Tag Archives: Central Banks

The US jobs report and ISM data will be key in shaping expectations for the September 21st FOMC meeting. MON: EU Defence Ministers Meeting (1/2), UK Summer Bank Holiday; Australian Retail Sales (Jul), Swedish Trade Balance (Jul). TUE: EU Defence Ministers Meeting (1/2), NBH Policy Announcement; Japanese Unemployment (Jul), German CPI Prelim. (Aug), UK BoE Consumer Credit (Jul), EZ Consumer Confidence Final (Aug), US Consumer Confidence (Aug), JOLTS (Jul). WED:...

On Saturday at the Jackson Hole symposium there will be speakers from the European Central Bank, Swiss National Bank and Bank of Korea. We may get some clues on what’s coming up from the ECB: Powell’s speech at Jackson Hole is the second-most important Saturday’s item of interest (1625 GMT)   [embedded content] Tags:...

This via the folks at eFX. Danske forecast via eFX: “We expect the SNB to hike by 50bp again in September and December to curtail underlying inflation pressures bringing the policy rate to 0.75%. With the SNB broadly following the ECB, we see relative rates as an inferior driver for the cross,” Danske notes. “We continue to forecast the cross to move lower on the back of fundamentals and a tighter global investment environment. We thus lower our overall forecast...

Jp Cortez of the Sound Money Defense League joins Keith and Ben on the Gold Exchange Podcast to talk about problems with central planning, the morality of sound money, which states are topping the Sound Money Index and why, and what you can do to support grass roots initiatives in the fight for sound money. To connect with Jp and the Sound Money Defense League click here. Connect with Jp on Twitter: @JpCortez27 Connect with Keith Weiner and Monetary Metals on...

When “whatever it takes” means confiscation of wealth One of the reasons people decide to buy gold bullion or add silver coins to their portfolio is because they cannot be devalued. No one can suddenly decide to print more gold or silver! Sadly, this is exactly what happens with currencies around the world. And the last two decades have been prime examples of this. As governments rush to patch up past mistakes, missed warnings and election cycles they resort to...

Goldman Sachs discusses CHF outlook and maintains a bullish bias over the medium-term. ‘The SNB surprised markets with a 50bp hike last week and a change to its intervention framework. The move confirms our bullish view on the Franc and is the strongest evidence yet of our “Reverse Currency Wars” thesis-the era of targeting weaker exchange rates is over (and accelerating through the year) is probably too high relative to the SNB’s inflation aim. The Bank’s...

Arguably the most important data next week is the flash PMI. It is not available for all countries, but for those generally large G10 economies, the preliminary estimate is often sufficiently close to the final reading to steal its thunder. Moreover, and this applies to high-frequency data more broadly, given the overshoot of inflation in most counties, with some exceptions, notably in Asia, central banks appear to be on set courses.  The near-term data are...

Vulnerabilities have increased and Swiss real estate market Swiss apartments overvalued by 10% to 35% SNB continues to monitor developments in real estate market It is not roll of monetary policy to curb risk to financial system The  USDCHF  is trading back below its 100 hour moving average at 0.93129 and its 200 hour moving average at 0.93304. However at the low today, the pair did find support against what has been a swing area between 0.9293 and 0.92964. The...

The Swiss central bank says it is to enhance flexibility in steering money market interest rates This will be added to the SNB’s monetary policy repertoire moving forward but not before some test operations are conducted. For the time being, the central bank implements monetary policy by setting the SNB policy rate so this just adds to the tools they can play around with. However, I still see the key policy rate as being the main weapon in the armory. The full...

Can Russia Enact a Gold Standard? In Part I we discussed how the fallout from the Russian invasion of Ukraine will lead to inflation, but not in the way most people think.  In Part II we discuss the possibility of Russia repudiating the dollar and going on a gold standard. Can they do it? How would the world react? Why not enact a Bitcoin Standard instead? The Russian central bank reportedly has over 2,000 tonnes of gold. We have seen three arguments repeated many...