Switzerland

From Win Thin, Senior Currency Strategist at BBH. Bloomberg headline reads “Europe’s Budget Cuts Pose Risk to Debt Ratings, Moody’s Says.”  Really?The article goes on to quote the agency as saying budget cuts in response to the…

Highlights US dollar was mostly firmer vs. the majors as the risk off trading environment carried over from last week, albeit in thin holiday trading.  Yen and Swiss franc were largely firmer, while EM FX was mixed.  Biggest…

Highlights The US dollar is generally consolidating this week’s losses in quiet and largely uneventful turnover.  The shallowness of dollar bounces warns that the downside correction is not complete.    Given the…

Highlights US dollar was softer vs. the majors, with EUR/USD making a new high for this bounce just above 1.24 (highest since May 28) on relief that Spain bond sale went OK.  We think the current euro rally could go as high as 1.25,…

Highlights The US dollar is broadly lower, following a successful Spanish bond auctions and indications that the Swiss National Bank is not prepared to continue the heavy intervention that was reported last month.  After a slow start…

Investors are still trying to get their heads around the SNB's preliminary indication that is reserves rose to CHF232 bln in May from CHF153 bln in April.  This represents more than a 50% increase in reserves in a single…

Highlights The US dollar eased in Asia as a modicum of an appetite for risk returned, but the greenback rebounded in the European session.   The euro returned to the $1.19 area after being unable to rise above the $1.20…

By Marc Chandler of Brown Brothers Harriman. Highlights US dollar was mostly firmer vs. majors, with EUR/USD making new multi-year lows after breaking 1.20.  More jitters about Hungary didn’t help the euro.  Yen was stronger…

There is a lot more exposure to Italy, Ireland and Spain but we know that Thailand was the ultimate source of the Asian Crisis. These things have a way of metastasising – and we have already seen the strains in Spain and Greece. You could…

The euro has rallied about 1% and has spurred talk of ECB intervention.  We are skeptical.  There seems to be little reason to expect the ECB to intervene outside of its time zone in a unilateral fashion.  Convention, we…