Weekly sight deposits up by another CHF2bn to now CHF452.5b This suggests that the SNB has bought another CHF2bn worth of foreign currency, putting the total in recent weeks to about CHF9bn.
So far the market has taken evidence of intervention as a EURCHF positive. However, the apparent ‘leaning against the wind’ could ultimately risk to get speculative money betting the other way if the central bank approach was seen as weak