The AUD has been under pressure all session as a series of bad news events like the Chinese property market, Chinese PMI, Argentina’s debt situation and the ECB bank statements all weighed on the so-called risk trades. The market has been unable to break below corporate bids around .8370 but any indication that the RBA is set for a longer than expected pause could see those bids filled in pretty quickly. The few traders I’ve spoken with this morning don’t see much risk in being short AUD today, and that in itself might be risky.