The Aussie dollar eases to $1.0475, from $1.0520 in New York, having rallied by more than one pct overnight to a high of $1.0535. It had been boosted by HSBC's China Flash PMI, which proved stronger than forecast.

Weaker stocks across Asia, with S&P futures 0.8 pct lower and Korean shares more than 1 pct off, weighed on the Antipodeans.

Also hurting were future hedges placed by local importers when the Aussie climbed above $1.0500, traders said. Local currency seen to test hourly support at $1.0473, then $1.0443, while a move towards $1.0550 is possible given recent market swings.

The NZ dollar softer around $0.8276, from $0.8348 in late NY trade, having jumped 1.5 pct overnight to a one-week peak of $0.8358.

Major support seen at $0.8162 with resistance at $0.8378.

Markets seen lacking fire power to push through key levels in the run-up to Jackson Hole meeting this week.

A better-than-expected NZ trade surplus in July also fails to give fresh guidance to traders, with markets still pricing out the chance of a rate hike next month.

Market pricing implies only a 16 pct chance of an RBNZ rate hike on Sept. 15, and 45 bps of rate hike over the next 12 months, little changed from the previous day.

Aussie/kiwi firmer around NZ$1.2645, well-off a one-year trough of NZ$1.2305 struck earlier in the month.

Australian construction work done in June rose 0.7 pct. A record rush of engineering work outweighed weakness in home and commercial building, just another sign of how the mining boom is driving a two-speed economy.

NZ data calendar this week includes food inflation and second quarter retail -- poll sees 0.6 percent rise in volumes.

Australian bond futures rally as stocks fade, with the 3-year contract 0.04 points higher at 96.280 and the 10-year up 0.035 points at 95.640.

Copyright Reuters, 2011