Candletalk

Quoted

NEW YORK(Dow Jones)--An indicator showing how expensive it is to swap euros into increasingly scarce dollars is wider Thursday morning.
The three-month cross currency basis swap is at minus 104.5 basis points, from a close of minus 95 basis points.
"In addition to record lows in yields we are again seeing euro zone funding rates move to March 2009 highs due to concerns of growth and the resulting potential impact on interbank lending," says Adrian Miller, senior vice president of fixed income strategy at Miller Tabak Roberts Securities in New York.
The swap rate was minus 76.5 basis points on Thursday, after five central banks announced a coordinated dollar funding plan. The effects of that announcement appear to have worn off as worries about Greece's debt return.
"With Greece's situation looking increasing like a restructuring play ...coupled with troubling global growth making it increasing difficult for weak southern EU members to work their way out from under their debt loads," the stress is likely to grow, Miller said.
Another indicator of interbank lending stress, the Euribor-overnight index swap spread has also widened to a mid-March 2009 highs, he said.

September 22, 2011 08:15 ET (12:15 GMT)
Copyright (c) 2011 Dow Jones & Company, Inc.

Quoted from "trash"

Ein Bild, das man auch nicht so häufig sieht. Eine Art geordnete Schwächung/Stärkung. Intervenieren jetzt die Nationalbanken der Rohstoffländer auch so wie die SNB?

Quoted

LONDON (Dow Jones)
-- As new safe haven, Norway already threatening rate cuts
-- Slower global growth will put exporters under pressure
-- Other countries will want to be more competitive now

--The Swiss National Bank may have unleashed the dogs of war.
As the global economic recovery continues to falter and exporters around the world find life increasingly difficult, more central banks will come under pressure to manage their currencies more carefully.
In other words, they must ensure their currencies remain competitive as the battle in export markets intensifies.
This is just what the SNB has done.
Its decision to cap the franc's rise against the euro has certainly pleased Swiss industrialists, who for months have been grumbling that safe-haven flows into their currency was damaging the Swiss economy.
The trouble is, many other economies are in a similar boat.
As U.S. Treasury officials have been keen to point out, Switzerland is a special case given its safe-haven status which distorts the impact of monetary policy on its currency.
But Norway, which has already found its currency strengthening as an alternative safe haven to the franc, has warned that it will cut its interest rates if it needs to protect its economy.
Sweden, which is also likely to find its krona in the firing line, could well follow suit.
This is all taking place against a backdrop of easing monetary policy in most major economies, including the U.S., the euro zone, the U.K. and Japan.
In fact, there is continued talk that Japan will also have to intervene to stop the yen from rising, given that is suffers from a safe-haven status like the franc.
However, there are a myriad of other countries that are likely to find their currencies rising as investor interest in most major currencies continues to fall.
They too will find their exports under pressure, especially if major engines of the global growth such as China continue to manage a slowing of their economies.
There is certainly little sign of an early global recovery with data this week showing Japanese machinery orders plummeting again, the latest Beige Book from the Fed suggesting U.S. growth is nearly at a standstill and that instead of stabilizing as hoped, the rate of unemployment in Australia has jumped higher.
With Switzerland already having taken matters in its own hands, without any apparent consultation with its trading partners, expect other countries to do likewise.
Even Canada, one of the least likely countries to take maverick action, this week signaled that monetary tightening will be put on hold to protect the country's growth.
Brazil, which as long warned of currency wars and has been busy over the last year trying to use capital controls to curb the real's rally, could be among first, along with Chile and Colombia, to start threatening rate cuts.
And on the other side of the world, Marc Ostwald of Monument Securities, identifies the Philippines, South Korea and Indonesia as all prime candidates to start adjusting policy in what could become an all-out currency war to protect exports.

September 09, 2011 01:45 ET (05:45 GMT)
Copyright (c) 2011 Dow Jones & Company, Inc

Quoted

Angst vor weltweitem Abwertungswettlauf

Die Schweiz ist kein Einzelfall – Japan, Schweden und Norwegen leiden ebenfalls an ihren hochbewerteten Landeswährungen. Was, wenn sie dasselbe tun wie die Schweizerische Nationalbank?

Quoted

LONDON -(Dow Jones)- The Swiss National Bank's decision to set a floor for the euro/franc exchange rate continued Wednesday to send ripples through currency markets, driving the Norwegian krone to an eight-year high against the single currency as market participants sought alternative safe havens to the Swiss franc.
The euro fell to as low as NOK7.4884 against the krone as investors piled into the Norwegian currency for a second day running, following the SNB's decision Tuesday to set a minimum exchange rate of CHF1.20 to the euro.
"The krone will benefit most from the SNB move, we think," said currency strategists at Morgan Stanley in London. "Some real money funds have to keep minimum exposure in Europe and, with most other European currencies discredited, the krone offering 3% returns for three-month money market holdings stands out," they said.

September 07, 2011 07:33 ET (11:33 GMT)
Copyright (c) 2011 Dow Jones & Company, Inc.

Quoted from "Mihcat"

Mal sehen, ob sich die Richtung bestätigt, wenn die Profis den zweiten Blick (oder Gedanken) darauf richten.

Quoted from "Vikke"

Das heißt dann wohl, dass ich den EURCHF vorerst aus den Charts nehmen kann, sofern der bei 1.2 gefixt wird.