Video

John J Hardy
In this latest webinar, Saxo Bank's head of FX strategy John Hardy analyses the market after the central bank of Turkey announced a huge rate hike.
Squawk / 25 August 2017 at 22:36 GMT
Managing Director / Technical Research Limited
New Zealand
Janet Yellen and Mario Draghi kept their powder dry at Jackson Hole, making no significant references to monetary policy.

That’s not surprising as policy-making meetings at the ECB (Sept 7) and FOMC (Sept 20) are coming up and neither was in a position to commit their colleagues in advance.

No comment on monetary policy or the exchange rate was enough to give EURUSD a boost to 1.1940 (see chart). But the bond markets didn’t react much and the probability of a Dec rate hike by the Fed held steady at about 40%.

Here’s an interesting chart (see below). The equity in 4 central banks is listed on stock exchanges (Switzerland, Japan, Belgium and Greece). Shares in the SNB have rocketed as the EURCHF rally makes all those FX reserves accumulated in recent years more valuable in CHF terms. Perhaps a special dividend coming up ?
2y
seas seas
Special indeed. Very interesting.
2y
seas seas
Looks like Barclay's et al. got caught in a bit of a squeeze.
2y
sutiani sutiani
morning Max,hai..y0ur stop LOSS aud/usd nw at.....or still .0.7840..thank s very much
2y
Max McKegg Max McKegg
Trade still developing nicely - New Analysis will be delivered to all my subscribers on Monday morning
2y
Patto Patto
Swiss central bank balance sheet is 120% of GDP. The world's biggest hedge fund ?
2y
Jim Earls Jim Earls
How in the world does any central bank inflate their balance sheet to more than the absolute GDP of the country that they are domiciled in?
2y
Max McKegg Max McKegg
It’s called “leverage” Jim !

Incidentally. for a US-based hedge fund to be the same size (relatively) as the SNB they would have assets of $15 trillion.....
2y
Rainer Rainer
Hello from Switzerland, unfortunately a "special dividend" by the SNB is not possible, the dividend is regulated by law. A dividend not exceeding 6% of the share capital is to be paid from net profit (art. 31 para. 1 NBA).

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Tradingfloor.com permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Tradingfloor.com and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Tradingfloor.com is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Tradingfloor.com or as a result of the use of the Tradingfloor.com. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through Tradingfloor.com your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. Tradingfloor.com does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail