Via SNB
Domestic sight deposits CHF 634.2 billion
- prior 632.4 billion
Sight Deposits have risen by +1.1 bn CHF. This means that the SNB is intervening and buying Euros and Dollars. We saw some sharp moves last week in the EURCHF and USDCHF pair on light news flows. It was most likely the SNB intervening and the increase in total deposits is the smoking gun. I can see this getting tricky for the SNB if we see a prolonged global downturn.