SNB site deposit rose by CHF 1.7B to a record CHF 581.2B last week. That’s also the biggest weekly rise since May 2017. The large jump argued that the central bank could have been intervening in the currency market last week.
ECB’s dovish policy was the trigger in the surge in Franc’s exchange rate versus Euro. At the same time, ECB is widely expected to finally announce an easing package with a rate cut in September.
For now, there is no sign that SNB would set another floor for EUR/CHF yet. And it’s believed that SNB is looking at the speed of the exchange rate move, rather than a specific figure.