SYDNEY/WELLINGTON: The Australian and New Zealand dollars were off recent multi-month lows against their US counterpart on Monday, but remained vulnerable to further deterioration in risk sentiment.
The Aussie paused at $0.9630, from $0.9645 in New York on Friday, and still very near an 11-month low of $0.9593 touched last week.
Aussie kept a heavy tone on a trade-weighted basis, hovering near a one-year trough of 74.3 as the euro climbed to an 18-month peak of A$1.3460.
The New Zealand dollar edged lower to $0.8072, from $0.8106 in early trade, weighed by selling in the NZD/JPY. Support was found at $0.8006, the 8-1/2-month low touched Thursday. Resistance was seen at of $0.8170.
Antipodean currencies have fallen more than 5.5 percent this month on speculation the US Federal Reserve may soon scale down its massive stimulus programme.
Currency speculators increased bets against the Aussie last week, with net short positions jumping to 32,409, from 13,450, a week earlier, according to data from the Commodity Futures Trading Commission.
Concerns about a slowing economy in China and falling commodity prices have also contributed to markets narrowing the odds for further easing in Australia. Investors were giving a 22 percent chance of a follow-up rate cut in June to a record low of 2.5 percent.
Aussie near-term support seen at last week's low and more solidly at the 2012 trough of $0.9581. A break would open the way to $0.9388, the weakest since October 2011. Immediate resistance seen at $0.9700.
Aussie kept at multi-year lows against its kiwi cousin, Swiss franc and Canadian dollar.
Trading activity was thinned due to holidays in the United States and Britain on Monday.
Economic data in Australia and New Zealand will be fairly light this week with Australia due to release on Thursday private business investments. Investors will be looking at the health of the non-mining sector.
New Zealand has building, terms of trade, and business sentiment.
New Zealand government bonds were largely quiet along the curve.
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