Swiss sight deposits increase showing possible central bank activity



ZURICH, Aug 15 (Reuters) - Sight deposits held by the Swiss National Bank increased by 1.7 billion Swiss francs ($1.80 billion) last week, data showed on Monday, indicating the central bank could be intervening in the market to slow the franc's surge in value.

Total sight deposits held by the SNB increased to 751.28 billion francs from 749.61 billion francs a week earlier, according to bank data.

The rise followed a 2.5 billion franc increase a week earlier.

An increase can indicate the SNB is active in the currency markets, buying foreign currencies from commercial banks in exchange for newly created francs, thereby increasing their sight deposit accounts.

Analysts said the increase could represent a small return to the market to slow the recent appreciation of the Swiss franc, which has risen to 0.9646 francs to the euro, its highest level since January 2015. EURCHF=

The SNB has said it is prepared to tolerate a stronger franc, which keeps a brake on Swiss inflation by keeping import prices down, but it will also act if the currency became too weak or too strong.

The central bank declined to comment on Monday.

"Looking at this weeks and last week’s rise in sight deposits there is indeed the possibility of interventions to slow the rise in the Swiss franc," said UBS economist Alessandro Bee.

"However, I don’t think that the SNB is ready to put a floor on EURCHF at this level, which would imply massive interventions," added Bee, who said stronger interventions were an option if the exchange rate went to 0.95 francs to the euro.

Maxime Botteron, an economist at Credit Suisse, said it was currently difficult to determine the SNB's actions due to it providing liquidity to commercial banks through repurchase agreements (repos).

"Any FX purchases remain unlikely with the current level of inflation. As long as inflation remains elevated, I see very little chance for the SNB to buy foreign currencies," Botteron said. ($1 = 0.9463 Swiss francs)
Reporting by John Revill; Editing by Alison Williams

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。

所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。

本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。

風險提示:您的資金存在風險。槓桿商品並不適合所有客戶。請詳細閱讀我們的風險聲明