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Norway dumps Irish and Portuguese bonds, Switzerland increases Sterling reserves

Marc Chandler — Fri, 04 May 2012 13:34:09 +0000

The Swiss National Bank reported its reserve figures yesterday and the increase in its sterling holdings are notable and may help explain the its relative strength, despite data a soft real sector reports, culminating in the news last week that, defying expectations, the UK economy contracted in Q1, the second consecutive quarter that the British economy shrank. Separately, Norway's sovereign wealth fund, the Government Pension Fund Global, indicated it has sold off its Irish and Portuguese bond holdings, pared its Spanish and Italian holdings and increased its exposure to Mexico, Brazil and Indian bonds

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Lots of Recent Policy Missteps: What are They Thinking?

Marc Chandler — Thu, 12 Apr 2012 17:30:44 +0000

In recent days, policy makers have been most noticeable by their absence. This absence has weakened their credibility and encouraging speculative attention. This is true for Switzerland, Europe and Japan

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Testing the Swiss National Bank’s Resolve

Marc Chandler — Tue, 10 Apr 2012 20:30:14 +0000

Thus far the SNB has successfully blocked the Swiss franc's appreciation relatively cheaply. Compare the bang it got from about CHF18 bln intervention last year with the record operations by Japanese officials. The SNB has various ways it can lean against the market and we expect it to do so. We would rather go with the SNB that fight it

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Dollar and Yen Advance, SNB Challenged

BBH — Thu, 05 Apr 2012 11:30:28 +0000

The US dollar remains broadly firmer as euro zone concerns pressure below the surface. Increased euro zone tensions encouraged the market to test the SNB’s resolve at capping the franc against the euro

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Chart of the Day: Growth!

Edward Harrison — Wed, 07 Mar 2012 21:30:52 +0000

The chart below tracks the economy of the United States and selected European economies, demonstrating the varying impact of the financial crisis there. March 2007 is the reference point where Real GDP is re-based at

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Where are the safe havens?

Edward Harrison — Wed, 11 Jan 2012 22:00:54 +0000

My latest post at Credit Writedowns Pro on protecting wealth in a world of recurring crisis is now up. I outlined eight principal investing risks that I see for for 2012 and strategies to avoid those risks. At the same time, the thought you should have in the back of your head is that these are just the known unknowns. But that there are unknown unknowns which create so-called Knightean Uncertainty and make this a dangerous investing climate

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Full Text: Swiss National Bank Chairman, Philipp Hildebrand, resigns with immediate effect

Edward Harrison — Mon, 09 Jan 2012 13:42:40 +0000

The Swiss franc is moving up strongly on this news from the Swiss National Bank

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Dollar Softer On Spain Auction, Firm Euro Zone PMI Readings

BBH — Thu, 15 Dec 2011 12:42:22 +0000

The dollar is broadly weaker as Spanish auction goes well, euro zone PMIs better than expected. SNB held policy steady with no change to EUR/CHF floor. China, Singapore data help boost sentiment; Hungary reaches deal with banks on CHF loans

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Dollar Firm As Italy Yields Rise, Euro Zone IP Falls

BBH — Wed, 14 Dec 2011 12:30:09 +0000

The dollar is broadly firmer as Italian yields rise at 5-year bond auction, euro zone IP falls.Swiss data weak ahead of SNB meeting tomorrow; Norges Bank seen cutting rates 25 bp. China data gives cover for more PBOC easing; RBA suggests AUD weakness will help cushion economy

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Fasten Your Seatbelts: A Week that Can Rock your World

Marc Chandler — Thu, 01 Dec 2011 15:23:29 +0000

Starting today and running through next week, there is a key event nearly every day

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