Swiss National Bank Speaks Frankly On Growing Downside Economic Risks

The Swiss National Bank (SNB) released its latest decision on monetary policy on Thursday, March 21. Apparently the warnings from the SNB were drowned out by the rallies in financial markets that day. The SNB dropped its growth forecast, its inflation forecast, and reiterated that economic risks are biased to the downside. I took particular … Read more

A Slow Grind: The Two Pillars Of Swiss Monetary Policy – Negative Rates and Franc Intervention

(This is an excerpt from an article I originally published on Seeking Alpha on November 9, 2015. Click here to read the entire piece.) On November 3, 2015, Thomas Jordan, the Chair of the Swiss National Bank (SNB) spoke in front of the Investment Strategists Association of Geneva on the topic “The SNB’s monetary policy … Read more

The Swiss National Bank Capitulates On the Swiss Franc

(This is an excerpt from an article I originally published on Seeking Alpha on January 15, 2015. Click here to read the entire piece.) The Swiss national Bank (SNB) curtly reminded me that paper currencies are just the playthings of central banks. Just over a week after I had start enjoying more actively shorting the … Read more

Short the Franc Even As Negative Rates Are Proving Insufficient to End Strength Versus the Euro

(This is an excerpt from an article I originally published on Seeking Alpha on January 5, 2015. Click here to read the entire piece.) Don’t look now, but the Swiss franc (FXF) is seemingly back for another test of the 1.20 currency floor against the euro (FXE). When the market forced the hand of the … Read more

Currency Markets Once Again Force the Hand of the Swiss National Bank

(This is an excerpt from an article I originally published on Seeking Alpha on December 18, 2014. Click here to read the entire piece.) The Swiss National Bank (SNB) reacted swiftly. It could have just been a “fat finger” trade an hour before U.S. trading began. In an instant, the euro (FXE) vs Swiss Franc … Read more

Swiss National Bank Revises Forecasts Downward for Negative Inflation In 2015

(This is an excerpt from an article I originally published on Seeking Alpha on December 11, 2014. Click here to read the entire piece.) According to the Swiss National Bank (SNB), inflation is returning to negative territory in 2015. In its December 11, 2014 assessment of monetary policy, the SNB once again adjusted its inflation … Read more

Swiss National Bank: “The Economic Outlook Has Deteriorated Considerably”

(This is an excerpt from an article I originally published on Seeking Alpha on September 18, 2014. Click here to read the entire piece.) With the Swiss franc (FXF) trading closer and closer to its 1.20 floor versus the euro (FXE), I find myself more interested than usual in the monetary policy decisions of the … Read more

The Swiss Franc Quietly Returns to Early 2013 Levels

(This is an excerpt from an article I originally published on Seeking Alpha on August 17, 2014. Click here to read the entire piece.) In August, 2011, the Swiss National Bank (SNB) took a series of extreme measures to attempt to arrest an accelerating strengthening in the Swiss franc (FXB). These measures culminated in establishing … Read more

Swiss National Bank Decreases Inflation Forecast, Sees Increased Real Estate Risks

(This is an excerpt from an article I originally published on Seeking Alpha on December 12, 2013. Click here to read the entire piece.) As expected, in its December monetary policy assessment, the Swiss National Bank (SNB) left its target range for the three-month Libor unchanged at 0.0 to 0.25% and reaffirmed its commitment to … Read more

The Franc’s Weakening Should Continue Against the Euro

(This is an excerpt from an article I originally published on Seeking Alpha on January 27, 2013. Click here to read the entire piece.) Two weeks ago, I wrote “Time To Short The Franc… With The Euro” as a trading call that combined the likely continued strength in the euro (FXE) and the likely continued … Read more