This increase suggests that the SNB was again actively looking to weaken its currency which is widely seen as a safe haven currency. As the FED and the ECB both suggest that they are looking to weaken policies the CHF has been going up in demand, pushing its value up which reached a two-year high against the euro last week. To counter this the SNB has been buying foreign currencies with newly created francs to ease the upward pressure on the local currency. “I think the SNB was intervening in the market last week — this was the biggest weekly increase in sight deposits since May 2017. This is a clear sign the SNB was active in the market,” said Credit Suisse economist Maxime Botteron.

On Thursday Purchase Management Index is released and on Friday Consumer Price Index. Both are expected to show a contraction as concerns about the wider economic activities continues to have an impact. FX Street expect Consumer Confidence data on Friday to drop to negative territory which historically has caused movement for the currency making it cheaper to buy.

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