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Forex News: Commodity Currencies Extends Slide As Most Asian Markets

Commodity Currencies Extends Slide As Most Asian Markets Traded Lower

05/05/2017 - 03:15:00 (RTTNews)

(RTTNews) - Commodity currencies such as the Australian, the New Zealand and the Canadian dollars continued to be weak against their major counterparts in the Asian session on Friday, as most Asian stock markets traded lower following the mixed cues overnight from Wall Street and lower commodity prices. Investors also turned cautious ahead of the release of the U.S. Labor Department's closely watched monthly jobs data later today.

Employment is expected to increase by 180,000 jobs in April after rising by 98,000 jobs in March. The unemployment rate is expected to tick up to 4.6 percent from 4.5 percent.

Crude oil for June delivery is currently down by 0.90 percent of $44.62 per barrel. The crude oil prices fell amid unrelenting U.S. production and expectations Libyan supplies will get back to normal.

In other economic news, data from the Australian Industry Group showed that the construction sector in Australia continued to expand in April, and at a faster rate, with a Performance of Construction Index score of 51.9, up from 51.2 in March.

Data from the Reserve Bank of New Zealand showed that the two-year ahead inflation expectations in New Zealand increased in the June quarter. Expectations for the next two year rose to 2.17 percent from 1.92 percent in the previous survey. The survey was conducted by the Nielsen Company for the RBNZ.

Thursday, the Australian dollar had fallen 0.20 percent against the U.S. dollar, 0.41 percent against the yen, and 1.02 percent against the euro.

The NZ dollar dropped 0.13 percent against the U.S. dollar, 0.37 percent against the yen, and 1.00 percent against the euro.

The Canadian dollar slipped 0.25 percent against the U.S. dollar, 0.40 percent against the yen, and 0.73 percent against the euro.

In the Asian trading, the Australian dollar fell to nearly an 8-month low of 1.4910 against the euro and a 2-week low of 82.68 against the yen, from yesterday's closing quotes of 1.4822 and 83.32, respectively. If the yen aussie extends its downtrend, it is likely to find support around 1.51 against the euro and 81.00 against the yen.

Against the U.S. and New Zealand dollars, the aussie dropped to nearly a 4-month low of 0.7368 and nearly a 2-week low of 1.0718 from yesterday's closing quotes of 0.7407 and 1.0785, respectively. The aussie may test support near 0.72 against the greenback, 1.05 against the kiwi, and 1.00 against the loonie.

The NZ dollar fell to a 4-day low of 76.98 against the yen from yesterday's closing value of 77.24. The kiwi is likely to find support near the 75.00 region.

Against the euro and the U.S. dollar, the kiwi dropped to 1.6008 and 0.6861 from yesterday's closing quotes of 1.5988 and 0.6869, respectively. If the kiwi extends its downtrend, it is likely to find support around 1.61 against the euro and 0.67 against the greenback.

The Canadian dollar fell to a 14-month low of 1.3793 against the U.S. dollar and nearly a 6-month low of 1.5151 against the euro, from yesterday's closing quotes of 1.3751 and 1.5100, respectively. If the loonie extends its downtrend, it is likely to find support around 1.39 against the greenback and 1.52 against the euro.

Against the yen, the loonie dropped to an 8-day low of 81.33 from yesterday's closing value of 81.78. The loonie may test support near the 80.00 region.

Looking ahead, U.S. and Canada jobs data for April, Canada Ivey's PMI for April and U.S. Baker Hughes rig count data are due to be released in the New York session.

At 11:30 am ET, Federal Reserve Governor Stanley Fischer will deliver a speech titled "Monetary Policy Rules and Committees" at the Hoover Institution, in Stanford.

At 1:30 pm ET, Federal Reserve Chair Janet Yellen will deliver a speech on"125 Years of Women's Participation in the Economy" at Brown University, in Providence.

At the same time, Federal Reserve Bank of Chicago President Charles Evans is expected to speak at the Hoover's Monetary Policy Conference, in Stanford.

For comments and feedback: contact editorial@rttnews.com

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