Swiss Weekly Sight Deposits (w/e Sept 11) Total: 451.6bln (prev. 452.6bln); Domestic 427.24bln (prev. 424.97bln)

The current split, a marginally lower total alongside higher domestic deposits, is the kind of small divergent move that in past quiet periods has reflected routine liquidity operations, maturing SNB bills and quarter-end or payment flows rather than FX intervention, which has tended to show up as larger and more persistent jumps. In episodes where the SNB has actively leaned against franc strength, the weekly series has moved decisively and for several consecutive prints, so single-week wobbles of this size have rarely carried signal on their own. The figures land in a period where the SNB's stated preference has been rate policy over intervention, and where it has at times been a seller rather than buyer of foreign currency, which changes how the series is read relative to the classic appreciation-fighting episodes. The tell going forward is persistence: a run of rising totals alongside franc strength would re-open the intervention question ahead of the next policy decision. As a standalone print, the signal content is low.