Switzerland's central bank on Monday reported a net profit of 1.2 billion Swiss francs for the first half of 2017 as big foreign exchange losses weighed on earnings from its foreign investments. The Swiss National Bank made a profit of 100 million francs from its foreign currency positions, as exchange related losses of 11.8 billion francs almost wiped out the earnings from bonds and shares it holds. The institution's foreign currency investments have ballooned to 728 billion francs, 12% larger than the entire Swiss economy.
On Thursday, the US Dollar was driven by bulls that pushed the given currency through the 100– and 55-hour SMAs and the monthly PP. Nevertheless, a resistance cluster formed by the weekly PP and the 200-hour SMA proved to be a solid upper limit that reversed the rate down to a relatively similar level as on Thursday morning. The failure to reach the upper boundary of the symmetrical triangle indicates that this pattern may not be strong enough any longer to confine the pair in its bounds. Thus, it is quite likely that the current momentum downwards is to persist until the weekly S1 at 110.48, possibly. Meanwhile, the upper limit could be the 100-hour SMA and the monthly PP or in case of solid upside risks resulting from US fundamentals —even the aforementioned 200-hour SMA circa 111.70.
The administration of President Hassan Rouhani in a cabinet meeting on Sunday approved a bill to switch Iran's national currency from rial to toman, an official said here on Monday. The secretary of the Cabinet Mohsen Haji Mirzaei said the issue had been scrutinized in the government's economic commission during the past six months. He added the move aims to facilitate the transactions by the public. The move is aimed at improving the performance of banking sector, he added.
The Federal Reserve on Monday slapped BNP Paribas S.A. and some of its U.S. subsidiaries with a $246 million fine for what it said were the firm’s unsafe and unsound practices in foreign exchange markets. The Board levied the fine after finding deficiencies in BNP Paribas's oversight of, and internal controls over, FX traders who buy and sell U.S. dollars and foreign currencies for the firm's own accounts and for customers.
Yen, the japanese currency, is the safe haven, or better, is the safest of them all, according to a correlation analysis by Goldman Sachs Group Inc. economists. Goldman economists, led by Kevin Daly, compared daily and monthly fluctuations for a basket of 28 market currencies across two five-year periods from 2007 to 2011 and 2012 to 2016. “The yen is the most ‘safe-haven’ of ‘safe-haven’ currencies, with the Swiss franc and U.S. dollar vying for second place,” the Goldman analysis found. “At the other end of the spectrum, a number of different emerging-market currencies vie for the title of most ‘risk-on’ currency. These correlations appear relatively stable over time, with the notable exception of some of the U.S. dollar’s relationships.”
The Swiss National Bank's foreign-exchange reserves, accumulated on a massive scale since 2012, dipped slightly last month to 693.5 billion Swiss francs ($721 billion), the SNB said Friday. The figures suggest the central bank has pulled back on its currency intervention efforts. It was the second successive month, despite the central bank’s continued complaints about the effects of an “overvalued” franc.
The last few days have seen some slight losses on the part of the FAANG stocks, which the media appear to have greatly exaggerated as if it was something extraordinary that the market could not continue its upward trend and have Tesla quickly reach the $1,000.00 mark. The Fed confidently raised interest rates again, which resulted in a stronger dollar on Forex markets for the time being.
French bank BNP Paribas (BNPP) has today been struck with a $350 million USD fine by New York State’s banking regulator. The bank is being held responsible for its Foreign Exchange “Cartel” manipulating foreign exchange rates, engaging in collusion, executing fake trades, coordinating trades to enhance profits at customers’ expense, and improperly sharing confidential customer info for many years.
The Swiss National Bank (SNB) will maintain its ultra-loose monetary policy to help rein in the strong franc, Chairman Thomas Jordan Swiss told Italian-language newspaper Corriere del Ticino, published on Thursday. "The overvalued franc, the underutilisation of production capacity and low inflation make it necessary for us to stick to our expansive monetary policy," Jordan said. Jordan said "The franc is still overvalued, which is why negative interest rates and our readiness to intervene in the forex market remain necessary," he explained.
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