Swiss Franc The Swiss Franc has strengthened against the pound as global uncertainty persists in the form of the UK’s Brexit vote and the US Presidential Election. Looking ahead it seems the CHF may soften a little as we learn of the new President, I found it very interesting that yesterday Paddy Power paid out on any bets for Hilary Clinton to become President in the United States. This is a great indication of the...
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Swiss Franc The last ECB meeting and Dragh’s hawkish comments is for us the main reason of the euro strength, this despite stronger Swiss GDP growth. We see a mismatch between the weak ISM Non-Manufacturing PMI and the St. Louis and Atlanta Fed GDP trackers. Click to enlarge. Federal Reserve Our approach to Fed-watching is clear: Among the cacophony of voices, the Troika of Fed leadership, Yellen, Fischer and...
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Swiss Franc While the yen remained weak, the other major safe-haven, the Swiss Franc had gains. We often emphasized the main differences: The Swiss have a far higher trade surplus per capita The Swiss government does not do fiscal experiments like helicopter money, the SNB does only the monetary part. While the Swiss monetary stimulus is higher than the Japanese one. The effect of FX interventions is stronger than...
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