BBDXY Through Yesterday’s Base

The USD finds itself at the bottom of the G10 pile.

• The BBDXY is through yesterday’s lows as a result with the larger than expected uptick in the weekly U.S. IJC print (the largest single seasonally adjusted weekly increase since mid-Jul 2021) and hawkish speak from SNB President Jordan in the driving seat during the NY morning.
• The former has pushed U.S. yields lower, in a bull steepening move, while FOMC-dated OIS pricing hovers closer to post-data lows than early session highs (7bp of tightening showing for next week, a cumulative 18.5bp of hikes through July, followed by ~30bp of cuts through year end.
• NOK & CHF outperform within G10 FX, while the CAD struggles against the remainder of the G10 sphere, save the USD.
• USD/CHF has breached uptrend support drawn off the 4 May lows, hovering around CHF0.9000 at typing, narrowing in on the 50-dma at 0.8993 for direction.
• The BBDXY moves further away from multi-week highs lodged around the turn of the month.