Weekly SNB deposit report now out 13 March
- domestic sight depos CHF 467.42bln vs 471.48
Total sight depos inc other depos on sight in CHF.Sight depos are the accounts of commercial banks with the SNB and make up a large part of the banking system's liquidity. The SNB increase sight deposits by FX swaps and repos of its own debt.
This can indicate SNB intervention to weaken the franc but these figures don't support the large rise in EURCHF in the past week so we can also point the finger at general euro demand.
EURCHF currently feeling the heat of the general euro retreat though at 1.0775 with USDCHF also falling to 1.0096 after the heady highs of 1.0825 posted in early European trading.
