GNOMES OF ZURICH
Colloquial and disparaging term denoting Swiss bankers. In 1964, politician George Brown conceived the term in a meeting over the swiftly dropping of the sterling’s value which was part of a currency crisis. British labor ministers believed the foreign exchange speculation activities of Swiss banks caused its devaluation. The term was used again in 2010 when the global financial crisis pressed financial instability in Europe.
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ECONOMIC CALENDAR
| Time | Country | Indices | Period |
|---|---|---|---|
| 07:00 | Leading Indicators | May | |
| 10:00 | Ifo Business Climate Index | Jul | |
| 10:00 | Ifo Current Assessment | Jul | |
| 10:00 | IFO - Expectations | Jul | |
| 10:00 | Private Sector Credit | Jun | |
| 10:00 | M3 Money Supply | Jun | |
| 12:00 | CBI retail sales volume balance | Jul | |
| 14:30 | Durable Goods Orders | Jun | |
| 01:01 | BRC Shop Price Index | Jul |
