Broad Money (M3)
June 25, 2026 at 10:00
1,170,023 CHF mn
FXMacroData.com prepares traders and analysts for a critical data release from Switzerland: the Broad Money (M3) figures for June 2026. Scheduled for announcement by the Swiss National Bank (SNB) on June 25, 2026, at 10:00 CET, this upcoming report follows a discernible trend of contraction, with the last recorded M3 standing at 1,170,023 CHF mn as of March 31, 2025.
Money supply indicators like M3 offer crucial insights into the health of an economy, reflecting liquidity conditions, credit growth, and potential inflationary or deflationary pressures. For CHF-denominated assets and currency pairs, the trajectory of Switzerland's broad money supply is a significant barometer, influencing market expectations for SNB monetary policy and the overall economic outlook.
Recent Readings
What Broad Money (M3) Measures
Broad Money (M3) represents the most comprehensive measure of the money supply within an economy. It encompasses not only physical currency and highly liquid deposits but also less liquid assets, providing a holistic view of the total amount of money circulating. Specifically, M3 includes M1 (currency in circulation and overnight deposits), M2 (M1 plus deposits with an agreed maturity of up to two years and deposits redeemable at notice of up to three months), and adds repurchase agreements, money market fund shares/units, and debt securities with a maturity of up to two years.
The Swiss National Bank (SNB) is the primary reporting body for Switzerland's monetary aggregates, compiling M3 data from the balance sheets of commercial banks and other financial institutions. Traders and analysts closely monitor M3 because it serves as a key gauge of overall liquidity in the financial system, credit availability, and the potential for future inflation or deflation. A robust M3 expansion often suggests healthy economic activity and credit growth, potentially leading to inflationary pressures, while a contraction can signal tightening financial conditions, reduced credit, and disinflationary or even deflationary risks.
Recent Trend Analysis
Switzerland's Broad Money (M3) has exhibited a notable downward trend in recent months, culminating in the last reported figure of 1,170,023 CHF mn for March 31, 2025. This represents a significant contraction from the 1,202,936 CHF mn recorded just seven months prior in October 2025, marking an overall decline of 32,913 CHF mn.
Analyzing the monthly data reveals a general pattern of erosion, albeit with minor intermittent rebounds. Starting from its peak in October 2025, M3 fell to 1,193,297 CHF mn by September 2025, a decrease of 9,639 CHF mn. While August 2025 saw a slight uptick to 1,196,779 CHF mn, the general trajectory resumed downwards, with subsequent readings of 1,192,379 CHF mn in July 2025, 1,184,341 CHF mn in June 2025, and 1,175,485 CHF mn in May 2025. Another minor rebound was observed in April 2025, reaching 1,178,403 CHF mn, before the latest decline to 1,170,023 CHF mn in March 2025. This sustained contraction, despite minor monthly fluctuations, underscores a clear trend of diminishing broad money supply within the Swiss economy.
What This Means for CHF
The persistent contraction in Switzerland's Broad Money (M3) carries significant implications for the Swiss Franc (CHF). A falling M3 typically signals reduced liquidity in the financial system and can be indicative of tightening credit conditions or declining economic activity. Such an environment often fosters disinflationary or even deflationary pressures, which could prompt the Swiss National Bank (SNB) to consider maintaining an accommodative monetary policy stance, or even exploring further easing measures, to stimulate the economy and combat negative price pressures.
A dovish SNB outlook generally translates to a weaker CHF. Traders will be closely monitoring the upcoming June 2026 release for any continuation or reversal of this downward trend. Should M3 continue to contract, it would likely reinforce bearish sentiment for the CHF, particularly against major counterparts. The most sensitive currency pairs include USD/CHF, EUR/CHF, and GBP/CHF. EUR/CHF often exhibits a strong correlation due to Switzerland's close economic ties with the Eurozone. A reading for June 2026 significantly below the last recorded 1,170,023 CHF mn would likely put renewed downward pressure on the CHF, with traders watching for a potential breach of key support levels in these pairs.
Monetary Policy Context
The recent trajectory of Switzerland's Broad Money (M3) is a critical factor in the Swiss National Bank's (SNB) monetary policy calculus. The SNB's primary mandate is to ensure price stability, while taking into account economic developments. A sustained decline in M3, as observed from October 2025 to March 2025, raises concerns about potential disinflationary or deflationary risks, which directly challenge this mandate.
In response to such trends, the SNB might find itself under increasing pressure to adopt or maintain a more accommodative monetary policy. While the SNB has been proactive in adjusting rates to manage inflationary pressures in the past, a weakening money supply suggests the focus could shift towards supporting liquidity and economic growth. Recent communications from the SNB have consistently emphasized their readiness to intervene in currency markets or adjust policy as necessary to achieve price stability. Should M3 continue its downward path, the SNB's rhetoric could pivot towards signalling increased willingness for quantitative easing or even rate cuts, especially if the economy shows signs of slowing. Although the SNB does not typically announce specific M3 thresholds, a persistent decline below levels associated with healthy economic growth, such as the 1,200,000 CHF mn mark seen recently, would likely trigger a strong policy response.
What to Watch in the June Release
The upcoming Broad Money (M3) release for June 2026 will be closely scrutinized by market participants for signals regarding Switzerland's liquidity conditions and the SNB's potential policy direction. Given the last recorded M3 figure of 1,170,023 CHF mn for March 2025, traders will be keen to see if the falling trend persists, reverses, or stabilizes.
- Beat Expectations (M3 higher than 1,170,023 CHF mn): A reading significantly above the last figure would signal a halt or even a reversal of the recent contraction. This could be interpreted as a positive development, suggesting improving liquidity and reduced deflationary risks. Such a scenario would likely lend support to the CHF, as it could temper expectations for further SNB easing. A move above 1,180,000 CHF mn would represent a meaningful upside surprise, suggesting a more robust rebound.
- Miss Expectations (M3 lower than 1,170,023 CHF mn): A continued decline in M3 would reinforce the existing falling trend, intensifying concerns about disinflation and economic slowdown. This would likely be bearish for the CHF, increasing pressure on the SNB to consider more accommodative measures. A reading below 1,160,000 CHF mn would be considered a strong miss, indicating a significant and persistent contraction in broad money.
- Match Expectations (M3 around 1,170,023 CHF mn): A print close to the prior reading might initially be seen as stabilization. However, following a period of sustained decline, stabilization at a lower level could still be interpreted as a weak signal, implying that underlying liquidity concerns remain unaddressed. This scenario would likely be neutral to slightly negative for the CHF, as it would not alleviate concerns about the broader economic trajectory.
Track This Release
Access the full Broad Money (M3) time series for CHF via the FXMacroData API:
curl "https://fxmacrodata.com/api/v1/announcements/chf/broad_money?api_key=YOUR_API_KEY"
See the Broad Money (M3) endpoint documentation for full details, or explore the live dashboard.
