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SINGAPORE: The Australian and New Zealand dollars hovered below recent peaks on Monday as traders wait to see whether upcoming Australian inflation data will match a red-hot reading in New Zealand that lifted yields and the currencies last week.

The Australian dollar crept up 0.2% to $0.7484, after rising as far as $0.7546 last week to test resistance around to its 200-day moving average of $0.7562.

The New Zealand dollar was steady at $0.7154, below last week's four-month high of $0.7219.

Bond markets steadied after selling through last week, with strong demand at Monday's A$1 billion ($746 million) Australian government bond auction which was more than six times oversubscribed. Nevertheless, Australian interest rate markets remain positioned for a far more aggressive hiking path than the central bank expects and traders are closely watching inflation due out on Wednesday.

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