Swiss Weekly Sight Deposits (w/e Oct 23) Total: 434.743bln (prev. 457.01bln); Domestic 434.743bln (prev. 435.36bln)

Swiss Weekly Sight Deposits (w/e Oct 23) Total: 434.743bln (prev. 457.01bln); Domestic 434.743bln (prev. 435.36bln)

Weekly sight deposits are the standard proxy for SNB balance-sheet intervention: rising totals have historically signalled franc-buying operations to lean against appreciation, while falling totals have accompanied periods of FX selling or reserve rundown. The composition matters more than the headline here. Domestic sight deposits are essentially flat, while the total has fallen sharply, which points the entire decline at the non-domestic component rather than at liquidity conditions for Swiss banks. Episodes where the total falls with domestic stable have tended to reflect settlement or valuation mechanics rather than a shift in intervention stance, whereas a sustained drop in domestic deposits is the tell that policy operations have changed. The sequence to watch is whether the next few prints extend the move in the same component, since single-week swings in this series have frequently reversed. For franc pairs, the established pattern is that persistent deposit growth, not one week's contraction, is what has historically read through to the currency.