While FX traders and some hedge funds go long the EUR/CHF, sight deposits show a completely different picture. Sight deposits at the SNB rise by 2 bln. francs (see details) in one week, M1 by 1.5%, M3 by nearly 10 bln. (nearly 2%) francs in one single month (see details). In normal circumstances this would imply upcoming SNB rate hikes (see explanation).
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Tags: M1,M3,sight deposits,Swiss National Bank