Swiss sight deposits w/e 23 Jan CHF 365.49 bln vs 339.614 bln prev

Highest one week rise since March 2013

Notable increase in the full week after the SNB removed the EURCHF 1.200 floor and increased negative interest rates further

Safe haven flows noted but the SNB can expand sight deposits through fx swaps and re-purchases of its own debt

Jury will be out on whether that’s intervention

USDCHF 0.8798 EURCHF 0.9876

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