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Friday, May 17, 9:38 AM Did the Fed tighten while we were getting a cup of coffee? The greenback is soaring against all other currencies, with the dollar bull ETF (UUP) gaining 0.6% - an unusually large move for that vehicle. Strength against the yen (FXY -0.3%) and the aussie (FXA -0.9%) are givens of late, but the greenback is up about 1% vs. both the loonie (FXC) and the swissie (FXF), and about 0.6% vs. the euro (FXE) and cable (FXB). Getting hit are Treasurys (TLT -0.5%), the dollar bear ETF (UDN -0.6%) and of course, gold (GLD -0.7%). 5 Comments [Global & FX]
Thursday, May 9, 3:06 PM The dollar (UUP +1%) is soaring across the board (not just against the yen, where it's now spiked through ¥100 to ¥100.56). The greenback is threatening parity vs. the aussie (FXA -1.1%) for the first time since last summer, and the euro (FXE -1.1%), swissie (FXF -1.4%), loonie (FXC -0.5%), and pound (FXB -0.6%) are seeing sizable declines as well. Commodities? Red. Gold (GLD -1.1%), Silver (SLV -1.2%), Oil (USO -0.6%), Copper (JJC -0.8%). 5 Comments [Global & FX, Commodities, On the Move]
Thursday, March 14, 9:55 AM The Swiss Franc (FXF) is little-changed vs. the greenback and the euro after the SNB reiterates the currency remains too strong and it will enforce the 1.20 floor against the euro with "utmost determination." The debt crisis no longer on the front pages, the euro has been trading above the floor for some time, and currently buys 1.2340 francs. The Swiss ETF (EWL) +19.3% Y/Y. 1 Comment [Global & FX]
Thursday, February 7, 4:02 PM A look beneath the hood of Schwab's (SCHW) recently unveiled lineup of 105 commission-free ETFs shows an impressive breadth of asset class coverage, including currency, physical metals and equal-weight sector ETFs not previously available for commission-free trading. Notably absent: iShares single country funds, 10 of which are available among the 101 ETFs TD Ameritrade (AMTD) offers commission-free. Comment!
Thursday, January 17, 10:21 AM Italy's Mario Monti is drawing jabs for proclaiming the EU crisis over, but maybe the best gauge - the euro/Swiss franc cross - agrees. Now buying CHF1.2480, the euro is at its strongest vs. the franc since before the 1.20 floor was imposed by the SNB in the midst of a very dicey summer 2011. 1 Comment [Global & FX]
Friday, January 11, 10:06 AM The euro/Swiss franc cross shoots to its highest level since shortly after the SNB instituted the CHF1.20 floor nearly a year and a half ago. Chatter on the desks says the SNB is way long yen (which it bought to diversity out of euros), and has been selling gold to cover its losses. The yen has sunk to multi-year lows vs. both the euro and the greenback. As they rise, gold falls, -1.2%. 4 Comments [Global & FX, Commodities]
Thursday, December 13, 2012, 10:23 AM The SNB holds policy steady with its benchmark rate still at 0-0.25%, and the CHF 1.20 floor for the euro to be enforced "with utmost determination." Pressure has come off the bank's need to defend the floor of late as the EU crisis fades (for now), and Credit Suisse (UBS rumors floating about as well) begins charging negative interest rates on deposits. 3 Comments [Global & FX]
Tuesday, December 4, 2012, 7:20 AM Crisis over? Probably not, but the euro/Swiss franc cross rises to its highest level in many moons as word leaks Credit Suisse's negative rate on franc deposits will be as high as 1%. The euro is currently buying CHF 1.2132, far above the SNB's CHF 1.20 floor. 1 Comment [Global & FX]
Monday, December 3, 2012, 11:06 AM Credit Suisse does indeed plan to begin charging negative interest rates on Swiss franc deposits, "inviting customers to keep cash balances as low as possible." Whether this will have effect on safe-haven flows is another story. What's a couple of basis points to a wealthy Spanish family or company concerned about a euro exit or capital controls in their home country. 2 Comments [Global & FX]
Monday, December 3, 2012, 7:58 AM Negative deposit rates may come to Switzerland as Credit Suisse reportedly informs clients it intends to make them pay for the privilege of banking cash there. The euro/Swiss franc cross shoots higher to CHF 1.2090, well above the SNB floor of 1.20, and perhaps taking pressure off the bank to keep buying every euro in sight. Comment! [Global & FX]
Wednesday, November 28, 2012, 12:42 PM The Swiss franc remains too high vs. the euro, says SNB Chairman Jordan, promising to defend the CHF 1.20 floor with "determination." The floor defense - printing francs in unlimited quantities - has ballooned the SNB balance sheet to 10X its level of 5 years ago. Running out of euros to buy, the bank now has 12% of its reserves invested in foreign stocks. And we give Bernanke a hard time? Comment! [Global & FX]
Tuesday, November 13, 2012, 11:37 AM With the SNB able to defend the CHF 1.20 floor on the euro while actually lowering the share of euros in its reserves, might now be the perfect time to hike the floor even higher? Last year's capping of franc strength may have kept the Swiss economy from a severe contraction, but the swissie remains historically high vs. the euro, and GDP growth has yet to take shape. FXF -5.2% Y/Y. Comment! [Global & FX]
Thursday, November 8, 2012, 1:00 PM "The complexity and risk associated with the management of our investments have recently increased significantly," says the SNB's Frtiz Zurbrugg, sounding like he's hedging on the bank's CHF 1.20 floor on the euro; though adding the usual line about enforcing such with "utmost determination." Previous: The SNB quietly unloads euros. Comment! [Global & FX]
Wednesday, November 7, 2012, 9:30 AM Have the safe-haven flows into Switzerland stopped? New data shows the SNB's foreign-exchange reserves fell for the first time in 8 months in October, suggesting the bank did not have to hoover up euros to keep in force the CHF1.20 floor. The cross currently stands at CHF 1.2065. Comment! [Global & FX]
Wednesday, November 7, 2012, 6:54 AM The greenback reflexively slid lower as the President's reelection became clear last night, but has since retraced all of the move. Were traders expecting a Romney victory followed by a rate hike? The Fed wasn't going anywhere no matter last night's result. 1 Comment [Global & FX]
Thursday, November 1, 2012, 3:18 PM A bit of deft trading allowed the SNB in Q3 to cut its euro holdings to 48% of reserves from 60%, all without shredding the value of the common currency. The bank - in order to defend the CHF 1.20 floor - has spent the last year accumulating euros at a furious pace, putting itself at risk should the markets attack. Increased during Q3 were its holdings of greenbacks, pounds, yen, and loonies. Comment! [Global & FX]

FXF CurrencyShares Swiss Franc Trust ETF

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CurrencyShares Swiss Franc Trust ETF