Australian Dollar Weakest in G10 Overnight on July 28, RBA Chief's Hawkish Signal Fades

According to Jin10, the Australian dollar became the worst-performing G10 currency overnight on July 28, despite leading G10 currencies year-to-date. Mitsubishi UFJ analyst Lee Hardman attributed the weakness to renewed risk-off sentiment sparked by AI-related chip stock selloff and concerns over semiconductor technology advancement. RBA Governor Michele Bullock's recent remarks did not signal an imminent rate hike, further pressuring the AUD. Markets still price in one additional rate increase later this year.
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