Australia, NZ dollars in the doldrums as commodities slide
SINGAPORE, June 27 (Reuters) - Investors left the Australian and New Zealand dollars behind on Monday and the two currencies slipped with commodity prices on growing fears about a looming slowdown in the global economy.
The Australian dollar AUD=D3 was about 0.4% lower at $0.6915. It has been pinned around there for about a week despite a recovery in stock markets as inflation fears ease.
The New Zealand dollar NZD=D3 fell 0.2% to $0.6303, also in between support around $0.61 and resistance near $0.64.
Retail sales figures are due in Australia on Wednesday and a business survey is due in New Zealand on Thursday, amid a souring tone to world economic data. Signs of a slowdown are easing concerns on rate hikes but stoking recession fears.
Besides local data the two currencies may prove even more sensitive to any disappointment in Chinese factory activity figures also due on Thursday, where growth nerves have contributed to plunging prices for industrial metals.
"There's that long shadow of recession overhanging the market," said Tony Sycamore, senior market analyst at City Index in Sydney.
"The Aussie dollar is similar to copper in that it does well in expansions and suffers in contractions...it's really struggled to escape from the doldrums."
Copper had its worst week in a year last week and nickel and tin plunged.
Australian and New Zealand government bonds mostly held last week's gains and in New Zealand they extended, with benchmark 10-year yields NZ10YT=RR down 9 basis points (bps) to 3.900%.
Australian government bond futures were steady, with the three-year bond contract YTTc1 down 2 ticks at 96.520. The 10-year contract YTCc1 fell 1.5 ticks to 96.200.
Reporting by Tom Westbrook; editing by Christian Schmollinger
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