Swiss Weekly Sight Deposits (w/e Sept 25) Total: 456.8bln (prev. 453.96bln); Domestic 432bln (prev. 428.03bln)

In past episodes where the SNB was leaning against franc strength through FX purchases, the weekly prints showed sustained, material expansions; small week-to-week increments of this order have more often reflected normal liquidity management, settlement flows, or seasonal cash demand. The distinction worth drawing is between the domestic and total components: a widening gap or an outsized jump in the total line has tended to flag foreign-currency operations, while parallel moves in both lines point to ordinary banking-system dynamics. Given the modest scale here, the print sits within the range where no policy inference is typically drawn. The follow-ons of note are the next few weekly prints for persistence, the SNB's quarterly intervention data for confirmation, and any shift in the franc's effective rate that would raise the intervention question anew.