The Australian and New Zealand dollars pared recent gains on Wednesday after both failed to clear stiff chart resistance, while investors awaited more clarity about the pace of growth in the US and Chinese economies. The Aussie drifted as low as $0.8969, from $0.9014 in early trade, after stops below 90 cents were tripped. Dealers said the market turned cautious following the Chinese yuan's recent sharp drop.
The Aussie was last at $0.8988 after an attempt to break a one-month peak of $0.9081 met stiff resistance. Dealers cited bids around $0.8960, with key resistance seen near $0.8910. The New Zealand dollar traded around $0.8322, consolidating near a high of $0.8345 touched offshore when the US dollar struggled on the back of weak manufacturing and consumer confidence data.
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