Latest Swiss M3 data 23 May 2016

  • prev revised up from -1.8%
  • total sight deposits w-e 20 May CHF 493.6bln vs 492.8bln prev
  • domestic sight deposits CHF 420.2bln vs 419.0bln

Rise in sight depos supports suggestions of SNB smoothing again last week as I highlighted.

USDCHF 0.9887 and EURCHF 1.1109 both underpinned