WELLINGTON/SYDNEY, April 29 (Reuters) - The New Zealand and Australian dollars were modestly lower on Monday as uninspiring U.S. growth data and a steady policy approach from the Bank of Japan dampened demand for the commodity linked currencies.
* The Aussie at $1.0287, from Friday's late local level of $1.0309, having ranged between $1.0263 and $1.0323 in Friday's overnight session.
* Aussie support seen at $1.0250 and below that $1.0220, while resistance at $1.03200 and then $1.0350.
* The New Zealand dollar also eases against the U.S. dollar at around $0.8485, from Friday's $0.8528. Immediate support is found at $0.8450 and then $0.8430, with resistance seen at $0.8530.
* The U.S. dollar fell to its lowest against the yen in more than a week as the Bank of Japan left policy unchanged and data showed the U.S. economy expanded more slowly than expected in the first quarter.
* The BoJ did not announce new monetary initiatives on Friday, while policymakers were divided over whether the central bank can meet its target for 2 percent inflation in two years.
* U.S. Q1 gross domestic product rose at a 2.5 percent annualised rate, missing expectations for 3.0 percent growth.
* Speculators trim net long positions in Antipodeans, particularly in the Aussie, which had been around record longs.
* The BoJ's lack of action on Friday supported the yen, which inched higher. The Aussie trades at 100.68 yen from Friday's 101.56 yen, while the kiwi fetches 83.04 yen from 84.00 yen.
* The Antipodeans have touched five-year highs on the yen this month, up nearly 16 percent so far this year, helped by speculation the money created by the BOJ will eventually find a home in offshore higher yielding assets.
* The South Pacific currencies also helped by the Peoples Bank of China's fixing of the yuan against the U.S. dollar at its highest since 2005, implying Chinese firms will have more spending power to buy Australian and New Zealand exports. China is the biggest export market for both countries.
* Market activity expected to be dampened on Monday by Japan being on holiday.
* This week sees a slew of events and data, including Federal Reserve and European Central Bank policy meetings and key U.S. employment data.
* No data in either Australia or New Zealand on Monday. This week sees trade, building and wholesale inflation data, along with a speech by Reserve Bank of Australia Asst. Governor Malcolm Edey.
* NZ data light through the week with building, business confidence and dairy giant Fonterra's latest auction.
* Australian government bonds edge higher, with the three-year contract up 0.01 points at 97.430, while the 10-year contract adds 0.025 points to 96.875.
* New Zealand government bonds open flat.
(Australia and New Zealand bureaux) Keywords: MARKETS AUSTRALIA NEWZEALAND/FOREX
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