraordinary meeting today, 16 March 2020, the Federal Council took the decision to introduce more stringent measures to protect the public. It has declared that an ‘extraordinary situation’ now exists in Switzerland in terms of the Epidemics Act. All shops, restaurants, bars and entertainment and leisure facilities will remain closed until 19 April. Not affected by the new ruling are food stores and healthcare institutions. As of...

At a press conference at 5pm on 16 March 2020, members of the Federal Council presented a list of further restrictions designed to slow the spread of the Covid-19 virus, that will become active from midnight tonight. A video of the conference can be viewed below. [embedded content]Alain Berset, Switzerland’s interior minister, called on the population to follow the rules. To date a significant number of people have not been following them, he said. Following these...

Vor 11 Jahren befand sich die Welt, nach dem Platzen der Immobilienblase und der Peilte zahlreicher Banken, in einer drastischen Wirtschaftskrise. Diese entstand aufgrund zu niedriger Zinsen und zu viel billigem Geld. Gelernt haben die Notenbanker aus dieser Krise offensichtlich äußerst wenig. Trotz einer zehnjährigen Boomphase, insbesondere in Deutschland, sind die Zinsen historisch niedrig und werden weiter gesenkt. Die Welt wird stetig mit immer mehr Geld...

Ibuprofen belongs to a family of drugs known as non-steroidal anti-inflammatory drugs. On 14 March 2020, Olivier Véran, France’s health minister Tweeted that taking anti-inflammatory medicine “could be an aggravating factor” for those infected with Covid-19, and recommended paracetamol for those with a fever. Link to Twitter postLater, Switzerland’s Federal Office of Public Health (FOPH), said that observations have been made in individual cases, but this is not...

This is why it’s imperative to go big now, and make plans to sustain the most vulnerable households and small employers not for two weeks but for six months–or however long proves necessary. That governments around the world will be forced to distribute “helicopter money” to keep their people fed and housed and their economies from imploding is already a given. Closing all non-essential businesses and gatherings will crimp the livelihood of millions of households and...

There’s a lot to be said regarding the Fed’s surprise announcements—including its Sunday surprise of $700 billion in renewed QE and the complete elimination of all reserve requirements for banks—but here let me just focus on one element: the tendency for Fed officials and all the pundits to treat injections of “liquidity” as if they don’t count as much when distorting the economy. I’ve seen some analysts literally call the Fed’s repo operations “free” as opposed to...

Please visit our website https://www.macrovoices.com to register your free account to gain access to supporting materials.

We got hate mail after publishing Silver Backwardation Returns. It seems that someone thought backwardation means silver is a backward idea, or a bad bet. “You are a *&%#! idiot,” cursed he. “Silver is the most underpriced asset on the planet,” he offered as his sole supporting evidence. He doesn’t know that backwardation means scarcity, not that a commodity’s price is too high. Since we wrote that on March 2 (our Reports are always based on the prior Friday’s...