The Australian and NZ dollars slipped against their major counterparts in the Asian session on Monday, as risk sentiment dampened following weak data from China, signaling that stringent lockdowns are hurting the economy.

Data from the National Bureau of Statistics showed that China's industrial output contracted 2.9 percent on year in April - missing expectations for an increase of 0.4 percent and down from 5.0 percent in March.

Retail sales tumbled an annual 11.1 percent in April - again shy of forecasts for a decline of 6.1 percent after slipping 3.5 percent in the previous month.

The jobless rate came in at 6.1 percent in April, accelerating from 5.8 percent in March.

The People's Bank of China left the interest rate of the one-year medium-term lending facility unchanged at 2.85 percent.

The aussie declined to 0.6872 against the greenback and 88.46 against the yen, reversing from an early 5-day high of 0.6960 and a 4-day high of 90.12, respectively. The aussie is poised to challenge support around 0.66 against the greenback and 86.00 against the yen.

The aussie dropped to 1.1023 against the kiwi and 1.5118 against the euro, after rising to a 10-day high of 1.1067 and a 1-week high of 1.4962, respectively in prior deals. The next likely support for the aussie is seen around 1.075 against the kiwi and 1.53 against the euro.

The aussie fell to near a 4-month low of 0.8918 against the loonie, from a 4-day high of 0.8976 hit at 9:10 pm ET. The aussie may find support around the 0.88 level, should it drops again.

Reversing from its early 4-day highs of 0.6293 against the greenback and 81.49 against the yen, the kiwi pulled back to 0.6228 and 80.17, respectively. The kiwi is seen challenging support around 0.60 against the greenback and 78.00 against the yen.

The kiwi depreciated to a 4-day low of 1.6687 against the euro, from a 1-week high of 1.6527 seen at 7:45 pm ET. On the downside, 1.72 is possibly seen as its next support level.

Looking ahead, Canada housing starts for April are scheduled for release at 8:15 am ET.

The New York Fed's empire manufacturing survey for May, Canada wholesale and manufacturing sales for March will be featured in the New York session.

At 10:00 am ET, Bank of England Governor Andrew Bailey and MPC members will testify on monetary policy before Parliament's Treasury Committee.

NZD vs US Dollar (FX:NZDUSD)
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