Commodity currencies such as the Australia, the New Zealand and the Canadian dollars strengthened against their major counterparts in the Asian session on Friday, after China reported industrial production and retail sales figures for August that topped forecasts.

Industrial production posted an annual increase of 4.5 percent, while analysts expected output to climb moderately by 3.9 percent after a 3.7 percent increase in July.

Likewise, growth in retail sales improved to 4.6 percent in August from 2.5 percent in the previous month. This was also better than economists' forecast of 3.0 percent.

During January to August period, fixed asset investment increased 3.2 percent from the same period last year - slightly weaker than the expected 3.3 percent.

Moreover, China cut banks' cash requirements to release more liquidity into the Chinese economy and potentially shore up economic growth.

A combination of dovish remarks by the European Central Bank (ECB) and optimism around new stimulus measures from China also influenced investor sentiment.

The European Central Bank (ECB) piled on a 10th straight interest-rate increase but signaled a potential end to its rate-hike campaign aimed at curbing inflation.

In the Asian trading today, the Australian dollar rose to 1-1/2-month highs of 95.55 against the yen and 1.6456 against the euro, from yesterday's closing quotes of 94.96 and 1.6518, respectively. If the aussie extends its uptrend, it is likely to find resistance around 97.00 against the yen and 1.61 against the euro.

Against the U.S. and the New Zealand dollars, the aussie advanced to nearly a 2-week high of 0.6474 and nearly a 2-month high of 1.0910 from yesterday's closing quotes of 0.6439 and 1.0890 respectively. The aussie may test resistance near 0.66 against the greenback and 1.10 against the kiwi.

The aussie edged up to 0.8736 against the Canadian dollar from yesterday's closing value of 0.8698. On the upside, 0.89 is seen as the next resistance level for the aussie.

The NZ dollar rose to a 1-1/2-month high of 1.7945 against the euro and a 5-week high of 87.60 against the yen from yesterday's closing quotes of 1.7945 and 87.14, respectively. If the kiwi extends its uptrend, it may find resistance around 1.74 against the euro and 89.00 against the yen.

Against the U.S. dollar, the kiwi edged up to 0.5937 from yesterday's closing value of 0.5909. The kiwi may test resistance around the 0.60 region.

The Canadian dollar rose to more than a 2-month high of 109.41 against the yen, from Thursday's closing value of 109.16. On the upside, 110.00 is seen as the next resistance level for the loonie.

Against the U.S. dollar and the euro, the loonie edged up to 1.3494 and 1.4368 from yesterday's closing quotes of 1.3508 and 1.4374, respectively. If the loonie extends its uptrend, it is likely to find resistance around 1.33 against the greenback and 1.42 against the euro.

Looking ahead, Eurozone balance of trade data for July is due to be released at 5:00 am ET.

At 5:45 am ET, ECB President Christine Lagarde and ECB board member Fabio Panetta will participate in Eurogroup meeting in Santiago de Compostela, Spain.

In the New York session, Canada final manufacturing sales data for July, U.S. export and import prices for July, industrial and manufacturing production for August, U.S. University of Michigan's preliminary consumer sentiment for September and U.S. Baker Hughes oil rig count data are slated for release.

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