No lack of foreign tourism demand in 2019

07.07.2020 - Foreign demand was strong in 2019. The income side of the tourism balance of payments grew, reaching a record level of CHF 17.8 billion. At the same time, people living in Switzerland did not increase their expenditure when travelling abroad, despite price conditions that were more favourable. The tourism balance of payments was negative at CHF -798 million, according to initial estimates from the Federal Statistical Office (FSO).

Umsetzung FIDLEG/FINIG: FINMA bewilligt erste Aufsichtsorganisationen

Die Eidgenössische Finanzmarktaufsicht FINMA erteilt OSIF und OSFIN die ersten Bewilligungen als Aufsichtsorganisationen, zuständig für die Aufsicht über Vermögensverwalter und Trustees. Weiter liess sie die erste Registrierungsstelle für Kundenberaterinnen und Kundenberater zu. Das Eidgenössische Finanzdepartement anerkannte ausserdem die ersten Ombudsstellen nach FIDLEG für Finanzdienstleister.

Gold Will “Trend Toward $10,000 Per Ounce Or Higher” Over The Next Four Years

You’re likely aware of the price action in gold lately. Gold has rallied from $1,591 per ounce on April 1 to $1,782 per ounce as of today. That’s a 12% gain in less than three months.

What Germany Must Do for a Speedy Recovery

On June 29, the German parliament reacted as parliaments normally do when there is a problem, namely, by allowing the government to spend more. In order to respond to the economic difficulties due to the corona epidemic and the government restrictions, it passed a typical Keynesian stimulus package in order to boost aggregate demand.

No lack of foreign tourism demand in 2019

07.07.2020 - Foreign demand was strong in 2019. The income side of the tourism balance of payments grew, reaching a record level of CHF 17.8 billion. At the same time, people living in Switzerland did not increase their expenditure when travelling abroad, despite price conditions that were more favourable. The tourism balance of payments was negative at CHF -798 million, according to initial estimates from the Federal Statistical Office (FSO).

Travel destinations seek tourists, but not the crowds

Some popular travel destinations have enjoyed the break – however temporary – from tourist crowds following Covid-19 restrictions. Others hope the hordes will return soon. Switzerland had not yet opened its border with Italy when its southern neighbour unexpectedly announced that Swiss citizens could enter the country starting on June 3.

FX Daily, July 07: Fade the Dollar Gains

The S&P 500 rallied 1.6% yesterday to extend the streak to a fifth consecutive session, and the longest of the year and completed the negation of a bearish technical pattern.  However, the main feature today is a wave of profit-taking on risk assets.  Most equity markets moved lower in the Asia Pacific region. Chinese markets were a notable exception.

Monthly Market Monitor – July 2020

Most Long-Term Trends Have Not Changed. A lot has changed over the last 4 months since the COVID virus started to impact the global economy. Asia was infected first with China at ground zero. Their economy succumbed first with a large part of the country shut down to a degree that can only be accomplished in an authoritarian regime.

An Excellent Seasonal Buying Opportunity in Silver Lies Directly Ahead

Today I want to put a popular precious metal under the magnifying glass for you: silver. Silver, often referred to as the “little brother” of gold, has a particularly interesting seasonal pattern I would like to share with you.

Impressive Swiss Recovery After SNB Peg Removal

Retail data shows that the SNB peg removal in January 2015 as early as April 2015 with minimal adverse impact on the economy. Trade surplus showed that Switzerland had fully recovered its lost trade surplus in May and expectations crossed an important threshold into positive territory in June. CHF strengthened since May end, as the market caught wind of the Swiss recovery, and the Grexit would further strengthen the CHF if it were to occur.

The Secret History Of The Banking Crisis

Accounts of the financial crisis leave out the story of the secretive deals between banks that kept the show on the road. How long can the system be propped up for? It is a decade since the first tremors of what would become the Great Financial Crisis began to convulse global markets. Across the world from China and South Korea, to Ukraine, Greece, Brexit Britain and Trump’s America it has shaken our economy, our society and latterly our...

Social and Geographic Theories and the Euro Crisis

Weak Yen, Is it Really a Currency War?

Some journalists, like Ambrose Evans-Pritchard of the U.K.'s Telegraph and Michael Casey of the Wall Street Journal, have already claimed this to be a shot in the currency wars. Casey focuses exclusively on the BOJ activity and does not even mention GPIF.