CHF has been a bigger underperformer, with a dovish Swiss National Bank that no longer targets a stronger CHF adding pressure on the currency, and we think it may be too early to pick a bottom.

USD/JPY touched 152.00, continuing to test Japan’s FX intervention tolerance. This may still be only a ‘verbal intervention’ range, with another USD/JPY leg higher needed for actual FX intervention to be deployed (perhaps closer to 155.00). Remember that Japanese authorities look at the rate of change more than levels.