Forex News: Commodity Currencies Rise As Crude Oil Prices Surge

Commodity Currencies Rise As Crude Oil Prices Surge

(RTTNews) - The commodity-linked currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major currencies in the Asian session on Tuesday, as the crude oil prices surged amid intense attacks between the U.S. and Iran over the weekend, renewing Middle East tensions, fueling global inflationary and the possibility of higher interest rates. In addition, contrasting claims by both nations over control of the Strait of Hormuz led to a decline in vessel traffic.

West Texas Intermediate crude for August delivery was up $6.87 or 9.62 percent at $78.28 per barrel.

Following the exchange of attacks between the U.S. and Iran over the weekend, Tehran responded by attacking Gulf Arab states, including Bahrain, Kuwait, Qatar, Jordan and Oman, further straining the fragile ceasefire between the two countries.

US President Donald Trump claimed in a post on Truth Social that the crucial Strait of Hormuz remains open but said he is reinstating the U.S. blockade of Iranian ports. Iran also announced the closure of the waterway "until further notice" - a claim U.S. military and maritime authorities rejected.

Trump called on countries benefiting from US efforts to secure the vital shipping route to share the costs.

In Australia, the market seems to be waiting to see how the Middle East crisis plays out and how Australia's inflation picture develops, as the Reserve Bank of Australia's next meeting isn't until August 11.

In New Zealand, the Reserve Bank of New Zealand (RBNZ) Chief Economist Paul Conway's hawkish remarks increased the likelihood of additional interest rate increases, which strengthened the New Zealand Dollar (NZD).

In economic news, data from the General Administration of Customs showed that the China exports advanced 27.0 percent on a yearly basis after rising 19.4 percent expansion in May. Shipments were expected to rise at a slower pace of 18.2 percent.

Similarly, imports reported an annual growth of 36.0 percent, up from 27.4 percent in the previous month. Economists had forecast imports to climb 24.0 percent.

As a result, the trade surplus rose to $125.6 billion in June, marking the highest since January 2025 and also above the expected level of $121.4 billion.

In the Asian trading today, the Australian dollar rose to 0.6939 against the U.S. dollar, 112.61 against the yen and 1.6423 against the euro, from yesterday's closing quotes of 0.6920, 112.39 and 1.6452, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.70 against the greenback, 113.00 against the yen and 1.62 against the euro.

Against the Canadian dollar, the aussie edged up to 0.9804 from a recent near 2-week low of 0.9783. The aussie may test resistance around the 0.99 region.

The NZ dollar rose to nearly a 4-week high of 0.5799 against the U.S. dollar and a 3-1/2- month high of 1.1955 against the Australian dollar, from yesterday's closing quotes of 0.5764 and 1.2005, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.60 against the greenback and 1.17 against the aussie.

Against the yen and the euro, the kiwi advanced to near 1-1/2-month highs of 94.10 and 1.9653 from Monday's closing quotes of 93.62 and 1.9750, respectively. The kiwi is likely to find resistance around 95.00 against the yen and 1.94 against the euro.

The Canadian dollar rose to nearly a 4-week high of 1.4116 against the U.S. dollar, from yesterday's closing value of 1.4150. The next possible upside target for the loonie is seen around the 1.39 region.

Against the yen and the euro, the loonie advanced to near 5-week highs of 115.01 and 1.6075 from Monday's closing quotes of 114.80 and 1.6106, respectively. If the loonie extends its uptrend, it is likely to find resistance around 116.00 against the yen and 1.60 against the euro.

Looking ahead, U.S. NFIB Business Optimism index for June and U.S. ADP weekly employment data are slated for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2026 RTTNews.com. All Rights Reserved

Market News provided by RTTNews