Swiss Weekly Sight Deposits (w/e Oct 2) Total: 456.39bln (prev. 464.24bln); Domestic 432.59bln (prev. 433.12bln)

Weekly sight deposits are the standard proxy for SNB balance-sheet activity in the franc: rising totals have historically signalled intervention to weaken the currency, while declining totals have accompanied franc sales of accumulated reserves or simply the absence of intervention. A fall of this size in the total, with domestic deposits broadly flat, is consistent with the quieter pattern seen in periods where the SNB has been content to let the balance sheet run down rather than lean against appreciation, though weekly prints of this magnitude also reflect routine settlement and repo noise and single-week moves have rarely been decisive on their own. The more informative read historically has been the trend over several weeks, since sustained declines have tended to track phases of official franc selling, whereas choppy week-to-week moves have carried little signal. With the SNB having shifted in past cycles between buying and selling francs as inflation and safe-haven flows dictated, the deposit series is one of the few near-real-time windows into which side of that line it sits. The follow-ons of note are the coming weekly prints for confirmation of direction, alongside any SNB commentary on the franc, and the behaviour of EUR/CHF around levels where the Bank has previously shown sensitivity.