Australia, NZ dlrs hit new lows as traders buy dollars amid volatility

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SYDNEY (Reuters) - The Australian and New Zealand dollars hit fresh multi-year lows on Monday as traders, already gripped by growth fears and rate hikes, piled into the safe-haven greenback after Britain's historic tax cuts plan added to market volatility.

The Aussie fell to $0.6487 on Monday, the lowest since May 2020, before regaining some of its composure to stand back above 65 cents at $0.6528. That is on top of a 1.7% plunge on Friday.

Short-term resistance lies around $0.6650, with the next bear target down at $0.6460.

The kiwi was off 0.3% to $0.5726, having also tumbled 1.7% in the previous session and moving closer to its 11-year low of $0.5469 hit in the early days of the pandemic.

Risk sentiment took a turn for the worse, as traders scrambled for the exits on speculation Britain's economic plan will stretch its finances to the limit. Sterling tumbled to a record low and the dollar index rose to the highest since 2002.

Pessimism over the global economy, and particularly China, has combined with falling commodity prices to undermine the currencies of both resource-rich countries.

"We have significantly lowered our 2022 end year 'target' for the AUD to USD0.65 (from USD0.69)," said Bill Evans, chief economist at Westpac in a note on Monday.

"That means that over the remainder of 2022 there will be periods when the AUD will trade below the USD0.65 level given the high volatility in currency markets to date."

However, Evans still expects the Aussie to lift against the dollar in 2023, with most of the recovery occurring in the second half of the year.

Australian government bond futures were mixed on Monday. The three-year bond yield climbed 7 basis points to 3.73% and the 10-year bond yield eased slightly to 3.927% from its previous close of 3.941%.