Despite stabilizing around $0.695, the Australian dollar remains under pressure as a sign of global recession due to aggressive monetary tightening drags on commodity prices and related assets. Furthermore, Australian 10-year yields hovered near eight-year highs above 4%, providing some support to the currency. A 50 basis point rate hike by the Reserve Bank of Australia surprised markets at its June meeting, citing accelerating consumer prices and a resilient economy as reasons for its action. It committed itself to "doing whatever it takes" to curb surging inflation. Rates are expected to rise by 50 basis points several times by year's end to levels not seen in a decade, based on futures markets.