Uptick in site deposits puts the spotlight on SNB intervention in the franc
Has the SNB started to intervene
The weekly site deposit data from the Swiss National Bank showed a small uptick but with some perspective, it's a notable turn.
Bloomberg highlights the bump and what looks like a bid to keep EUR/CHF above 1.10.
I don't think SNB is going to make a strong stand at 1.10 but expect them to cushion any falls in the pair unless there is a big run on risk assets.