2014.06.2223:50:00UTC+00Australian And NZ Dollars Rises After China Manufacturing PMI

The Australian and NZ dollars strengthened against the other major currencies in the Asian session on Monday after data showed that China HSBC manufacturing PMI climbed to a 7-month high in June.

Data from Markit economics and HSBC showed that China flash PMI rose to a 7-month high of 50.8 in June, up from 49.4 in May.

The output index advanced to a 7-month high of 51.8 in June , up from 49.8 in May.

The Australian dollar rose to a 4-day high of 0.9429 against the U.S. dollar and a 1-week high of 1.4412 against the euro. At last week's close, the aussie was trading at 0.9381 against the greenback and 1.4480 against the euro. The Australian dollar which ended last week's deals at 95.71 against the yen strengthened to rose to 96.23 for the first time since April 4.

Against the Canadian dollar, the aussie climbed to 1.0138 from an early multi-week low of 1.0075. The pair was quoted at 1.0090 at last week's close.

Having fallen to an early multi-day low of 1.0757 against the NZ dollar, the aussie advanced to a 6-day high of 1.0813. At last week's close, the aussie was trading at 1.0781.

If the aussie extends it uptrend, it is likely to find resistance around the 0.95 against the greenback, 97.21 against the yen, 1.43 against the euro, 1.02 against the loonie and 1.08 against the kiwi.

The NZ dollar appreciated to a 1-1/2-month high of 89.06 against the yen,from last week's closing quote of 88.68.

Against the U.S. dollar and the euro, the NZ dollar rose to 4-day highs of 0.8727 and 1.5569 , from last week's closing quotes of 0.8689 and 1.5622, respectively.

The next possible upside target level of the kiwi is seen at 0.88 against the greenback,1.54 against the euro and 90.21 against the yen.