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SNB & CHF

The Crime of ‘33, Report 27 May

Last week, we wrote about the impossibility of China nuking the Treasury bond market. Really, this is not about China but mostly about the nature of the dollar and the structure of the monetary system. We showed that there are a whole host of problems with the idea of selling a trillion dollars of Treasurys: Yuan holders are selling yuan to buy dollars, PBOC can’t squander its dollar reserves If it doesn’t buy another...

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FX Daily, May 28: Risk Appetites Curbed, US Leadership Awaited in FX

Swiss Franc The Euro has risen by 0.20% at 1.1259 EUR/CHF and USD/CHF, May 28(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates Overview: The euro initially reacted positively to the EU Parliament elections. The populists did not do quite as well as many expected. The two main groupings failed to secure a majority, but with the help of the Liberals, and possibly the Greens,...

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European elections – a more diverse but still pro-Europe parliament

Voter turnout for European parliament elections surged across the continent, exceeding 50% for the first time in a quarter century and breaking the downward trend of the last four decades. However, differences in turnout across the EU have been substantial and a more fragmented parliament has emerged. Voter turnout was up for the first time ever and at 51%, higher than in any election since 1994. The results delivered...

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Chinese firms stole sensitive data from Swiss-based competitor

Chinese spies are on the radar of the Swiss intelligence service. Swiss investigators have broken up a Chinese industrial spying scheme that stole hundreds of sensitive documents from a technology company in Switzerland, reports the SonntagsZeitung newspaper. Prosecutors confirmed that a technician was fined for his part in the affair. The news comes days after the Swiss Federal Intelligence Service had highlighted the...

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Employment Barometer in the Q1 2019: Positive employment situation

27.05.2019 – In the 1st quarter 2019, total employment (number of jobs) rose by 1.3% in comparison with the same quarter a year earlier (+0.5% with previous quarter). In full-time equivalents, employment in the same period rose by 1.5%. The Swiss economy counted 6700 more vacancies than in the corresponding quarter of the previous year (+9.4%) with the employment outlook indicator showing a downward trend (–0.1%). These...

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Swiss authorities intervene to halt exports of nuclear weapons material

Two shipments to the US were halted last year because they contained goods that could be used to develop nuclear weapons. (Kcna Via Kns) Federal authorities are stepping up efforts to prevent the sale of Swiss machinery that could be used to develop nuclear weapons. The latest interventions concern direct sales to the US and France. According to reportsexternal link by the German-language newspaper NZZ am Sonntag, the...

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Forget “Money”: What Will Matter Are Water, Energy, Soil and Food–and a Shared National Purpose

If you want to identify tomorrow’s superpowers, overlay maps of fresh water, energy, grain/cereal surpluses and arable land. The status quo measures wealth with “money,” but “money” is not what’s valuable. “Money” (in quotes because the global economy operates on intrinsically valueless fiat currencies being “money”) is wealth only if it can purchase what’s actually valuable. As the world slides into an era of...

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FX Weekly Preview: The Evolution of Three Issues are Key in the Week Ahead

As May winds down, the light economic calendar will allow investors to take their cues from the evolution of three disruptive forces–trade, Brexit and the US economy.   With actions against Huawei and possibly a handful of Chinese surveillance equipment producers, the US raised the stakes. The retaliatory tariffs are effective on June 1, but Beijing has not formally responded to the moves against Chinese companies.  ...

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