SNB sight deposits rise to CHF 326.89bln in w/e Dec 26 vs 316.13bln prev via ForexLive

Data released by the SNB a short while ago which suggests that they've intervened to defend the 1.2000 EURCHF cap

Sight deposits are the amount of cash the commercial banks hold with the SNB and in the past when the SNB have intervened to defend the cap lender's deposits have been credited with the amount of CHF sold but it's not a 1:1 correlation. Indeed as our friend  George Dorgan highlights here the opposite has been true

USDCHF and EURCHF both have had a small rally on the data to 0.9885 and 1.2036 but dropping back a little as I type

Ful SNB release here

On Dec 18 the central bank surprised the markets by introducing a negative interest rate on these sight deposits effective Jan 22

Jordan – SNB still propping up EURCHF

posted via ForexLive