Relevant articles for you

Video

#SaxoStrats
A softer US dollar and Japanese yen have boosted sentiment in stock markets, with the S&P 500 futures flirting with the 2,500 “magical level,” and Japan's Nikkei closing in on 20,000 points. Meanwhile, WTI crude oil is rangebound between $46 and $50/barrel, and gold is back above $1,330/oz.
Squawk / 14 September 2017 at 8:41 GMT
Head of FX Strategy / Saxo Bank
Denmark
SNB: The SNB raised the inflation outlook and eased language on CHF overvaluation. The key passage in the SNB's statement: "Since the last monetary policy assessment, the Swiss franc has weakened against the euro and appreciated against the dollar...Overall, this development is helping to reduce, to some extent, the significant overvaluation of the currency. The Swiss franc nevertheless remains highly valued, and the situation on the foreign exchange market is still fragile."

The shifts are both hawkish - so why is CHF weaker? Perhaps, as the SNB will always be seen as following other central banks in tightening policy and adjusting guidance once CHF is clearly weaker. For the franc to weaken further we may need to see further broad rises in bond yields globally. If EURUSD is going through a more significant consolidation as yields rise, the focus could switch to expressing CHF weakness through USDCHF upside for a time. The next key level there is the range high near .0.9775.

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