Forex Flash: If China GDP offers no downside surprise, AUD/USD has potential to kiss 1.04 - NAB (Barcelona) - China YoY growth number are seen dipping below the 7.5% target growth rate, to 7.4%, according to NAB Economics. QoQ, a reading of 1.8% is expected in the third quarter.

NAB adds: "Providing there are no significant downside surprises in today’s data we expect the verdict to be that growth has probably toughed in Q3, with the recent pick up in broad money growth and the PBoC’ broader ‘social financing measures suggesting that growth should now start to reflect improved financing capability."

If NAB base case is right, "this is likely to add an additional layer of support under the recent revival in demand for the AUD (and NZD) and quite possibly pushing us onto a 1.04 handle for the AUD/USD rate during our time zone."