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Switzerland: Walking toward November 30th Gold Referendum

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Forex traders will be watching todays US payroll report for any shift in the timing of the first Fed rate hike. Markets expect strong trend of payroll growth to continue, anticipating 235K payroll increase in October. After yesterdays ECB annoucment to expand its balance sheett EURUSD continues on it major bear trend with a target of 1.2210. USD should continue to gain as the Fed shift toward a hawkish tone and other G10 central banks become increasingly more dovish. Key trading strategy should remain long USD verse just about everything. Elsewhere, as the November 30th « Save our Swiss Gold » referendum approaches, the recent polls continue showing balanced results. According to an end of October poll in a Swiss popular newspaper “20 minutes”, the chances for a “no” vote is still 47%, verse 38% “yes” and 15% left to decide. The poll results from the Institute gfs.bern are even more alarming, with 44% preference for a “yes” vote, 39% “no” and 17% undecided. At this stage, it is still difficult to predict the direction Swiss people will favor. Swiss voters will examine closely the voting material “easyvote”, weigh pros and cons and voice their preference. The advertisement to “Save the Swiss Gold” already decorate Swiss streets’ panels. Yes or no: It is time to play it intelligent for the Swiss voters. One thing is clear: the official recommendation is unquestionably negative.
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