A very wild European session of trade despite the lightened calendar, with weaker than expected UK construction PMI hardly factoring into price action. The market was initially shaken early on in Asia with the much less hawkish than expected RBA statement after the central bank raised rates 25bps as widely anticipated to 3.50%. However, it was some elevated concerns over a deterioration in the financial sector that really got things going.

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Less Hawkish RBA and Deterioration in Financials Triggers Widespread Currency Liquidation