SNB spokeswoman said to have declined to comment on rise in sight deposits

Bloomberg reports

Well to be fair, I don’t think there is much to comment on. As mentioned at the time of the data release, it was more of a slight increase and doesn’t hint at anything too drastic i.e. likely no major intervention by the SNB.

I wouldn’t expect the SNB to come out to say anything about that – even if they did intervene – and especially now after the whole currency manipulation watch list drama last week.

To cut short the drama, don’t be bothered by the comments and what not. Just focus on the numbers and the figures instead. EUR/CHF is keeping at levels last seen since April 2017 and so far there isn’t any major indication of the SNB stepping in just yet.

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