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Forex News: Commodity Currencies Fall As Asian Shares Slide On

Commodity Currencies Fall As Asian Shares Slide On Geopolitical Tensions

08/29/2017 - 02:44:00 (RTTNews)

(RTTNews) - Commodity currencies such as the Australian, the New Zealand, and the Canadian dollars weakened against their major counterparts in the Asian session on Tuesday, as Asian stocks traded lower after North Korea conducted a missile launch over Japan for the first time since 2009.

After a 40-minute phone call with U.S. President Donald Trump, Japanese Prime Minister Shinzo Abe told reporters that he and Trump are in complete agreement to hike pressure on North Korea.

Investors were also reacting to a steep drop in oil prices overnight after Tropical Storm Harvey battered Houston and the wider Gulf Coast region.

In the Asian trading, the Australian dollar fell to a 4-day low of 0.7906 against the U.S. dollar and a 5-day low of 1.0928 against the NZ dollar, from yesterday's closing of 0.7962 and 1.0973, respectively. If the aussie extends its downtrend, it is likely to find support around 0.77 against the greenback and 1.08 against the kiwi.

Against the euro and the yen, the aussie dropped to nearly a 3-month low of 1.5140 and nearly a 3-week low of 85.70 from yesterday's closing quotes of 1.5042 and 86.98, respectively. The aussie may test support around 1.52 against the euro and 84.00 against the yen.

The aussie edged down to 0.9902 against the Canadian dollar, from an early 1-week high of 0.9966. On the downside, 0.97 is seen as the next support level for the aussie.

The NZ dollar fell to a 4-day low of 0.7221 against the U.S. dollar and nearly a 3-month low of 78.28 against the yen, from yesterday's closing quotes of 0.7256 and 79.26, respectively. If the kiwi extends its downtrend, it could find support around 0.70 against the greenback and 77.00 against the yen.

Against the euro, the kiwi dropped to nearly a 1-1/2-year low of 1.6582 from yesterday's closing quotes of 1.6507. The kiwi may test support near the 1.66 region.

The Canadian dollar fell to a 4-day low of 1.2534 against the U.S. dollar and an 8-day low of 86.44 against the yen, from yesterday's closing of 1.2507 and 87.33, respectively. If the loonie extends its downtrend, it is likely to find support around 1.27 against the greenback and 85.00 against the yen.

Against the euro, the loonie dropped to more than a 2-week low of 1.5011 from yesterday's closing value of 1.4980. The loonie may test support near the 1.51 region.

Looking ahead, Canada industrial product and raw material price indexes for July and U.S. S&P/Case-Shiller home price index for June and U.S. consumer confidence index for August are due to be released in the New York session.

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