In today's currency markets, Australian Dollar is notably weaker across the board, a development that comes as a surprise considering the hawkish tone of the latest RBA Statement on Monetary Policy. The statement, which leaned towards the possibility of another rate hike, seemed insufficient to bolster the Aussie. Factors such as global risk aversion and specific worries about China's economic recovery path significantly overshadowed RBA's more aggressive policy outlook. Meanwhile, Dollar is showing renewed vigor. The greenback's strength is partly attributed to a rebound in 10-year Treasury yield, a response to Fed Chair Jerome Powell's recent hawkish comments. Sterling, on the other hand, is experiencing some softness as market participants eagerly await release of GDP data. This upcoming economic indicator is crucial for reviving the chance of another BoE rate hike in the near term. In a broader weekly perspective, Dollar stands out as the strongest currency, maintaining its lead despite not yet breaking through the highs of the previous week. Swiss Franc and Euro are trailing behind, drawing strength from their resilience against Sterling and various commodity currencies. Contrarily, Australian Dollar finds itself at the bottom of the performance chart, trailed by New Zealand Dollar and Japanese Yen, with Canadian Dollar exhibiting a mixed performance. Technically, GBP/USD's break of 55 4H EMA now argues that recovery from 1.2068 has completed at 1.2426. That came just ahead of 38.2% retracement of 1.3141 to 1.2036 at 1.2458. Rejection by 1.2458 keeps outlook in GBP/USD for declining through 1.2068 to resume the whole fall from 1.3141. Firm break of 55 4H EMA in EUR/USD will affirm the underlying bullish momentum in Dollar, and help drags GBP/USD lower towards 1.2068 next. In Asia, at the time of writing, Nikkei is down -0.38%. Hong Kong HSI is down -1.59%. China Shanghai SSE is down -0.45%. Singapore Strait Times is down -0.85%. Overnight, DOW dropped -0.65%. S&P 500 dropped -0.81%. NASDAQ dropped -0.94%. 10-year yield rose 0.107 to 4.630. | 