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The Swiss National Bank increased its forex sales to 739 million Swiss francs ($799.35 million) during the third quarter...
30/12/2022

The Swiss National Bank increased its forex sales to 739 million Swiss francs ($799.35 million) during the third quarter of 2022, the central bank said on Friday, showing how its focus has switched from stemming the safe-haven currency's strength to fighting inflation.

The figure was an acceleration from the 5 million francs in foreign currencies the SNB sold during the second quarter of 2022, and continues its changed approach after buying 353 billion francs of forex since 2015.

The SNB has instead recently been selling foreign currencies to strengthen the Swiss franc, whose high value has helped dampen inflation caused by more expensive imports.

Swiss inflation stood at 3% in November, low in comparison to other countries, but high in Swiss terms and outside the SNB's goal for inflation of 0-2%.

China's yuan finished the domestic session at a two-week high against the dollar on Friday, but still looked set for the...
30/12/2022

China's yuan finished the domestic session at a two-week high against the dollar on Friday, but still looked set for the worst annual performance in 28 years.

The onshore yuan finished the domestic trading session at 6.9514 per dollar, the strongest such close since Dec. 14.

If it finishes the late night session at the domestic closing level, it would have lose 8.6% against the dollar for the year, recording the biggest annual drop since 1994 when China unified market and official rates.

A buoyant dollar in light of Federal Reserve tightening and a COVID-induced domestic economic slowdown were among the major factors pressuring the Chinese currency this year.

Spanish consumer prices rose 5.8% in December - at their slowest annual pace this year, thanks to lower electricity pric...
30/12/2022

Spanish consumer prices rose 5.8% in December - at their slowest annual pace this year, thanks to lower electricity prices compared to a year ago, flash data from the National Statistics Institute (INE) showed on Friday.

Still, core inflation, which strips out volatile fresh food and energy prices, was at 6.9% year-on-year, higher than the 6.3% recorded a month ago, the INE data showed.

In November, Spain had the lowest inflation in the 27-member European Union with a rate of 6.7%, after peaking in July at around 11%.

"We make a very positive reading. Five points in five months ... Core inflation is taking longer to come down because it took longer to go up," Economy Minister Nadia Calviño said in an interview with broadcaster SER.

Spain's European Union-harmonised 12-month inflation was 5.6%, down from 6.7% in November and below the 6.0% expectation from analysts polled by Reuters.

First the good news: 2022, a nightmare year for both stocks and bonds, is nearly over. Now the bad news: while 2023 is l...
30/12/2022

First the good news: 2022, a nightmare year for both stocks and bonds, is nearly over. Now the bad news: while 2023 is likely to be better, it won’t really seem that way for a while. At least not until the great disconnect between central banks and markets over the outlook for inflation is resolved. And at least not until China has acquired enough herd immunity to go back to work and play after a wave of COVID-19. The test of strength in Ukraine between Russia and the West is another thing likely to get worse before it gets better. Whether any or all of that is enough to wrench the world’s gaze from the immolation of Elon Musk’s fortune is another matter. Here’s what you need to know in financial markets in 2023.

Central banks, markets face off over inflation/recession

Without a doubt, the overarching market theme next year will be the battle between central banks and inflation.

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