 Dollar saw a significant rebound overnight, a rally that carried on into the Asian trading session today. This surge is mainly attributable to short covering, particularly as central bank rate hikes this week failed to drive an extended selloff in the greenback. In fact, Dollar is currently the second strongest performer for the week, closely trailing Canadian. However, the possibility of a shift in this ranking by the week's end remains on the table. Japanese Yen, on the other hand, is experiencing a momentum pick-up in its decline. Yet, the selloff seems mostly concentrated against Dollar. The Japanese currency currently ranks as the third worst performer, following the Australian and New Zealand Dollars. Australian Dollar is being dampened by risk aversion within Asia, reflected in its joint weakening with the Hong Kong's HSI. This shared downturn is being interpreted as a lack of confidence vote in the Chinese economy. As for European majors, they are currently mixed, with Sterling showing a slight lower hand. Both Euro and Pound will be looking to today's PMI data for further inspiration. Meanwhile, USD/JPY's rally is worth a note. Purely from a technical standpoint, break of the medium term channel resistance suggests upside acceleration. Clearing of 61.8% retracement of 151.93 to 127.20 at 142.48 could also set the stage for further rise back to retest 151.93 high. Nevertheless, it's unsure at what level Japan will intervene. In Asia, Nikkei closed down -1.45%. Hong Kong HSI is down -1.64%. Singapore Strait Times is down -0.70%. Japan 10-year JGB yield is down -0.0044 at 0.374. Overnight, DOW rose 0.37%. S&P 500 rose 0.95%. NASDAQ rose 0.95%. 10-year yield rose 0.076 to 3.799. | 
