MNI China Daily Summary: Wednesday, January 22

MNI BRIEF: China Iron Ore Imports To Remain Positive In 2025

MNI BRIEF: China To Boost Long-term Funds For Equity Market

MNI BRIEF: China To Maintian Communication With U.S. - MOFA

MNI JAN CHINA MONEY MARKET INDEX 24.4 VS DEC 36.0

MNI: PBOC Net Injects CNY198 Bln via OMO Wednesday

EZ/UK Bond Supply Calendar: France, UK Auction on Thursday

MNI: US REDBOOK: JAN STORE SALES +4.2% V YR AGO MO

MNI: CANADA DEC INDUSTRIAL PRICES +0.2% MOM; EX-ENERGY +0.4%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SNB: SNB President Schlegel Reaffirms Discontent With Negative Rates

SNB
SNBCentral Bank NewsSwitzerlandCEEMEABulletMarketsFixed Income BulletsForeign Exchange Bullets
  • SNB President is overall sticking to common themes in his interview at the sidelines of the World Economic Forum today. The following headlines have crossed from an interview with Bloomberg TV in Davos:
    • SNB Doesn't Like Negative Rates But Can Use Them
    • We're Not Uncomfortable On Inflation Right Now
    • SNB Is Ready To Intervene In Fx Market If Needed
    • SNB Isn't Discussing New Franc Cap At The Moment
  • The comment on negative interest rates compares to Schlegel's Dec 12 statement in the aftermath of the last policy meeting of "SNB Doesn't Like Negative Rates But They Do Work". Also, note that while the SNB has surprised in the past on changes in their FX intervention policy, their FX holdings data indeed points towards comparatively little movement here in recent months and in real, trade-weighted terms, CHF has depreciated recently and remains well below its highs.
  • The Swiss Franc saw little movement on the headlines and remains a touch stronger on Wednesday, underpinned by strong domestic equity performance and CH government bonds underperforming against their EGB peers.
  • USDCHF has extended its pullback from cycle highs to ~1.7%, with weakness extending on a break of the 20-day EMA earlier this week. Spot remains well above firm support at 0.8972, the 50-day EMA.
203 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • SNB President is overall sticking to common themes in his interview at the sidelines of the World Economic Forum today. The following headlines have crossed from an interview with Bloomberg TV in Davos:
    • SNB Doesn't Like Negative Rates But Can Use Them
    • We're Not Uncomfortable On Inflation Right Now
    • SNB Is Ready To Intervene In Fx Market If Needed
    • SNB Isn't Discussing New Franc Cap At The Moment
  • The comment on negative interest rates compares to Schlegel's Dec 12 statement in the aftermath of the last policy meeting of "SNB Doesn't Like Negative Rates But They Do Work". Also, note that while the SNB has surprised in the past on changes in their FX intervention policy, their FX holdings data indeed points towards comparatively little movement here in recent months and in real, trade-weighted terms, CHF has depreciated recently and remains well below its highs.
  • The Swiss Franc saw little movement on the headlines and remains a touch stronger on Wednesday, underpinned by strong domestic equity performance and CH government bonds underperforming against their EGB peers.
  • USDCHF has extended its pullback from cycle highs to ~1.7%, with weakness extending on a break of the 20-day EMA earlier this week. Spot remains well above firm support at 0.8972, the 50-day EMA.