eFXdata reports that ANZ Research discusses AUD outlook and adopts a mildly bearish bias over the coming week, and a mildly bullish bias over the coming month.

"The AUD has fallen to a multi-year low, as growth differentials and concerns over the global growth outlook weigh. Asset prices and sentiment, more broadly, remain elevated, despite mounting risks as the spread of COVID-19 is scrutinised. While the aggregate numbers have been positive, isolated pockets of contagion are more worrisome and pose further downside risks to growth. We continue to favour defensive positioning as the growth outlook frays," ANZ notes.

"In the current environment, AUD will remain a liquid proxy for global risk, as markets assess the impact of COVID-19," ANZ adds.