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SNB Kept Up Currency Buying Amid Persistent Pressure on Franc
Sight deposits at the Swiss National Bank ticked higher last week, evidence of officials’ commitment to keep the franc in check in light of increased haven pressure. The amount of cash commercial banks have parked with Switzerland’s monetary authority increased by 4 billion francs ($4.1 billion) last week to 674 billion francs, data on Monday showed. That’s the smallest nominal rise in a month. Economists keep a close eye on the SNB’s sight deposit figures to help gauge the scope of its foreign exchange interventions to prevent the franc from strengthening too much. Liquidity operations under the SNB’s ... (full story)