The Swiss had another trip to the polling stations yesterday 13 Feb
- EU Commission very disappointed by Swiss vote on corp tax
- result means we have to redouble our efforts
- has an impact on on-going work with EU
- will consult with EU member states as to how to best proceed
The Swiss yesterday voted on a range of issues inc immigration but Moscovici's comments refer to the rejection of an overhaul of their corporate tax system. The No vote was a slap in the face for the Swiss govt who are trying to abolish ultra-low tax rates for a large amount of multinationals without forcing them all to pack up and head home.
I covered the immigration issues in a post yesterday.
USDCHF has remained underpinned after last week's strike by the SNB lifted the pair and EURCHF out of immediate pressure but sellers are still capping further progress.
