By Cecile Lefort and Swati Pandey
SYDNEY/WELLINGTON, Nov 10 (Reuters) - The Australian and New Zealand dollars were off one-month lows on Tuesday, but remained vulnerable to expectations that the Federal Reserve will raise U.S. interest rates in December.
The Australian dollar held at $0.7045, from a trough of $0.7016 on Monday. It shed 1.3 percent last week, largely due to upbeat U.S. jobs data which stoked speculation of a Fed rate hike.
Key support is found at $0.7008, the 76.4 percent retracement of the $0.6892-$0.7382 climb in September and October.
The New Zealand dollar NZD=D4 wallowed at $0.6528, having dipped just below 65 cents last week.
Also weighing on the Antipodean currencies are global growth concerns and a marked slowdown in China, a key export market for both Australia and New Zealand.
On Monday, the OECD shaved its forecasts for world growth to 2.9 percent, warning that global trade flows have fallen dangerously close to levels usually associated with recession.
Domestic data from Australia showed business conditions stayed strong in October even as firms became a little less confident on the outlook.
Other figures showed lending for housing investment slowed sharply in September as regulators clamped down on banks, a result that will be welcomed by the Reserve Bank of Australia (RBA) which has been worried that the market was overheating.
New Zealand government bonds fell in line with U.S. Treasuries, sending yields as much as 8 basis points higher.
Australian government bond futures edged up from three-month lows, with the three-year bond contract up 1 tick at 97.950. The 10-year contract also added 1 tick to 97.0750, while the 20-year contract gained 2 ticks to 96.5450.