The Australian and New Zealand dollars depreciated against their major rivals in the Asian session on Monday, as disappointing economic data from China indicated a slowdown in economic activity amid flooding and weakening of global demand.

Official data showed that China's industrial production and retail sales grew less than expected in July.

Industrial production grew 6.4 percent on a yearly basis in July, weaker than the economists' forecast of 7.9 percent.

Retail sales rose 8.5 percent on year, which was slower than the expected increase of 10.9 percent.

Investors worry that the spread of the Delta variant of the coronavirus will derail the economic rebound from the crisis.

The Japanese government is planning to extend the state of emergency in Tokyo and to include more regions to contain the outbreak of the virus. The current state of emergency will end on August 31.

Data from the Cabinet Office showed that Japan's gross domestic product expanded an annualized 1.3 percent on year in the second quarter of 2021.

That beat forecasts for an increase of 0.7 percent following the 3.9 percent contraction in the first quarter.

The kiwi weakened to 0.7023 against the greenback and 1.6789 against the euro, down from its prior highs of 0.7044 and 1.6733, respectively. The next possible support for the kiwi is seen around 0.68 against the greenback and 1.70 against the euro.

The kiwi hit 76.81 against the yen, its lowest level since August 4. On the downside, 74 is seen as its next possible support level.

The aussie dropped to an 8-1/2-month low of 1.0440 against the kiwi, near 2-week lows of 80.23 against the yen and 1.6076 against the euro, off its early highs of 1.0468, 80.88 and 1.5995, respectively. The currency is likely to find support around 1.03 against the kiwi, 78.00 against the yen and 1.63 against the euro.

The aussie eased off from its early highs of 0.9226 against the loonie and 0.7373 against the greenback, weakening to 0.9194 and 0.7333, respectively. If the aussie slides further, 0.90 and 0.70 are possibly seen as its next support levels against the loonie and the greenback, respectively.

The Japanese yen strengthened on safe-haven status amid a spike in domestic COVID-19 cases.

The yen jumped to near 2-week highs of 109.33 against the greenback, 151.46 against the pound and 87.17 against the loonie, following its prior lows of 109.75, 152.20 and 87.69, respectively. The yen may face resistance around 106 against the greenback, 149.00 against the pound and 84.00 against the loonie.

The yen approached near a 4-week high of 128.93 against the euro, up from a low of 129.43 seen at 6:15 pm ET. The yen is seen finding resistance around the 125.00 region.

The yen reached as high as 119.38 against the franc, after falling to 119.87 at 6:15 pm ET. Should the yen strengthens further, it is likely to test resistance around the 116.5 region.

Looking ahead, Canada wholesale sales for June and New York Fed's empire manufacturing survey for August will be featured in the New York session.

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