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Odd "origin" in sketch?

Question asked by Gordon Rigg on Feb 19, 2020

The coordinate origin is on the blue dot.
The sketch is on the front plane that passes through the origin.
Am I right in thinking the red 90 degree arrow symbol is usually lined up with the origin?

How come here it is displaced in Y, but appears to be in line in X?
What does it indicate?
I have searched for local coordinate systems displaced from the part origin, but never found that as a function in solidworks. A useful but sometimes confusing feature of other cad systems.