Swiss Weekly Sight Deposits (w/e Oct 16) Total: 457.01bln (prev. 156.39bln); Domestic 435.36bln (prev. 432.59bln)

The headline move sits entirely in the non-domestic component: domestic sight deposits, the series that matters, are essentially unchanged on the week. Domestic sight deposits are the traditional tell for SNB intervention, since franc-selling operations settle through the accounts domestic banks hold at the central bank; a flat domestic print therefore reads as no intervention signal. The total series is far noisier because the residual is foreign-domiciled banks' holdings, which swing on single institutions' liquidity management, corporate transactions, and reclassifications rather than policy. Near-triplings of the total with a stable domestic figure have, in past episodes of this kind, resolved as one-off banking or technical events, sometimes flagged by the SNB in accompanying commentary, rather than as any shift in the monetary stance. The read-through for CHF is accordingly minimal unless subsequent weeks show the domestic line following, which is the pattern that has historically accompanied active intervention phases. Worth noting is whether the SNB or the large Swiss banks offer an explanation, and whether the elevated foreign component persists or reverses in the next print.