Sean has been all over this story like a rash of late, and it may be turning his way. The Swiss foreign minister is quoted on Reuters as saying he is considering “wider cooperation” with the US on tax matters.
Once the Swiss begin cooperating with one tax authority, it will have to cooperate with all others, and the mystique of Swiss bank secrecy will lost to the ages. This is a potential big blow to the franc. EUR/CHF is not far from session lows, now at 1.4606. It traded as high as 1.4699 this morning.
