Forex News: Commodity Currencies Rise Amid Higher Oil Prices

Commodity Currencies Rise Amid Higher Oil Prices

(RTTNews) - The commodity currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major currencies in the European session on Thursday, as the crude oil prices traded higher amid prevailing uncertainty over U.S.-Iran peace talks and tensions involving the United Arab Emirates, Oman and Iran. The prolonged conflict raised concerns over supply disruptions from West Asia.

Brent crude prices climbed more than 2 percent to $93.78 a barrel as U.S.-Iran talks remain deadlocked and U.S. President Donald Trump sharpened his rhetoric against Tehran, warning of economic consequences against any country that provided "any type of lifeline to Iran."

WTI crude futures were up 2.4 percent at $86.43, the highest level seen in over three weeks.

Trump escalated economic pressure on Iran, describing it as the 'most crushing economic operation' ever imposed on a country.

He threatened economic punishment against any country whose banks, businesses, airports or government entities continue to provide Iran with what he called a "lifeline."

Asked about the Iran war, Trump reiterated that the U.S. has "complete control" of the Strait of Hormuz and that the talks could resume "maybe at some point."

Iran's Foreign Minister Abbas Araghchi said Trump's "doubling down on failed policies will only bring further defeat" to the U.S.

Earlier in the Asian trading today, the Australian dollar slid against its major peers after the Australia's unemployment rate rose slightly in July and employment decreased unexpectedly.

Data from the Australian Bureau of Statistics showed that the unemployment rate rose to 4.5 percent in July from 4.4 percent in June. The rate was expected to remain unchanged at 4.4 percent.

Data showed that employment decreased by 15,800 in July from the previous month, in contrast to economists' forecast of an increase of 11,700. Unemployment increased by 4,200.

At the same time, the youth unemployment dropped 0.3 percentage point to 10.4 percent.

The labor participation rate fell 0.2 percentage point to 66.9 percent in July, in line with forecast.

In the European trading today, the Australian dollar rose to 0.7129 against the U.S. dollar and 112.96 against the yen, from early lows of 0.7103 and 112.53, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.73 against the greenback and 114.00 against the yen.

Against the euro, the aussie edged up to 1.6396 from an early more than 2-week low of 1.6438. The aussie may test resistance around the 1.62 region.

The NZ dollar rose to a 3-week high of 94.47 against the yen and a 2-day high of 1.9602 against the euro, from early lows of 93.92 and 1.9685, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 95.00 against the yen and 1.94 against the euro.

Against the U.S. and the Australian dollars, the kiwi advanced to nearly a 2-1/2-month high of 0.5962 and a 9-day high of 1.1949 from early lows of 0.5931 and 1.2002, respectively. The kiwi is likely to find resistance around 1.35 against the greenback and 118.00 against the aussie.

The Canadian dollar rose to a 2-day high of 115.13 against the yen, from an early low of 114.59. The loonie is likely to find resistance around the 118.00 region.

Against the U.S. and the Australian dollars, the loonie climbed to a 3-month high of 1.3765 and a 3-week high of 0.9806 from early lows of 1.3813 and 0.9837, respectively. If the loonie extends its uptrend, it is likely to find resistance around 1.35 against the greenback and 0.96 against the aussie.

The loonie edged up to 1.6099 against the euro, from an early low of 1.6123. On the upside, 1.59 is seen as the next resistance level for the loonie.

Looking ahead, Canada new housing price index for July, PPI for July and raw materials prices for July, U.S. Philadelphia Fed manufacturing index for August, weekly jobless claims data and U.S. Consumer Board's leading index for July are slated for release in the New York session.

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