FX strategist at Scotiabank cites the relative stability of EUR/CHF (above and around 1.06) in the past two weeks while turmoil in markets elsewhere
- suggestive of SNB intervention to hold off strength in the Swiss franc
Scotia say sight deposits have risen steadily since the beginning of 2020 - "indicating intervention". Also make note of the re-inclusion of the SNB on US Treasury Department FX watch list