Australia, NZ dollars struggle on weak China imports, local job worries
SYDNEY, Sept 10 (Reuters) -The Australian and New Zealand dollars were on the defensive on Tuesday, pressured by persistent concerns about China's economy and worries about a sharp slowdown in the labour market Down Under.
The Aussie AUD=D3 was subdued at $0.6657, having dipped 0.2% overnight. It is now well off its recent peak of $0.6824 and back in the familiar range of $0.6580-0.6710.
It remains to be seen if the 200-day moving average of $0.6618 would give way in the near-term.
The kiwi NZD=D3 eased 0.1% to $.6133, after falling 0.5% overnight to as low as $0.6125. The support also lies at the 200-day moving average of $0.6098.
In the broader market, the dollar has bounced off one-year lows this week as traders pared expectations of an outsized half point rate cut from the Federal Reserve this month. Much will be riding on the U.S. consumer price report due on Wednesday.
Not helping the Aussie is a sluggish economic outlook for both Australia and China, its biggest trading partner. Data from China showed exports rose 8.7% in August, beating forecasts, but imports barely grew as domestic demand stayed weak.
Iron ore prices fell to one-year troughs and coal also hovered just abovetwo-year lows.
Local surveys out on Tuesday showed Australian consumers were downbeat because of heightened worries about jobs prospects, while business conditions hit a 2-1/2-year low in August thanks to a deterioration in job outlook.
"If the AUD/USD were to see a sustained break of the 200-day moving average at 0.6616, it would warn that the rotation lower was set to extend towards a layer of support at 0.6505/0.6480," said Tony Sycamore, analyst at IG.
The Reserve Bank of Australia has held interest rates at 4.35% since November, judging that the cash rate will be restrictive enough to bring inflation back to the 2-3% target range while preserving employment gains.
Swaps are implying a 70% probability of a rate cut from the RBA in December.
Reporting by Stella Qiu; Editing by Sam Holmes
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