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Forex News: Commodity Currencies Drop Amid Falling Oil Prices Ahead

Commodity Currencies Drop Amid Falling Oil Prices Ahead Of Trump Iran Decision

05/08/2018 - 08:43:00 (RTTNews)

(RTTNews) - The commodity currencies such as the Australian, the New Zealand and the Canadian dollars fell against their major counterparts in the European session on Tuesday on falling oil prices, as investors awaited U.S. President Donald Trump's decision over whether he would stay in a landmark nuclear deal with Iran.

Crude for June delivery fell $0.87 to $69.86 per barrel.

The announcement will be made at 2 pm ET. The decision is being made four days ahead of the May 12 deadline.

Investors worry that possibility of U.S. re-imposing sanction on Iran will adversely impact crude supply to the international markets.

In economic news, data from the Australian Bureau of Statistics showed that Australia's retail sales remained flat in March, defying economists' forecast for an increase.

The seasonally adjusted retail trade turnover showed no variations in March, following a 0.6 percent rise in February. Meanwhile, it was expected to increase by 0.2 percent.

The aussie and the loonie fell against their major opponents in the Asian session. Meanwhile, the kiwi rose against the greenback but held steady against the yen and the euro.

The aussie dropped to near a 1-year low of 0.7450 against the greenback and a 5-day low of 1.5935 against the euro, from its early highs of 0.7528 and 1.5854, respectively. The aussie is seen finding support around 0.73 against the greenback and 1.61 against the euro.

The aussie slipped to a 5-day low of 1.0678 against the kiwi and a 5-week low of 81.18 against the yen, off its previous highs of 1.0719 and 81.99, respectively. The aussie is likely to find support around 1.05 against the kiwi and 79.00 against the yen.

The Australian currency retreated to 0.9661 against the loonie, after having advanced to a 4-day high of 0.9707 at 3:30 am ET. On the downside, 0.95 is likely seen as the next support for the aussie.

Pulling away from its early highs of 0.7031 against the greenback and 76.61 against the yen, the kiwi dipped to a 4-1/2-month low of 0.6969 and more than a 6-week low of 75.93, respectively. If the kiwi continues its fall, 0.68 and 74.00 are possibly seen as its next support levels against the greenback and the yen, respectively.

The kiwi reversed from an early high of 1.6970 against the euro, edging down to 1.7034. Next key support for the kiwi is likely seen around the 1.72 level.

The loonie slipped to more than a 4-week low of 83.89 against the yen and a 1-1/2-month low of 1.2985 against the greenback, off its early highs of 84.70 and 1.2876, respectively. The next possible support for the loonie is seen around 82.5 against the yen and 1.31 against the greenback.

The loonie reversed from an early high of 1.5354 against the euro, falling to a weekly low of 1.5444. The loonie is poised to challenge support around the 1.56 area.

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