Wednesday, 01 August 2012 10:15
SYDNEY/WELLINGTON: The Australian and New Zealand dollars eased from multi-month highs against the US dollar on Wednesday after China's manufacturing PMI disappointed a market already growing doubtful the Fed will do enough this week to bolster its economy.
Aussie trades at $1.0476, retreating from a four-month high of $1.0539 reached overnight. Immediate support seen around $1.0450, the low hit on Monday and the 23.6 pct retracement of the July 25-31 rally.
Kiwi around $0.8099, having pulled back from a three-month high of $0.8122 on Tuesday. Support seen at $0.8083, the 61.8 pct retracement of its February-June decline, while $0.8150 seen capping any significant upside.
Aussie lower vs kiwi at NZ$1.2936, hovering below a 5 1/2-month high around NZ$1.3080 hit in July.
China's official factory purchasing managers' index falls to an eight-month low of 50.1 in July, from 50.2 in June, suggesting the sector is barely growing. Forecasts had expected the index to edge up ...