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Uptick in site deposits puts the spotlight on SNB intervention in the franc

Has the SNB started to intervene

The weekly site deposit data from the Swiss National Bank showed a small uptick but with some perspective, it’s a notable turn.

Bloomberg highlights the bump and what looks like a bid to keep EUR/CHF above 1.10.

I don’t think SNB is going to make a strong stand at 1.10 but expect them to cushion any falls in the pair unless there is a big run on risk assets.

SNB Sight Deposits Increased, 2016-2019

SNB Sight Deposits Increased, 2016-2019

- Click to enlarge


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