Forex Flash: AUD/USD still holds bearish scope - Westpac

FXstreet.com (San Francisco) - According to the Westpac Global Markets Strategy Group, the upcoming run of Chinese data is likely to add to concerns about the outlook for growth in the region, despite the better tone to iron ore and steel markets in recent weeks. "The recent downgrade of IMF China GDP forecasts arguably adds to that view," Westpac says in a research note.

Westpac adds: "We continue to see AUDUSD targeting the 0.98-1.00 region. Further losses should be avoided with help from a dovish Federal Reserve. Any initial squeeze towards 1.03 would be a clear selling opportunity."

AUDUSD now exchanges 1.0260.