The AUD/USD pair broke down of its intraday consolidative trading range and refreshed daily lows, around the 0.7725-20 region during the early European session. Following a rather muted reaction to the release of the RBA meeting minutes, the pair witnessed some fresh selling and was pressured by a combination of factors. Investors turned caution following the suspension of the Oxford/AstraZeneca coronavirus vaccine in several European nations. This acted as a key headwind for the perceived riskier aussie.
On the other hand, the US dollar remained well supported by the prospects for a relatively faster US economic recovery. Apart from this, a sudden pick-up in the US Treasury bond yields provided an additional boost to the greenback. This was seen as a key factor behind the AUD/USD pair's latest leg of decline over the past hour or so.