Australian and New Zealand dollars sink

The Australian and New Zealand dollars sank to fresh multi-month lows on Monday as deepening concerns that the eurozone's debt crisis will dampen global growth undermined shares and commodities. The Aussie extended its losses to $0.9592, diving to 10-month lows, having already dropped nearly 10 percent in September, the largest monthly drop in three years since the peak of the global financial crisis. It last traded at $0.9609.
The next level of major support is around $0.9535-75, with resistance at $0.9690. The Australian dollar, which is particularly sensitive to news from China, its key export partner, suffers from a recent sell-off in Asian currencies. Foreign investors have been pulling back from emerging markets currencies on mounting concerns another global credit crunch may be looming. The Australian dollar is often taken as a proxy for Asian currencies. The kiwi struggled around $0.7584, having struck a fresh 6-month trough of $0.7575.