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SNB hikes 75bps, but Franc’s not satisfied
The SNB hiked rates by 75bps today. However, the inconspicuous comments by the central bank left EUR/CHF weary as to if there are more to come.
Nothing changes for gold, stocks as yields resume higher
Bearish trend persist for indices and metals as investors watch yields continue to rise following a flurry of central bank action this week.
The SNB could surprise (again) with a larger than expected hike
The SNB (Swiss National Bank) are expected to hike interest rates tomorrow, which would send their rate above zero for the first time since 2011.
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Heed the SNB’s warning if inflation reading is high!
The SNB has already given warnings that it could take monetary policy action between meetings if necessary.
SNB surprises everyone and hikes 50bps! USD/CHF falls 300 pips
The central bank also said the franc is no longer overvalued; however, they stand ready to intervene in the fx market if necessary.
European Open: GBP/CHF in focus for today’s SNB and BOE meetings
Hot on the heels of the Fed meeting, the SNB (Swiss National Bank) and BOE (Bank of England) are up next in today’s European session.
Swiss CPI strong; Is the SNB ready to act?
The CPI reading for Switzerland in April was 2.9% YoY, its highest level since September 2008!
Are SNB being ‘franc’ about a potential hike?
Comments from SNB’s president suggest the central bank might be closer to hiking rates sooner than some expect.
EUR/CHF has potential for a big drop (but not THAT big)
A possible 175 pip move down to 1.0334 is definitely something to be on the lookout for
Brexit to dominate agenda in busy week for FX
Next week is unquestionably one of the most exciting times you will see in the markets particularly for the GBP/USD and pound crosses as we will have the all-important UK parliamentary vote on the Brexit deal coming up.
Is USD/CHF’s Big Rally Stalling Below Parity?
It’s been another rough day for global stock investors (see my colleague Fawad Razaqzada’s note “Global stocks extend decline as Chinese markets resume slide” for more), so it’s not surprising that the safe haven Japanese yen is once again at the top of the FX relative performance charts. What is interesting is the price action in the US dollar, which is the worst-performing major currency on the day.
EUR/CHF extends rebound on diverging ECB, SNB policies
Last week saw the Swiss National Bank offer absolutely no hints about the prospects of tightening in the foreseeable future. In contrast, Mario Draghi, the European Central Bank President, was quite bullish on Eurozone inflation outlook.
EUR/CHF remains bid as SNB retains franc "high value" language
The SNB was surprisingly relaxed about the currency’s recent strength, once again describing the franc as merely being "highly valued."
USD/CHF Oscillating Around 0.9700 Ahead of Next Week’s SNB Meeting
Political headlines and trade fears are dominating the headlines in today’s North American session, leading to a slight risk-off tone despite a positive open for risk assets. As a result, we’ve seen the US dollar, Japanese yen, and Swiss franc ascend to become the strongest major currencies on the day after bringing up the rear through the first four days of the trading week.
USD/CHF one to watch amid heightened trade war fears, SNB decision
Both the US dollar and US equity markets attempted to bounce on Wednesday after consecutive down days, but were unable to fully buck the pressures imposed largely by fears of an impending global trade war.
The Week Ahead: Fed, ECB, and BoE Take Center Stage
The US jobs report for November was released on Friday. Although the headline non-farm payrolls number came in significantly better than expected at 228,000 jobs added in November against a prior consensus forecast of around 200,000 jobs, wage growth turned out lower than expected.
EUR/CHF hits highest since 2015 SNB floor removal
It might not be on every trader’s radar, but the EUR/CHF has reached its highest level since the Swiss National Bank’s decision to scrap its 1.20 floor in January 2015.
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GBP/CHF one to watch ahead of BoE, SNB
After the UK’s Consumer Price Index inflation data for August came out higher than expected on Tuesday, speculation that the Bank of England would be taking on a more hawkish stance during Thursday’s monetary policy decision boosted the British pound dramatically against other currencies. On Wednesday, however, the UK’s average earnings index (3-month average ending in July, compared to the same period a year earlier) fell short of expectations at 2.1% against a prior consensus forecast of 2.3%. This put somewhat of a damper on the hawkish BoE thesis, prompting the pound to pare some of Tuesday’s gains. Despite the lower-than-expected wage growth, however, other aspects of the jobs data beat expectations, including another multi-decade low in the UK unemployment rate and a surprise decrease in unemployment claims for August.
End in sight for era of extraordinary loose central bank policy
The tide is turning: central banks are finally in the process of ending their extraordinary loose monetary policy stances that had been originally established in response to the global financial crisis and the economic slump that ensued. The US Federal Reserve started the process of normalising its policy, raising interest raised rates three times now.
EUR/CHF breaks out ahead of SNB
While most central banks are or close to dropping their dovish policy stances, the Swiss National Bank is likely to buck that trend for a while yet as it seeks to devalue its currency. The SNB is almost certain to leave its main Libor Rate unchanged at -0.75% tomorrow morning and deliver the usual warning about it being ready to intervene in the FX markets if necessary.
Amid UK/US political fallout, central banks to dominate the week ahead
The UK election has come and gone, and the outcome could hardly have been more dramatic. In the wake of a hung Parliament, where UK PM Theresa May’s Conservative Party failed to gain an overall parliamentary majority despite garnering more votes than any other party, May announced intentions on Friday to align with Northern Ireland's Democratic Unionist Party in forming a coalition government. While sterling plunged on the release of exit poll projections Thursday evening pointing to a likely hung Parliament, the currency stabilized on Friday as Theresa May tentatively soothed severe concerns over the future of UK politics and the looming start of Brexit negotiations with the European Union. This is not at all to say that the British pound is now free and clear of pressure and market worries. On the contrary, ongoing uncertainties within the UK government and surrounding Theresa May’s mandate to lead negotiations are likely to continue weighing on the pound as the inevitably difficult Brexit process begins.
USD/CHF pulls back from key breakout level
The US dollar pulled back on Thursday after having rallied strongly for the first half of the week. Prior to this pullback, the dollar had been boosted sharply this week by rebounding US economic data and a corresponding rise in expectations for a June interest rate hike by the Federal Reserve.
EUR/CHF: Forgotten FX pair may come back to life
The EUR/CHF has been a forgotten currency pair, but is the worst days behind it now? The franc has been stubbornly strong against the euro. But with the ECB’s next policy move likely to be to reduce accommodation, the rate differential favours a recovery in EUR/CHF. Trouble is, there’s significant political risks facing the Eurozone in the coming months and that may keep a lid on the euro and support the perceived safe-haven Swiss franc. Nevertheless, the Swiss National Bank stands ready to intervene if the franc appreciates further.