Excerpt from: GFT News
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| February 19, 2009 | | Swiss franc in forex trading | One of the more interesting developments today will be with regard to the Swiss franc in forex trading. In one of the drama-laden stories of the financial sector, Swiss bank UBS has agreed to release some of the names of its U.S. offshore banking clients to the IRS. This comes after months of wrangling, the publication of a decision to close the Swiss accounts of U.S. citizens.
The idea that secret Swiss banking could no longer be a secret has many concerned. After all, the whole point of having a Swiss bank account -- and parking your assets there -- is that no one knows who you are. All that could be changing.
Chances are, such a change would also affect the Swiss franc. The euro is gaining steadily against the franc right now, and other currencies are making their moves. After all, how can something be a safe haven if the secret is no longer safe?
| Topic Tags: currencies, forex trading, franc forex trading, IRS, Swiss bank account, Swiss banking, Swiss franc, UBS | |
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