Mon, Mar 01, 2021 @ 12:41 GMT
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Dollar Strong as Stocks Stay in Red Even Though Yields Retreat

Even though treasury yields are retreating mildly today, stocks are staying in red in Europe and Asia. US futures point to a recovery but it's unsure if the rebound could sustain before close. Investors are digesting comments from central bank officials regarding surging real long term rates and inflation....

Swiss KOF rose to 102.7 in Feb, GDP grew 0.3% in Q4

Swiss KOF Economic Barometer rose to 102.7 in February, up from 96.5, above expectation of 97.0. It's now slightly above long-term average of 100. The downward trend since September has "come to an end, at least for the time being". For the next few months, the barometer now "signals...

Australian Dollar Softens after RBA Expands QE, Euro Pressing Key Support Again

Australian Dollar softens mildly after RBA expands asset purchases by another AUD 100B. Also, it pledges to keep interest rate unchanged at current level until at least 2024. On the other hand, New Zealand Dollar and Canadian Dollar are the relatively stronger ones. But for now, both are capped...

SNB Jordan: Switzerland is anything but a currency manipulator

SNB Chairman Thomas Jordan said yesterday, at the moment, " foreign exchange interventions are very important because we have seen great pressure on the franc, especially in the COVID crisis." Over CHF 100B was spent on intervention in the first nine months of 2020, to curb the surge in the...

Canadian Dollar Rebounds on Strong GDP Growth, Dollar Turns Soft Despite Risk-Off

Canadian Dollar rises broadly in early US session, with the help from better than expected GDP data. Euro is also firmer on German and French GDP data. While markets are back in risk-off mode, Yen, and to a lesser extent Dollar and Swiss Franc, turn softer. As for the...

Swissie Yawns as KoF Barometer Slides

The Swiss franc has been relatively quiet in the second half of January. USD/CHF is almost unchanged on Friday, trading at 0.8880. KOF Economic Barometer slides below 100 The KoF Economic Barometer, a key indicator of business confidence, has started the new year in very poor form. The index fell to...

Swiss KOF dropped to 96.5, gloomy economic prospects at beginning of the year

Swiss KOF Economic Barometer dropped to 96.5 in January, down from 104.1, missed expectation of 101.5, and back below long-term average of 100. KOF said, "after reaching an interim pandemic high in September, COVID-​19 is now weighing more heavily on the economy again. The pandemic is causing gloomy economic...

Swiss Franc Punches past 89 level

The Swiss franc has reversed directions on Wednesday and posted strong gains. Currently, USD/CHF is trading at 0.8911, up 0.50% on the day. Swissie holding its own in January The Swiss franc started the year 2021 at a six-year high, as the currency jumped on the bandwagon and took advantage of...

Dollar Weakens in Quiet Markets, But Holding in Range

Dollar weakens again in rather quiet markets today. But there is no committed selling so far, as the greenback is staying inside yesterday's range. European majors also soften, on lockdown concerns, and shrug of solid German economic data. Commodity currencies are stronger in general, even though risk markets are...

Swiss CPI dropped to -0.8% yoy in Dec, on holiday packages, petroleum and air transport

Swiss CPI dropped -0.1% mom in December, below expectation of 0.0% mom. The monthly decrease can be explained by several factors including falling prices for international package holidays. Medicines also recorded a price decrease, as did fruiting vegetables. In contrast, prices for heating oil and air transport increased. Annually, CPI...

USD/JPY Accelerating Down as Dollar Selloff Continues

Dollar remains the worst performing one for today, after earlier downside breakout. Though, selling focus has shifted away from Euro. Currently, Australian Dollar an Sterling are the strongest one, followed by New Zealand Dollar. But Yen buying is accelerating in early US session. It's unsure who will end up...

Swiss Franc Rises on Strong Swiss KOF

The Swiss franc has taken a pause from this week’s rally. Currently, USD/CHF is trading at 0.8847, up 0.08% on the day. USD/CHF is in positive territory this week, and dipped to a low of 0.8815 earlier on Wednesday. This marked the currency’s lowest level since May 2014. This news...

Swiss KOF rose to 104.5 in Dec, driven by manufacturing and private consumption

Swiss KOF Economic Barometer rose to 104.3 in December, up from 103.7, above expectation of 100.5. The barometer reached a value above the long-term average back in August, and was able to maintain throughout the second half of the year. KOF noted: "The slight increase is driven by bundles of...

Sunset Market Commentary

Markets Markets felt at ease with the Fed refraining from more immediate monetary easing but vowing to remain accommodative for quite some time to come. Equities shrugged off disappointing data, such as today’s US jobless claims (an unexpected increase to 885k vs. 818k expected), under the assumption that in a...

Jobless Claims Continue to Rise, Oil and Gold Rally on Weaker Dollar, Bitcoin Party Continues

US stocks are rallying on COVID relief bill optimism and hopes that a post-Brexit trade deal will be reached by Sunday. Wall Street is completely focused on stimulus talks and ignored deteriorating US economic data, except for the robust housing market. US data US weekly jobless claims continue to head in...

Dollar’s Selloff Intensifies after Poor Initial Jobless Claims

Dollar's selloff intensifies further today, after worse than expected job data. Also, markets are generally on risk-on mode, as traders are optimistic that stimulus deal could be reached in the Congress soon. Swiss France is currently the next weakest, having little reactions to SNB rate decision. Australian and New...

SNB keeps sight deposit rate at -0.75%, pandemic to be back under control in foreseeable future

SNB kept sight deposits rate unchanged at -0.75%. Also, "in light of the highly valued Swiss franc, the SNB remains willing to intervene more strongly in the foreign exchange market". In the baseline scenario, SNB expects the pandemic to be "brought back under control in the foreseeable future". Global recovery...

Sterling Mildly Higher, But Upside Capped by Conflicting Brexit Messages

The forex markets are relatively mixed today. Sterling is generally higher but it's capped by conflicting messages regarding Brexit trade negotiations. Canadian Dollar is currently second strongest, with help from mild strength in oil price. On the other hand, New Zealand Dollar is the worst performing, followed by Euro...

SECO downgrades 2021 Swiss GDP growth for coronavirus second wave

State Secretariat for Economic Affairs SECO downgrade 2021 growth forecast as "the second wave of the coronavirus will have an adverse effect on the Swiss economy". Also, "rising case numbers and the measures to combat the coronavirus will slow international economic development considerably in the winter half-year of 2020/2021,...

Week Ahead – Fed Could Under-Deliver as Others to Sit Out; Flash PMIs May Test Market Optimism

Markets will go into high gear in the coming week as a jam-packed schedule looks sure to inject plenty of excitement before traders disappear for the festive period. The Federal Reserve will be headlining the week as speculation is rife about whether or not more stimulus is on the...

Swiss Franc Dips Despite Strong GDP

The Swiss franc is showing some volatility this week. After starting the week with gains, USD/CHF has surrendered those gains in the Tuesday session. Currently, USD/CHF is trading at 0.9055, down 0.36% on the day. Swiss GDP beats consensus Most major economies have rebounded in impressive form in Q3, after sustaining sharp...

Stocks Start the Month Strong, But No Downside Breakout in Dollar Yet

Yen and Dollar are generally softer today as markets open December on firm footing. Australia Dollar is following as third weakest as diplomatic tension with China worsens. On the other hand, Euro is leading Swiss Franc higher. Manufacturing data from China and UK indicate sustainable recovery for now, while...

Swiss GDP grew 7.2% qoq in Q3, still -2% below pre-crisis level

Swiss GDP grew 7.2% qoq in Q3, above expectation of 5.8% qoq. Still, output was -2% below pre-crisis level, after contracting by a total of -8.6% in the first half of the year. Looking at some details, private consumption bounded significantly by 11.9% following gradual easing of coronavirus restrictions. Investment...

Loonie and Sterling Firmer in Dull Month-End Trading

Overall, the markets are relative quite today, in month end trading. Stocks are struggling in tight range, indifferent to news of Modern's plan to see US and EU clearance for their vaccine. In the currency markets, Sterling is currently the strongest one, awaiting news on Brexit trade talks. Canadian...

Swiss Franc Flat after Mixed Data

The Swiss franc is showing little movement at the start of the new trading week. Currently, USD/CHF is trading at 0.9049, up 0.07% on the day. The currency is trying to shake off a mini-slump, after posting declines over four straight days, which resulted in a losing week for...

Swiss KOF dropped to 103.5, retail sales rose 3.1% yoy

Swiss KOF Economic Barometer dropped to 103.5 in November, down from 106.6, above expectation of 101.0. The barometer is thus moving towards its long-​term average, which means that the outlook for the Swiss economy remains subdued also in view of the current pandemic situation. Also from Swiss, retail sales rose...

Dollar Selling Continues Despite Solid NFP, Euro Surges

Dollar's selloff continues today despite stronger than expected employment data. Though, selling focus has turned to against Euro and Swiss Franc. Australian Dollar is taking a breather, together with global stock markets. There is no doubt that Dollar will end as the worst performing one for the week, followed...

Dollar Broadly Sold Off as Markets in Full Risk-On Mode

Global stocks surge sharply as investors seem to be very optimistic on the result out of US elections. Major European indices are currently up around 2% while DOW future is up 400 pts. Dollar is sold off sharply, together with Yen and Swiss Franc. Australian Dollar left RBA's rate...

USD/CHF: Continuation Of The Rebound

Switzerland consumer prices were flat for a second month in a row in October on a monthly basis, as expected. Year on year, prices decrease slowed at -0.6%, as forecasted, after a 0.8% decline in September. From a technical point of view, on a daily chart, USD/CHF remains well oriented...

Swiss CPI ticked up to -0.6% yoy in Oct

Swiss CPI came in at 0.0% mom in October, matched expectations. Annually, CPI improved to -0.6% yoy, up from -0.8% yoy, matched expectations. FSO said: "The stability of the index compared with the previous month is the result of opposing trends that counterbalanced each other overall. Prices for clothing and...