[MARKET ANALYSIS] Quiet trade across G10s, USD looks to retrace lost ground against recent outperformers CHF and NOK

G10s lack direction against the Buck in light newsflow. GBP, CHF and NOK all lower after recent gains.
DXY is marginally firmer, but USD gains are mixed against other G10 peers. Today’s calendar sees a few Fed speakers, Logan, Schmid and Jefferson, and the data slate features Retail Sales and weekly jobless claims.
NOK and CHF are the worst performers against the Greenback, which attempts to retrace lost ground with energy prices weighing on NOK, and USD/CHF garnering support around 0.8050.
Not too much was learned from the UK GDP reading for May, which rose but fell short of expectations. Sterling awaits incoming PM Andy Burnham’s inauguration, and the potential confirmation of Mahmood for Chancellor. The pound rallied on Wednesday after a number of outlets reported that Mahmood was set for the Chancellor role. UK Press today highlights how she contested hard-left economic proposals under former opposition leader Corbyn, while also highlighting her lack of experience in economic roles; one UK bank executive noted that they were still in the dark on economic, fiscal or financial positions. GBP/USD is holding onto gains just above the 1.35 mark.
EUR is flat against the USD and slightly firmer against GBP, with bloc-specific newsflow light. After rising from the 21DMA on Wednesday, EUR/USD technicals are also light ahead of 1.15, where the pair should encounter resistance. For now, EUR trades within a narrow 1.1460-74 range. EZ calendar light with ECB on its quiet period ahead of its policy meeting next week.