Forex Flash: AUD/USD likely to remain under pressure in the near term – UBS

FXstreet.com (Córdoba) - The AUD/USD fell 0.3% from 1.0250 to 1.0220, after China's HSBC flash manufacturing PMI dipped to a two-month low of 50.5 in April from 51.6 in March, much lower than market expectations of 51.5, according to the UBS analyst team. "Of particular concern, the sub-index for new export orders fell below 50 to 48.6, reflecting weak external demand".

"Given renewed signs of deceleration in the Chinese economy, the AUDUSD is likely to remain under pressure in the near term, on the back of renewed speculation of an RBA rate cut", UBS says.