SYDNEY: The Australian and New Zealand dollars nursed losses on Friday after a hotter-than-expected US inflation rekindled fears of more US rate hikes, and weak data from China, the Antipodean economies biggest export market, kept sentiment fragile.
The Aussie held at $0.6325, after plunging 1.56% overnight to just a touch above its 11-month low of $0.6287 hit earlier this month. It is down almost 1% for the week, with major resistance at about 64 cents.
The kiwi was down at $0.5919, having slid 1.5% overnight. It is on track for a 1.2% weekly decline, with support at $0.5860 and resistance around 60 cents.
Overnight, US consumer prices came in hotter than expected, hammering markets that had begun to believe that US rates had peaked after recent dovish guidance from Federal Reserve officials. Treasury yields resumed their climbs and the dollar remained firm.
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