The Australian and NZ dollars gained ground against their major counterparts in the European session on Wednesday, as European shares rose ahead of minutes from the Federal Reserve's recent meeting due later in the day.

The Fed took no action in July but noted that economic indicators suggest the recovery lost some steam due to the surge in infections.

The minutes may provide more clues about an anticipated shift in the monetary policy outlook.

Data from Westpac showed that Australia's leading index remained in deep negative territory in July but the index appeared to have bottomed out in April.

The six-month annualized growth rate in the Westpac Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, rose to -4.37 percent in July from -4.43 percent in June.

Data from Statistics New Zealand showed that New Zealand output producer prices fell 0.3 percent on quarter, following the 0.1 percent increase in the previous three months.

Input producer prices sank 1.0 percent on quarter after dipping 0.3 percent in the three months prior.

The aussie climbed to 0.7276 against the greenback, its strongest level since January 2019. If the aussie rises further, it may find resistance around the 0.75 region.

Reversing from its early lows of 76.20 against the yen and 1.6497 against the euro, the aussie approached a 2-day high of 76.68 and an 8-day high of 1.6418, respectively. The next possible resistance for the aussie is seen around 78.00 against the yen and 1.62 against the euro.

The aussie advanced to an 8-day high of 0.9561 against the loonie, after falling to 0.9523 at 12:30 am ET. The aussie may locate resistance near the 0.98 area.

The kiwi rose to a 6-day high of 1.7961 against the euro and near a 2-week high of 0.6649 against the greenback, off its early lows of 1.8092 and 0.6600, respectively. The kiwi is seen finding resistance around 1.73 against the euro and 0.68 against the greenback.

The NZ currency appreciated to 5-day highs of 70.05 against the yen and 1.0935 against the aussie, following its declines to 69.43 and 1.0981, respectively. The kiwi is poised to find resistance around 72.00 against the yen and 1.06 against the aussie.

Looking ahead, Canada CPI for July and wholesale sales for June are set for release in the New York session.

At 2:00 pm ET, the Fed minutes from the July meeting will be released.

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