The Australian and New Zealand currencies retreated from seven-week highs on Thursday after a disappointing report on Chinese manufacturing activity overshadowed unexpectedly strong New Zealand economic growth numbers. The kiwi traded at $0.7978, having earlier hit a seven-week high around $0.8017 after the country grew a startling 1.1 pct in first quarter.
That was the quickest pace in five years and more than twice what analysts had predicted. The kiwi strongly outperformed the Aussie, which slipped 0.5 percent on the day to NZ$1.2730. Versus the greenback, the Aussie was at $1.0161, down from a seven-week peak of $1.0225 set overnight. Strong resistance was seen in the $1.0215/25 area, ahead of the 200-day MA at $1.0250, traders said. Both Antipodean currencies had risen on Wednesday on hopes the Federal Reserve will add more stimulus into the economy.
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