SNB: Never intervening to bring unfair advantages for exporters
Sep-25 08:45
- Q: You have mentioned you are willing to remain active in FX as necessary. Now against the US claims re currency manipulation, have there been any discussions with the federal government on this? How is the exchange going currently?
A: We have been in contact with the American officials for years. Traditionally, we have very good relations with the US, both with the Fed and with the government. On concrete negotiations I can't comment here. We are never intervening to push for BoP moves, or to bring unfair advantages for Swiss exporters. - Q: How heavily does the current CHF appreciation hit the Swiss export industry?
A: EURCHF has not moved heavily over this year. Against the dollar, the appreciation was more substantial, at around 12%. We do look at this on a real, weighted basis, however. We are not making monetary policy for singular sectors, but for Switzerland in total.
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EGB SYNDICATION: Austria New 7-Year RAGB: Spread Set
Aug-26 08:41
- E3bln WNG of the new 7-year Sep-32 RAGB
- Spread set at MS+30 (guidance was MS+33 area)
- Books in excess of €16bn including €2.2bn JLM interest
- Format: Reg S, Bearer, 144A eligible, CAC
- Settlement: 02 September 2025 (T+5)
- Maturity: 20 September 2032 (7Y)
- Size: EUR 3 billion (Will not grow, excluding potential issuer retention)
- Coupon: TBD, Fixed, Ann., ACT/ACT (Long 1st to 20 September 2026)
- ISIN: AT0000A3NY15
- Bookrunners: BofA / DB(DM/B&D) / Erste Group / HSBC / JPM / Raiffeisen Bank International
- Timing: Books to close a 11.15CET / 10.15UKT
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FRANCE: Justice Min Raises Prospect Of Early Election If Bayrou Gov't Falls
Aug-26 08:33
France looks set for another period of significant political instability after PM Francois Bayrou effectively called a confidence vote in his own gov't on 25 Aug. Bayrou said that he had requested an extraordinary session of the National Assembly to be convened on Monday, 8 September to "confirm the scale" of spending cuts in the upcoming 2026 state budget, adding that "If you have a majority, the government is confirmed. If you do not have a majority, the government falls".
- The Bayrou gov't has been living on borrowed time for a while now. Formed by the centrist Ensemble bloc and the centre-right Les Republicains (LR), the gov't holds only 210 seats in the 577-member legislature. With the leftist New Popular Front alliance and the far-right Rassemblement National both set to vote against Bayrou, the gov'ts dismissal appears more likely than not.
- With more than a year having passed since that vote, President Emmanuel Macron is at liberty to call another set of legislative elections. Speaking to France 2 TV earlier, Justice Minister Gerald Darmanin said, "Dissolution [of the Assembly] is costly for France, of course, but this hypothesis should not be ruled out."
- Jean-Luc Melenchon, leader of the far-left La France Insoumise (LFI), confirmed in an interview with France Inter that his group will move forward with a motion of impeachment against Macron on 23 September. Melenchon claimed Macron must be removed from office as he is the "cause" of the current political paralysis.
- The collapse of the Bayrou gov't could come at the same time as a major effort by the left to pressure the Macron administration, with the 'bloquons tout' ('black everything') efforts to call a general strike, as well as road blockades and corporate boycotts.
USD: USDNOK is back at pre Powell level
Aug-26 08:28
- The Dollar was overall flat during the Overnight session against all G10s, but we are starting to see few pips moves in EUR, GBP, JPY, SEK, USD versus the Nokkie.
- Oil has been under some small pressure, likely helping some of the NOK weakness.
- USDNOK is heading back to pre Powell level, the cross was exchanging hands around 10.1891, now at 10.1780 (prices are according to Bloomberg).
