Headlines:RBA raises cash rate by 50 bps to 0.85%A couple of early reactions to the RBA rate hike todayAussie gains after the RBA does not disappoint the hawksPoof.. Just like that and the aussie gains evaporateUSD/JPY continues ascend to fresh highs in two decadesGermany April factory orders -2.7% vs +0.3% m/m expectedEurozone June Sentix investor confidence -15.8 vs -20.0 expectedMarkets:USD leads, NZD lags on the dayEuropean equities lower; S&P 500 futures down 0.8%US 10-year yields down 1.3 bps to 3.025%Gold up 0.4% to $1,848.13WTI crude down 0.4% to $118.04Bitcoin down 6.2% to $29,494The day started off with the RBA pulling off yet another unorthodox rate hike, this time by raising the cash rate by 50 bps to 0.85% – against market expectations of either a 25 bps or 40 bps move.The aussie got a jolt higher from 0.7185 to 0.7245 on the decision as bonds continue to get slammed with yields moving higher. While yields did come off a bit as risk sentiment remains iffy, the aussie saw its gains vanish completely – and quickly for that matter.The more defensive risk tones are continuing to underpin the dollar but also the continued push higher in USD/JPY is helping with general flows, as the pair seeks to extend its technical breakout from the start of the week.The high today reached 132.99 and price action continues to hold close to the highs, with the dollar also seen gaining elsewhere across the board.EUR/USD is down 0.3% to 1.0668 while GBP/USD had a bit of a seesaw session, falling from 1.2500 to 1.2430 before climbing back to 1.2530 and then falling back to 1.2480-90 levels after running into familiar resistance.As risk is keeping on the softer side, the kiwi is the main laggard with NZD/USD slipping from 0.6490 to 0.6435 during the session with the high point coming right after the RBA rate decision.