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 ?
seas seas
Special indeed. Very interesting.
seas seas
Looks like Barclay's et al. got caught in a bit of a squeeze.
sutiani sutiani
morning Max,hai..y0ur stop LOSS aud/usd nw at.....or still .0.7840..thank s very much
Max McKegg Max McKegg
Trade still developing nicely - New Analysis will be delivered to all my subscribers on Monday morning
Patto Patto
Swiss central bank balance sheet is 120% of GDP. The world's biggest hedge fund ?
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?
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.....
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).


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