Australia, NZ currencies get a lift

Bad news in China seems to be good news for the currencies of Australia and New Zealand.

Both currencies extended gains after China's consumer prices rose at the slowest pace in more than five years in January, fueling speculation for expanded stimulus in the biggest trading partner of both countries. The release came after data this month showed imports to the world's second-largest economy declined and manufacturing gauges fell into contraction.

The Australian dollar "strengthened as heightened expectation for further monetary easing" from the People's Bank of China drove up shares in Shanghai, JPMorgan Chase Bank analysts wrote in a note to clients.