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Forex News: Commodity Currencies Fall After China PMI Data

Commodity Currencies Fall After China PMI Data

06/01/2017 - 02:50:00 (RTTNews)

(RTTNews) - Commodity currencies such as the Australian, the New Zealand and the Canadian dollars weakened against their major currencies in the Asian session on Thursday, after data showed that the manufacturing sector in China swung to contraction in May.

Data from Caixin showed that the manufacturing sector in China swung to contraction in May with a manufacturing PMI score of 49.6. That missed forecasts for a score of 50.1 and was down from 50.3 in April.

In other economic news, data from the Australian Bureau of Statistics showed that the new capital expenditure in Australia was up a seasonally adjusted 0.3 percent on quarter in the first three months of 2017, coming in at A$27.969 billion. That missed expectations for a gain of 0.5 percent following the 2.1 percent contraction in the three months prior. Also, the total value of retail sales in Australia was up a seasonally adjusted 1.0 percent on month in April, coming in at A$25.891 billion. That beat forecasts for an increase of 0.3 percent following the upwardly revised 0.2 percent contraction in March.

Data from the Australian Industry Group showed that the Australian manufacturing sector continued to expand in May, although at a slower pace, with a Performance of Manufacturing Index score of 54.8. That's down sharply from 59.2 in April.

Data from Statistics New Zealand showed that New Zealand's terms of trade surged 5.1 percent on quarter in the first three months of 2017, marking the highest reading since 1973. The headline figure beat forecasts for an increase of 3.9 percent following the 5.7 percent gain in the three months prior.

Export prices for goods rose 8.0 percent, and import prices for goods rose 2.7 percent.

Data from the Quotable Value showed that house prices in New Zealand increased further in May, though at the slowest pace in two years. Residential property prices climbed 9.7 percent year-over-year in May, slower than the 11.1 percent spike in April.

Meanwhile, investors are cautious after U.S. President Donald Trump said he will announce on Thursday his decision on whether the U.S. will pull out of the historic Paris climate accord.

Crude oil futures tumbled Wednesday amid renewed doubts over OPEC's supply quota plan.

In the Asian trading, the Australian dollar fell to a 2-week low of 81.91 against the yen and nearly a 1-year low of 1.5227 against the euro, from yesterday's closing quotes of 82.29 and 1.5128, respectively. If the aussie extends its downtrend, it is likely to find support around 80.00 against the yen and 1.53 against the euro.

Against the U.S., the New Zealand and the Canadian dollars, the aussie dropped to more than a 2-week low of 0.7385, nearly a 4-month low of 1.0447 and nearly a 2-month low of 0.9975 from yesterday's closing quotes of 0.7429, 1.0488 and 1.0032, respectively. The aussie may test support near 0.72 against the greenback, 1.03 against the kiwi and 0.98 against the loonie.

The NZ dollar fell to a 6-day low of 1.5930 against the euro, from yesterday's closing value of 1.5876. The kiwi may test support near the 1.62 region.

Against the U.S. dollar and the yen, the kiwi dropped to 2-day lows of 0.7062 and 78.30 from yesterday's closing quotes of 0.7082 and 78.43, respectively. If the kiwi extends its downtrend, it is likely to find support around 0.69 against the greenback and 76.00 against the yen.

The Canadian dollar fell to 1.3510 against the U.S. dollar and 82.10 against the yen, from yesterday's closing quotes of 1.3498 and 82.01, respectively. If the loonie extends its downtrend, it is likely to find support around 1.37 against the greenback and 80.00 against the yen.

Against the euro, the loonie edged down to 1.5191 from yesterday's closing value of 1.5177. On the downside, 1.53 is seen as the next support level for the loonie.

Looking ahead, PMI reports from major European economies for May and Swiss retail sales data for April are due to be released later in the day.

At 5:45 am ET, member of the Supervisory Board (ECB representative) Pentti Hakkarainen is scheduled to participate at the CIRSF annual international conference in Portugal, Lisbon.

In the New York session, Canada and U.S. manufacturing PMI for May, U.S. weekly jobless claims for the week ended May 27, U.S. ADP private sector jobs data for May, U.S. construction spending for April and U.S. crude oil inventories data are slated for release.

At 8:00 am ET, Federal Reserve Board Governor Jerome Powell is expected to speak on Normalization of Monetary Policy to the Economic Club of New York.

For comments and feedback: contact editorial@rttnews.com

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