By Cecile Lefort and Charlotte Greenfield
SYDNEY/WELLINGTON, April 18 (Reuters) - The Australian dollar skidded on Monday after a meeting of oil exporters hoping to freeze oil output collapsed, while its New Zealand counterpart offset losses as higher-than-expected inflation data pushed back anticipated rate cuts.
The Australian dollar AUD=D4 skidded around 1 percent in the session to $0.7655, from a near 10-month peak of $0.7735 touched on Friday.
Charts suggest the Aussie is due for a deeper correction following recent failed attempts to hold sustainably above 77 cents. Immediate support was found near $0.7585.
The Aussie gained 2.4 percent last week, in part following upbeat economic data both at home and in China, Australia's top export market.
Yet, renewed weakness in oil prices over the weekend sapped risk appetite, sending a wave of selling across commodities and stocks.
"Price sentiment has been appearing incredibly fragile and there could be further capitulation across the commodity block as the day wears on," said Stephen Innes, senior trader at FX and CFD firm OANDA Australia and Asia Pacific.
The Aussie, however, bounced from a five-week low against its New Zealand neighbour to NZ$1.1088 AUDNZD=R .
The New Zealand dollar NZD=D4 held steadier at $0.6906, from $0.6916 late on Friday, aided by local inflation data.
Data on Monday showed the consumer price index had risen 0.2 percent in the first quarter, higher than the 0.1 percent expected by analysts. market had been braced for the risk that a weaker number might narrow the odds of a cut in interest rates at the Reserve Bank of New Zealand's policy meeting next week.
"The CPI data led to a bit of a kiwi rally," said ANZ Senior FX Manager Sam Tuck. "The earlier weakness was driven by oil and Doha."
New Zealand government bonds 0#NZTSY= gained amid the general risk-off mood, sending yields 3 basis points lower along the curve.
Australian government bond futures bounced, with the three-year bond contract YTTc1 up 4 ticks at 98.080. The 10-year contract YTCc1 gained 6.5 ticks to 97.5100, while the 20-year contract YXXc1 added 6 ticks to 96.9300.