Self Dependent – Switzerland

Countries which are self dependent rely on their own resources. Usually the deciding factor for any economy is the Gold Reserves in a country and active labor force. With the increase in generating power, many countries can literally overcome all their deficiencies and work in a better fashion. Switzerland is a European country and its currency is the Swiss Franc. It is regarded as one of the richest and well developed countries of the world.

History of Switzerland – Independent Economy

Switzerland was formed in the year 1921 and has a rich and significant cultural history. Much of its past has been linked with Austria, Italy and Germany. Switzerland has been the home to some of the noblest causes like the Geneva Convention and League of Nations. Switzerland is one of the few politically neutral zones in the world.

European Union Declined – Self Determination Preserved

Switzerland has not been the part of the renowned European Union. It is one of the few countries to decline the proposals from the E.U. Official talks and conferences were held for Switzerland to secure partnership in the Union which ultimately failed. Since 1990, Switzerland has completely maintained its own economy and strength.

A Small Country – Large Revenues

It is a small country with a population of about 8 million people. The country has declared to be the ground of peace and harmony worldwide. The country has been one of the richest in the world. In 2009, the economic output was as much as about $US500 billion. Most of the Swiss industries focus upon machinery and chemicals, textiles watches. The significant trading partners of Switzerland are USA, France, Italy and Germany

Currency Of Switzerland – The Franc.

The CHF of Switzerland is quite stable in the world market. Due to secrecy in banking laws, many individuals move their funds to the Swiss Accounts. By this process, the CHF gains momentum in the world market. Switzerland is also the only country in the world to use the Franc and the Euro has not been adopted.

Gold Reserves of Switzerland – Significance Of Gold

The CHF has about 70% correlation with the Gold Reserves of Switzerland. The CHF has a standard rate which is dependent upon the Gold Reserves of Switzerland. The Gold Reserves are quite helpful in maintaining the main stake Swiss economy. The per capita income is the 7th highest in the world as well.

This is the country profile of Switzerland which is regarded by many as a safe haven for investment and peace.

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Open Market Operations

These are one of the most important tools to increase money supply. These tools are used by the Fed to buy treasury securities that belong to the government that in turn stimulate a gentle increase in money supply in small percentages over a particular time period. Treasury securities comprises of treasury bonds having a life span of ten years whereas the life span of treasury notes consist of two to ten years.  Treasury bills mature in one or less than one year and these are the most suitable tool used by the Fed.

Discount Rate

Discount rates are the second tools used by the Fed to increase money supply. Bank borrows money from the Federal Reserve to perform day to day activities. The interest rates on those loans are called discount rates. The Fed makes small adjustments in these discount rates by sending out a clear message to banks if it wants to increase or decrease the supply of money. Banks are encouraged to borrow more money from the Fed. That borrowed money is then lent to the banks to expand the businesses or for housing loans that result in the increased supply of money in the economy.

Fractional reserves

It is another tool that is used by the Federal Reserve in America to increase money supply. In this tool, all banks and other depository institutions in the county are required to keep certain percentage of their check accounts which are with or without interest as reserves with the Fed. In simpler words, a fraction of deposits are required to be kept as reserve. This adjustment is required to increase the money supply into economy.

Funds Rate

Any change in the Fed funds rates directly affect the short term interest rates such as bank deposits, credit card interest rates, bank loans and the adjustable rate mortgages. The fund rates will be decreased by the Federal Reserve in order to increase the money supply. This activity ends in an overall stimulation of the economy by expanding the businesses, home loans becomes cheaper, and increases the demand for loans.

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Open Market Operation:

The open market operation is one of the best tools to increase money supply. The Federal Reserve uses the open market to buy the treasury securities which belong to the government itself and which in turn can help in increasing the supply of money in small amount or percentage with a period of time. These treasury securities contain a treasury bonds which have a long life till decades. But the treasury notes have a life time of two to ten years. Moreover there are also treasury bills which increase in one year or maybe less than that. But besides all this these are the most favored instruments used by the Federal Reserve.

Discount Rate:

The next tool which the Federal Reserve uses to increase the money supply is the use of discount rate. When the banks have the requirement of day to day money than they borrow it from Federal Reserve and these loans carry such interests which are known as discount rates. The Federal Reserve adjusts the discount rates and while doing this delivers a clear and comprehensive message if the money supply will increase or decrease. The bank borrows the money from the Federal Reserve when the money supply decreases and this borrowed money is then used for the business so that it can expand and also towards the housing loans in order to increase money supply in the economy.

Fractional Reserve:

This is another tool which is used by the Federal Reserve to increase money and that is fractional reserve. This can happen at any time that the all the depository institutes including bank are required to some of the percentage of their check accounts which are interest bearing as well as non interest bearing as a shape of reserve with the Federal Reserve. Which means that the required reserves are actually the fraction of the deposits and the federal reserves uses these changes in the system to improve the impact in the market.

To increase the money supply the Federal Reserve will increase the Fed fund rates so that its easy foe the bank to lend more.

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If the country has seven million currencies among the public and ten billion in the central bank as commercial bank deposits then the money base of the country will be ten point seven billion currencies. This is the monetary base which is the ultimate source of a country’s money supply. Open market operations have direct impact on the money base as they are included in one of the many monetary tools. In order to keep the measure of control on the country’s monetary base government;s bonds are bought and sold in the open markets. This implementation of the open market also uses the method of monetary targets like interest rates or exchange rates. the monetary base can also be expanded using an expansionary policy and can also be contracted by using a concretion policy. Both have risks involved in them and both are controlled by the country’s central bank or the finance ministry.

Money supply is that amount which is available in the economy of the country and is used for the purchases of goods and services and for other investment purposes. Money in the economy can be measured in many ways. It can be measured by parameters or statistical methods.

In the US, the federal reserves and the country’s central bank has been successful in identifying the components of the money supply at M1, M2, M3 and L.

M1 is that currency which is held by the country’s public for the use of various things like travelers check, demand deposits and also many other different types of accounts like NOW accounts, super NOW accounts, credit union drafts and ATS accounts.

Where as the M2 is the currency which is deposited in M1 including the small and savings denomination time deposits. M2 also includes many other fund shares which are invested by many other individual investors who wish to invest their money.

Just like M2 currency includes M1, the same way M3 currency also includes M2 deposits including the large time deposits, investments which are done by the large time deposits and the investment which is done by other institutional investors in the country.

L, which is also one of the components of the money includes all M3 forms of currency deposits, long term liquid assets, non-bank investments and commercial papers along with bankers acceptance.

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Rise in the German Ifo

A bigger-than-expected rise in the German Ifo November business climate index has helped the euro. The index rose to 93.9, a level that has not seen since the collapse of Lehman Brothers last year. This has lifted optimism that Germany’s recovery can gain momentum.

Euro

After falling as low as $1.4889 by 1239 GMT, the euro EUR= was up 0.1% at $1.4975. On Monday it hit a one-week high of $1.5001 but has recently struggled to hold above $1.50.

Traders cited options with a strike price of $1.5000 and $1.5050 which were set to expire later in the day.

Euro against Yen

The euro was down 0.3% at 132.68 yen against the yen EURJPY=R.

Dollar index

The dollar index was steady at 75.064 .DXY. This is the index by which the performance of the greenback against a basket of six other major currencies is tracked.

Standard and Poor’s raised concerns about some major banks

After a report on Monday by U.S. ratings firm Standard and Poor’s raised concerns about the health of some major banks, the dollar and yen gained against riskier currencies.

Yen become firm

The yen secured firmness, having the dollar down 0.4% to 88.58 yen JPY=, after earlier touching a six-week low of 88.56 yen on trading platform EBS.

Australian dollar and New Zealand dollar

The Australian dollar was down 0.4% at $0.9203 AUD=D4, it is lower than a 15-month high of $0.9407 last week, whereas the New Zealand dollar NZD=D4 fell 0.7% to $0.7281.

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Greenback’s gains reversed

The remarks helped in encouraging a broad rally in global stocks, oil, gold and higher-yielding currencies that reversed the greenback’s gains from late last week.

Position of Major Currencies

In New York on Monday morning, , according to EBS via CQG the euro was at $1.4988 from $1.4851 late Friday. It has been noted that the dollar was at Y88.80 from Y89.00, whereas the euro was at Y132.97 from Y132.26. The U.K. pound was at the position of $1.6621 from $1.6491. The dollar was at CHF1.0089 from CHF1.0183.

The Dollar Index

The Dollar Index, was at 75.024 from 75.647. This index tracks the greenback against a trade-weighted basket of six currencies.

Gold and oil prices become Higher

Overnight gold hit a fresh high record, while oil jumped to as far as $78.72. It has been indicated by futures that U.S. stocks are set to open higher. Better-than-expected economic data in Europe has also supported the euro.

Purchasing managers’ index data

In November purchasing managers’ index data from the euro zone has shown a rise to a two-year high, having the composite index including the manufacturing and services sector that has climbed to 53.7 from 53 in October.

Canadian dollar gains

Monday morning as the currency benefits from the overall weakness in the U.S. dollar the Canadian dollar is markedly higher. The U.S. dollar is trading at C$1.0557 from C$1.0704 late Friday.

Canadian retail sales rose 1%

An added boost has been secured by the Canadian unit from news Monday that Canadian retail sales rose 1% in September to C$34.9 billion (US$32.6 billion).

Higher equities and commodity prices

It has been said by the TD Securities that higher equities and commodity prices and the broad-based U.S. dollar selloff are all supporting the Canadian currency.

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Canadian currency depreciates

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This year the Canadian dollar, which is nicknamed as the loonie for the image of the aquatic bird on the C$1 coin, is up 14%.

The Dollar Index

The Dollar Index, which is being used by the InterContinental Exchange Inc. for tracking the greenback against the currencies of six major U.S. trading partners including Canada, touched the lowest since August 2008 on Nov. 16. With a 0.3% gain it rebounded to end the week after Federal Reserve Chairman Ben S. Bernanke said the central bank’s policy will help support a “strong” dollar.

According to the median forecast of 37 economists and analysts surveyed by Bloomberg News the loonie will strengthen to C$1.04 by year-end.

MSCI World Indexand Standard & Poor’s 500 Index

Global stocks has fell down for the first week in three. The MSCI World Index, which is considered to be a gauge of equities in 23 developed nations, dropped down 1.1% , and the Standard & Poor’s 500 Index fell 0.2%.

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This has decreased the attractiveness for the British currency which has performed positively in the week before.

U.K. deficit report and downtrends in European stocks

A combination of downtrends in European stocks towards the end of this week and a U.K. deficit report by which the worst figures since 1993 has been showed, when they were officially initiated, forced the pound down against the U.S. dollar, the Japanese yen and the European common currency.

GBP/USD

This Friday GBP/USD has been closed at 1.6495 from levels as high as 1.6872 during the week.

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Tokyo’s Nikkei

Today Tokyo’s Nikkei average fell 0.5% and after the U.S. S&P 500 index suffered its worst one-day percentage fall in three weeks on Thursday, it has logged its first four-week losing streak in over a year. On Friday U.S. futures SPc1 were lower.

Banks parked funds into safe-haven assets

Investors reduced dollar short positions, and as banks parked funds into safe-haven assets such as U.S. government bonds so the greenback was also supported.

Three-month and six-month bills

On Thursday rates on short-dated U.S. government paper has dropped, with the 2-year bond yield falling to the year’s low of 0.68%. It has been said by the traders that the three-month bills traded near 1 basis point and six-month bills fell to near record lows.

Dollar index

On the day the dollar index was up 0.6% at 75.770 .DXY, which is a position well above a 15-month low of 74.679 that touched on Monday.

Euro dropped down

The euro dropped down 0.6 percent at $1.4823 EUR= by 1205 GMT, still with talk of double-no-touch options at $1.48-1.51 rolling off later on Friday.

Yen gained broadly

Having the euro at 131.91 yen EURJPY=R, the yen gained broadly, breaking below its 200-day moving average of around 132.10 yen.

Dollar was flat against the yen but remained under pressure

The dollar was flat against the yen, but as short-term speculators tested its downside it remained under pressure. It was at 88.99 yen JPY=, so we can see that it is still within reach of a six-week low of 88.63 yen hit on trading platform EBS the day before.

Australian dollar and New Zealand dollar

The Australian dollar AUD=D4 had a drop up to 1.2% at $0.9078 while that of the New Zealand dollar fell down 1.4% to $0.7208, both at two-week lows against the U.S. dollar.

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The euro dropped more than 1 percent against the yen

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Analysts View

It has been said by the analysts that after recent economic data has not been as rosy as forecast the investors were turning cautious, heightening worries the sharp rally in risky assets in the past months may have been overdone.

The euro fell

The euro fell 0.5% to $1.4895 EUR= in midday trading, it continued to remain within the range of a large, $1.48 to $1.51 “double no touch” options structure expiring on Friday.

Single euro zone currency also slid

As losses accelerated after breaking technical support at the 200-day moving average of around 132.00, the single euro zone currency also slid to a more than two-week low of 131.68 yen EURJPY=R.

Dollar Dropped

The dollar after hitting a low of 88.64 dropped 0.5% JPY= to 88.93 yen, the lowest level since Oct. 9.

Sharp fall in the major indexes on Wall Street

There has been a sharp fall in the major indexes on Wall Street .DJI .SPX on weakness in the technology and health insurance sectors. Both the prices of oil CLc1 and gold XAU= retreated.

ICE Futures U.S. dollar index .DXY

The ICE Futures U.S. dollar index .DXY, which is considered to be a measure of the greenback versus a basket of six currencies, shows a rise of 0.3 percent to 75.384. The index hit a 15-month low of 74.679 early this week.

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