As has been widely reported by the analyst community and acknowledged by the Swiss central bank, FX intervention to limit CHF strength has picked up markedly since Covid-19 went global in March. Negative rates and FX intervention remain the central bank's core tools of monetary policy and with the policy rate already at -0.75%, the intervention has had to do the heavy lifting. While not being a perfect indicator of the size of FX intervention, the change in total CHF sight deposits suggests the SNB may have spent as much as CHF80bn in trying to limit CHF strength this year. Operationally this means buying EUR/CHF. ... (full story)