SNB Sight Deposits w/e Aug 14th (CHF): Domestic 433.52bln (prev. 432.64bln), Total 458.75bln (prev. 462.4bln)

Weekly sight deposit data remain the standard proxy for SNB FX intervention, and the read here splits along the usual line: total deposits falling while the domestic component edges higher points to a modest reduction in foreign-held balances rather than fresh franc-selling activity, since intervention in defence of a weak franc historically shows up as a jump in total sight deposits as francs are created and credited. A declining total has in past episodes been read as the SNB allowing maturing positions to run off or, at most, leaning against franc strength at the margin, and has tended to be taken as mildly constructive for the franc against the euro and dollar via the intervention-expectations channel rather than any rate signal. The distinction that matters is between noise around reserve maintenance periods and a sustained directional trend over several weeks, as single-week moves have frequently reversed and carry little signal on their own. The SNB under its current leadership has a track record of using the balance sheet actively in both directions and of communicating a willingness to sell francs when it judges the currency overvalued, which keeps this series a live tell. Worth watching are the following weeks' prints for confirmation of trend, EUR/CHF positioning against the levels that have previously drawn a response, and any commentary tying balance-sheet operations to policy ahead of the next quarterly assessment. As a data point it is incremental rather than decision-relevant.