SYDNEY: The Australian and New Zealand dollars found support on Monday after a slide last week, helped by better-than-expected Chinese data but central bank meetings this week are seen as posing downside risks.
The Aussie edged up 0.1% to $0.6564, after losing 1% last week to test support at the 200-day moving average of $0.6559. A clear break below there would open the door to $0.6477, a low from early March.
The kiwi dollar gained 0.2% to $0.6095. It lost 0.8% last week and at one point fell as low as $0.6081. Its 200-day moving average of $0.6079 is proving to be support for now.
Data showed on Monday China’s factory output and retail sales beat expectations in the January-February period, marking a solid start for 2024 and offering some relief to policymakers and investors.
The Australian dollar is often sold as a proxy for the China’s economic fortunes.
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