Forex Flash: AUD/USD unable to be categorised as ‘risk-on’ or ‘risk’-off’ - NAB

After briefly breaking through 1.0250 in late NY session, the pair has rebounded over 20 pips off lows following strong buying interest emerging, only to trade vulnerable again at 1.0255. According to NAB strategist, the "renewed selling of AUD/EUR is part of the story here" which helps to explain the heaviness on the AUD/USD.

NAB adds: "Today, the AUD looks like continuing to trade quite heavily and unable to be neatly categorised as either a ‘risk-on’ or ‘risk’-off’ currency. The scaling up of expectations for a March rate cut yesterday (57%), aided by the weak housing approvals data, is currently one source of pressure on the currency."