Swiss Franc

UBS CIO Warns "The Status Quo Is Over... Get Used To It"

"The status quo in Europe is over. We will have to get used to this. Political risk has risen, and we will be dependent on central bank interventions, the calmness of markets, and measured political decision-making to keep the world's economic growth momentum and thus support risk assets."

As Of This Moment, Barclays Is Not Accepting FX Stop Loss Orders

"Both Barclays Electronic Trading Desk and Barclays Voice Spot Trading Desk will endeavour to operate as close to normal levels of service as the Disrupted Market Conditions allow.  However, taking into account the potential Disrupted Market Conditions during the EU Referendum Period, Barclays has decided to impose certain restrictions on its electronic and voice FX Stop Loss order offering during this period and would like to highlight certain matters with respect to Disrupted Market Conditions."

Mrs.Watanabe Defies The BOJ Once Again While Betting On Robots

As the BOJ continues to load up on Nikkei ETFs in hopes that the rest of the market will be faked out and buy Japanese equities, Mrs. Watanabe continues to be a nemesis. In addition to being in the market for DM government bonds, Japanese investors are also piling into Nikko Asset Management's Global Robotics Equity Fund, which would be fine with the BOJ, except that only a third of the fund is allocated to Japanese equitites.

Farage Threatens To "Destroy The Old EU" As Marc Faber Says Brexit "Best Thing In British History"

The European Union is an "empire that is hugely bureaucratic," warns Marc Faber, telling CNBC that he thinks that "a Brexit would be bullish for global economic growth," because "it would give other countries incentive to leave the badly organized EU." The Gloom, Boom & Doom-er explained that Brexit is a risk Britain should be willing to take, and that it would not be a disaster, "on the contrary, it would be the best thing for Britain that would ever happen!" Rubbing further salt into the wounds of Europe's establishment, outspoken pro-Brexit campaigner Nigel Farage exclaimed that he said he would "destroy the old EU", together with 5-Star leader Beppe Grillo.

Dennis Gartman Mocks Bill Ackman's "Demise"; Tries To Understand Bitcoin, Fails

"This is an enormous tragedy of huge proportions being played out here before our eyes. Mr. Ackman’s investors did not deserve this fate, but they are being forced to live it nonetheless. How truly sad. He averaged down… again… and again…and again… and again. His eventual demise is a lesson to us all. Would that we learn from it: This is Greek tragedy of the saddest kind. No one deserves this fate"

The Global Monetary System Has Devalued 47% Over The Last 10 Years

We have argued the inevitability of Fed-administered hyperinflation, prompted by a global slowdown and its negative impact on the ability to service and repay systemic debt. One of the most politically expedient avenues policy makers could take would be to inflate the debt away in real terms through coordinated currency devaluations against gold, the only monetize-able asset on most central bank balance sheets. To do so they would create new base money with which to purchase gold at pre-arranged fixed exchange prices, which would raise the general price levels in their currencies and across the world to levels that diminish the relative burden of debt repayment (while not sacrificing debt covenants). The odds of this occurring seem to have risen, judging by the gold prices.

Gold And Negative Interest Rates

In Japan, the European Union and Switzerland, where negative nominal interest rates have already been adopted, it was observed that demand for safes and cash increased. At the same time, we learn that negative rates have boosted demand for gold in Japan (sales of gold to Japanese consumers rose to 32.8 metric tonnes in 2015 from 17.9 tonnes a year earlier). According to Takahiro Ito, chief manager at Tanaka Kikinzoku Kogyo K.K.’s store in Tokyo’s Ginza shopping district, “Many customers are wagering that it’s better to turn their savings to gold as a safe asset rather than deposit money at banks that offer low interest rates." 

Futures Ignore Apple Plunge; Oil Rises Above $45 As Yellen Looms

For those who thought that the world's biggest company losing over $40 billion in market cap in an instant on disappointing Apple earnings, would have been sufficient to put a dent in US equity futures, we have some disappointing news: with just over 7 hours until the FOMC reveals its April statement, futures are practically unchanged, even though the Nasdaq appears set for an early bruising in the aftermath of what is becoming a disturbing quarter for tech companies. Instead of tech leading, however, the upside has once again come from the energy complex where moments ago WTI rose above $45 a barrel for the first time since November after yesterday's unexpected 1.07 million barrel API inventory drawdown.

A Terrible Start To 2016 Turns Absolutely Brutal For Odey Who Refuses To Stop "Fighting The Fed"

what until now was merely a terrible start to the year has turned absolutely brutal for Odey's European fund, which is now down nearly a third, or 31%, in the first four months of the year, wiping out almost half a decade of trading profits in his flagship hedge fund in less than four months. Is he ready to throw in the towel? Not even close: the billionaire who delights in fighting the Fed, is convinced he will have the last laugh: "The disconnect between travelling and arriving may be coming home to roost. It will make the retreat from Moscow appear painless."