Tag Archives: minimum reserves

Update January 10, 2021:  Sight Deposits have risen by +1.9 bn CHF, this means that the SNB is intervening and buying Euros and Dollars. We had finally arrived in the inflation scenario I was speaking about before. Inflation is the period, when both the Swiss franc and gold must go up. BUT : U.S. CPI is at 5%, at the highest value since the year 1990 (excluding one outlayer in Summer 2008). But European inflation has gone down to 1.9%., In...

Update September 20 2021: SNB Selling Dollars and Euros Sight Deposits have fallen: The change is -0.2 bn. compared to last week, this means the SNB is selling euros and dollars. We had finally arrived in the inflation scenario I was speaking about before. Inflation is the period, when both the Swiss franc and gold must go up. BUT : U.S. CPI is at 5%, at the highest value since the year 1990 (excluding one outlayer in Summer 2008). But European...

Update March 29 2021: SNB selling euros and dollars Sight Deposits have fallen: The change is -0.2 bn. compared to last week, this means the SNB is selling euros and dollars. Speculative Positioning: Speculators are long CHF against USD. Since March 13, they have shifted to a long EUR position against USD. The following shows the recent developments. Sight Deposits, i.e. SNB interventions FX rates Speculative positions CHF: Since April, speculators...

Headlines Week April 03, 2017 We were arguing in the previous months, that the EUR/CHF is trending towards parity. There are three reasons: Continuing SNB interventions Strengthening Swiss local demand, as also visible in the GDP release. Speculators increase their dollar shorts against Euro and reduce them against CHF. The tendency of point 3 had been interrupted when the ECB appeared to be less dovish. FX Last week:...

Headlines Week March 27, 2017 We were arguing in the last weeks, that the EUR/CHF is trending towards parity. There are three reasons: Continuing SNB interventions Strengthening Swiss local demand, as also visible in the GDP release. Speculators increase their dollar shorts against Euro and reduce them against CHF. Point 3 was not fulfilled last week. FX Llst weeks: The EUR/CHF suddenly appreciated with the ECB...

Headlines Week March 20, 2017 We were arguing in the last weeks, that the EUR/CHF is trending towards parity. There are three reasons: Continuing SNB interventions Strengthening Swiss local demand, as also visible in the GDP release. Speculators increase their dollar shorts against Euro and reduce them against CHF. Point 3 was not fulfilled last week. FX Last week: The EUR/CHF suddenly appreciated with the ECB meeting,...

Headlines Week March 13, 2017 We were arguing in the last weeks, that the EUR/CHF is trending towards parity. There are three reasons: Continuing SNB interventions Strengthening Swiss local demand, as also visible in the GDP release. Speculators increase their dollar shorts against Euro and reduce them against CHF. Point 3 was not fulfilled last week. FX Last week: The EUR/CHF suddenly appreciated with the ECB meeting...

Headlines Week March 06, 2017 We were arguing in the last weeks, that the EUR/CHF is trending towards parity. There are three reasons: Continuing SNB interventions Strengthening Swiss local demand, as also visible in the GDP release. Speculators increase their dollar shorts against Euro and reduce them against CHF. Point 3 was not fulfilled last week. FX Last week:The EUR/CHF remained around 1.0650, the level where the...

Headlines Week February 27, 2017 We were arguing in the last weeks, that the EUR/CHF is trending towards parity. There are three reasons: Continuing SNB interventions Strengthening Swiss local demand Speculators increase their dollar shorts against Euro and reduce them against CHF. FX week until February 27 The EUR/CHF fell to new lows. The average rate in the week was 1.0648. The SNB is apparently ready to let the...

Headlines Week February 20, 2017 Recently inflation rose more quickly in the euro zone, but this was mostly caused by a temporary oil price effect. Therefore the ECB might be dovish for a longer period than the SNB. Consumer price inflation will decide who is more dovish. Ultimately inflation will depend on the two key parameters wages and rents. Rents will rise first in Switzerland, while the Euro zone has downwards...