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Forex Flash: AUD supported as market prices out March RBA cut - NAB

The Aussie dollar has been trading on a firm tone, "buoyed by what the market interpreted as a less dovish tone from the RBA Board Minutes yesterday" the NAB team notes.

"In our view, the RBA remains anxious but the market pricing of only a 25% chance of a cut after the Minutes for March looks tobe pretty fair. Today, AUD starts the Asia pacific session close to the NY session highs and may draw some further support this morning if March RBA rate cut expectations recede further" the bank adds.

Japan Adjusted Merchandise Trade Balance ¥-678.909B in Jan

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Forex Flash: Stay long EUR/AUD - JPMorgan

AUD/NZD is approaching key support at 1.2100/1.1933 (July‘10/Oct’09 lows), level where, according to Niall O'Connor, currency strategist at JPMorgan, "some retracement to the one-way decline over the past several weeks can develop", adding that the setup "is also in line with the oversold and diverging momentum setup on a daily and weekly basis."
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