Sterling drops broadly today as weak UK retail sales data argues that the expected consumption drag from high inflation might have arrived already. Aussie is currently the second worse for the day, then Kiwi. On the other hand, Dollar is rebounding broadly, followed with help from risk aversion again. Yen also strengthens slightly in tight range while Euro is also steady. Canadian little gives little reaction to retail sales data. Technically, EUR/GBP has finally break through 0.8379 resistance today, but that's more about the Pound's selloff than Euro's strength. Anyway, further rise is now expected back to 0.8511 resistance. Firm break there will reaffirm the case of medium term bottoming at 0.8201. A key to such development would be on downside acceleration in GBP/USD below 1.29 handle. In Europe, at the time of writing, FTSE is down -0.67%. DAX is down 1.42%. CAC is down -1.50%. Germany 10-year yield is up 0.010 at 0.956. Earlier in Asia, Nikkei dropped -1.63%. Hong Kong HSI dropped -0.21%. China Shanghai SSE rose 0.23%. Singapore Strait Times rose 0.38%. Japan 10-year JGB yield dropped -0.0042 to 0.250. | 