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Australia, NZ dollars helped by surging yen, resistance still plentiful
The Australian and New Zealand dollars found some support on Monday after plumbing 10-month lows, but risk sentiment remained fragile as traders braced for a key US inflation report and more Chinese economic data later in the week. The Aussie rose 0.3% to $0.6397, benefiting from a jump in the yen in early Asia trade that weighed on the US dollar. It was, however, unable to break a major resistance level of 64 cents, while support lies at the 10-month low of $0.6358 it hit last week. The kiwi also edged 0.3% higher to $0.5901, having also touched a 10-month trough of $0.5860 last week. Resistance levels are plentiful ... (full story)