Australian dollar falls against the US dollar despite prospects of Australia and Europe finalizing a trade agreement.

The Australian dollar fell 0.3% against the US dollar on Tuesday, as concerns over crude oil supply continued and the upward momentum gradually weakened. Australian Prime Minister Albanese met with European Commission President von der Leyen to sign the long-awaited Australia-EU Free Trade Agreement. Trump said that negotiations with Iran are progressing positively and withdrew the ultimatum; Iran said that such statements are not true. Short-term movements of the Australian dollar are dominated by news and fund flows, with support and resistance levels scattered. Australia's CPI for February will be released on Wednesday, further shaping expectations for the Reserve Bank of Australia's interest rates.