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Tag Archives: newsletter

FX Daily, February 27: Markets Tread Water; Powell is Awaited

Swiss Franc The Euro has fallen by 0.29% to 1.1517 CHF. EUR/CHF and USD/CHF, February 27(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates The capital markets seem unusually subdued. The US dollar is mostly slightly firmer, except against the euro and Swiss franc among the majors. The MSCI Asia Pacific Index managed to eke out a small gain (0.2%), for a third advancing...

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Exports sweeten turnovers for Swiss chocolate makers

Barry Callebaut released the all new Ruby chocolate flavour last year (Barry Callebaut) - Click to enlarge Despite a decline in domestic consumption, sales of Swiss chocolate grew by 3.1% in 2017 thanks to foreign demand. On Thursday, the Federation of Swiss Chocolate Manufacturers (Chocosuisse) reported total sales of CHF1.85 billion ($1.98 billion) for the year. The volume of chocolate sold also increased...

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Lake Geneva Region Attracts Most Cross-Border Workers

. Switzerland continues to attract large volumes of cross-border workers, notably in the Lake Geneva region and around the city of Basel. At the end of last year, 318,002 people were crossing the border each day to work in Switzerland, according to data published by the Federal Statistics Officeexternal link on Friday. This is an increase of 1.7% compared with December 2016. As in previous years, the Lake Geneva region...

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Swiss federal finances – surplus of billions in 2017

While many national governments, such as the US and UK, regularly spend more than they collect, Switzerland managed a CHF 2.8 billion surplus in 2017. In addition, CHF 2 billion of withholding tax is expected, which would push the surplus up to CHF 4.8 billion. © Jean-michel Feinen | Dreamstime.com - Click to enlarge Most of the CHF 71 billion collected came from VAT (29%) and federal income tax (32%). Other big...

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Haunted by Ghosts of the Old Eastern Bloc

Ridiculous Minutia Jerome Powell, the new Chairman of the Federal Reserve, just completed his third week on the job.  He’s hardly had enough time to learn how to operate the office coffee maker, let alone the all-in-one printer.  He still doesn’t know what roach coach menu items induce a heinous gut bomb. Photo credit: A. Brandon / AP - Click to enlarge The perpetually slightly worried looking new Fed chairman...

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FX Weekly Preview: Three Drivers in the Week Ahead: Data, Speeches, Politics

There are three distinct classes of drivers in the week ahead. The first is high frequency data. The most important of the economic reports include the preliminary estimate of the February inflation in the euro area, the US January income, and consumption data alongside the Fed’s preferred inflation measure, the core PCE deflator, and Japanese retail sales and industrial production figures. The second group of drivers...

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Emerging Markets: Week Ahead Preview

Stock Markets EM FX ended Friday on a mixed note and capped off a soft week overall. Best performers last week were ZAR, CLP, and PHP while the worst were TRY, ARS, and IDR. Fed Chief Powell’s testimony to Congress will likely draw market attention back to Fed policy. Stock Markets Emerging Markets, February 21 Source: economist.com - Click to enlarge Singapore Singapore reports January IP and is expected to...

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Swiss government wants old banknotes to be valid indefinitely

The Federal Council believes that the change would not increase the risk of crime. (Keystone) - Click to enlarge The deadline of 20 years to exchange recalled banknotes should be abolished, the Federal Council suggested on Wednesday. The current system, which was introduced in 1921, operates under the assumption that discontinued notes which are not returned to the bank within the exchange deadline have...

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Geneva to Zurich for half the price of a Swiss train

Switzerland’s transport authority (OFT) recently gave Domo Swiss Express SA, a Zurich-based bus company, a green light to run three routes across Switzerland. Domo bus_source_Facebook_Domo.Reisen - Click to enlarge The first will run from Zurich to Lugano, via Basel and Luzern, the second from St. Gallen to Geneva airport, via Zurich and Bienne, and the third from Chur to Sion, via Zurich and Bern. Services are...

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Venezuela’s New Cryptocurrency: Just Another Form of Control Fraud

If a currency can’t be converted on demand into the underlying commodity, it’s not “backed by oil,” it’s just another form of control fraud. The broke and broken country of Venezuela appears to be the first nation-state to issue a cryptocurrency token (the petro) as a means of escaping the financial black hole that’s consuming its economy: Maduro Launches Oil-Backed Crypto “For The Welfare Of Venezuela”. For context,...

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