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What happened with some currencies with the start of Putin's war?
Yesterday a remarkable day in the Swiss Franc to EURO could be seen: The pair is "pari" means equal:
For 1 Swiss Franc CHF you got just 1 EURO only!
Then a glimpse on the Rubel: 2004: For 1 Swiss Franc you got 21 Rubel 2022: 1 Swiss Franc gets you now 131 Rubel
Means 6.2 times more!
Then a important move came yesterday from the Swiss Bankers Association:
That special reunion of important banks that work in Switzerland has excluded the two Russian Banks
• Sberbank Zurich
• GazpromBank Zurich and Zug
with immediate effect. Both branches of their Russian part were founded in Switzerland in 1990 and 1992 respectively.
That means that both banks can no longer work (trade) in Switzerland!
Which is most important as both are trading their large bulk of raw materials for world markets out of Switzerland. That effects around 80% of the total production out of Russia.
This situation came yesterday into effect. The goal had been reached as read out from the chart posted here on February 24th.
Given the (still open) MONSTER Swing trade connected with the announced take profit that trade is resulting in theoretically 969 points! Which is the largest win within this more than 10 year old journal here...
Hope to bring it home on Monday or so...
Details to the Sberbank in Switzerland - and what are the threats
The Financial Market Authority Finma orders so-called protective measures at the Russian Sberbank (Switzerland) because of the Ukraine war. With immediate effect, the bank has a ban on disbursements and transactions.
According to a Finma statement, Sberbank (Switzerland) may not make any disbursements or carry out any transactions that are not necessary for the bank's operations without its consent. In this way, Finma wants to protect the bank's creditors.
Impending liquidity bottlenecks
Sberbank (Switzerland) risks running into liquidity problems because of the war and the "intensifying international sanctions environment".
Sberbank (Switzerland) is an indirect subsidiary of Sberbank of Russia. It is not directly affiliated with Sberbank Europe AG, which is affected by sanctions.
Expelled from bankers' association
The major Russian bank Sberbank was one of the first targets of the financial sanctions against Moscow. Last weekend, the West had excluded Russian banks from the international payment system Swift and imposed sanctions against the Russian Central Bank, among others. Sberbank's European subsidiary, which was affected by sanctions, had to cease operations.
On Friday, the Bankers Association had announced that, in addition to the Russian bank Gazprombank (Switzerland), it was also excluding Sberbank (Switzerland) from the association with immediate effect.
According to Finma, Sberbank (Switzerland) specialises in financing in the area of commodity trading. In 2020, it generated net income of CHF 58 million with around 100 employees.
Ukraine - More than 1.5 million refugees (40 Mio people living normally in Ukraine)
Asia all deep red
btc on lower 38k level
Brent Oil on new high: 1 barrel for $139
EUR CHF: Euro went under PARI for a short time on Sunday evening - means 1 EUR lower than 1 Swiss Franc! Reached 0,99725 Actual price right now 1.0012
DAX started pre cash on new low level of 12741 (7:30)
Sanctions on Russia are showing first effects: Aeroflot not able to leave the country. The planes are no longer supported with spare parts. So they will no longer fly in some weeks. >90% of the machines are made by Boeing and Airbus...
GFIs1
DAX starts today with another gap down. With this it leaves the full Friday (gap down as well to Thursday) as a daily island in nowhere land...
This special time slot had 3 trades over 2 weeks
Two negative (Tue/Wed) -268 - 30 points
One positive trade (Type Swing): + 1397 points
Two week result: + 1099 points
First of all: Congratulation to your top short trade in the DAX. Well done.
Secondly: You may like or you may not like the following link, but the information there is top. As you mentioned "Sberbank in Switzerland" in a previous posting, here some information to this and how others see and analyses the current cut from "SWIFT" for the Russians.
Disconnecting Russia From SWIFT Will Cause Short-Term Pain But Long-Term Gain
Written by Paul Antonopoulos, independent geopolitical analyst ( 07.03.2022 )
“SWIFT is the financial nuclear weapon,” French Finance Minister Le Maire said after a meeting of EU finance ministers on February 25, one day after Russian troops started crossing Ukraine’s borders. “The fact remains that when you have a nuclear weapon in your hands, you think before you use it. Some member countries have expressed reservations, we take them into account […] We are not reluctant to use all the necessary weapons, without exception, against the Russia of Vladimir Putin.”
There is little doubt that removing Russia from SWIFT, the preeminent financial transactions and payments system in the world, and other Western financial mechanisms like Mastercard and Visa is a huge blow to the Russian economy and the daily lives of average citizens. However, describing SWIFT as a “nuclear weapon” is a wrong analogy as it suggests a complete destruction and subjugation, as happened to Japan after World War II.
The partial removal of Russia from SWIFT has not capitulated the country from its stated goals of de-Nazifying and de-militarising Ukraine. Rather, it has forced Russia to seek alternative payment methods, something that will undoubtedly cause short term pain and frustration. It is recalled that Sberbank and Gazprombank were exempted from the SWIFT ban because they handle most of the payments related to gas and oil exports – 40% of gas consumed by the European Union comes from Russia.
Hi @Deetee
I see some bottom in the daily chart. So a rebound to lower of daily Kumo is at hand. From there lower prices are possible.
But take shorts in the DAX with highest care.
Of course - depending on the war in Europe - we need to be vigilant to take action in the very volatile movements in the markets.
As from my point of view - I do not take any position in the next days!
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