The Australian and NZ dollars climbed against their major counterparts in the European session on Friday, as a drop in commodity prices helped ease fears about inflation.

Investors scaled back expectations on the Fed rate hikes amid indications of a slowdown in economic growth and lower commodity prices.

Overnight data showed that U.S. business activity slowed considerably in June, sparking fears about a slowdown in the economy.

Investors expect that the Fed is likely to lower the size of rate hikes after another 75 basis point increase in July.

Federal Reserve Chair Jerome Powell said on Thursday that the central bank's commitment to curbing inflation was "unconditional."

The aussie climbed to 2-day highs of 0.6942 against the greenback and 0.8980 against the loonie, off its early lows of 0.6888 and 0.8945, respectively. The aussie is seen finding resistance around 0.72 against the greenback and 0.92 against the loonie.

The aussie edged up to 1.5213 versus the euro and 93.67 against the yen, up from its prior lows of 1.5279 and 92.78, respectively. The aussie is likely to find resistance around 1.49 versus the euro and 96.00 against the yen.

The aussie rebounded to 1.0985 against the kiwi, from more than a 3-week low of 1.0953 seen at 5:30 am ET. On the upside, 1.11 is possibly seen as its next resistance level.

The kiwi touched 2-day highs of 1.6699 against the euro and 0.6327 against the greenback, following its previous lows of 1.6768 and 0.6267, respectively. If the kiwi strengthens further, it is likely to test resistance around 1.63 against the euro and 0.65 against the greenback.

The kiwi reached as high as 85.37 against the yen, from a low of 84.56 set at 5 pm ET. Immediate resistance for the kiwi is likely seen around the 88.00 level.

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