The Australian and the Canadian dollars weakened against their major counterparts in the Asian session on Thursday, as worries about the possibility of the UK leaving the European Union linger in the world market.
Crude oil for July delivery are currently down $0.48 at $48.01 a barrel. Crude oil fell as traders shrugged off data showing a draw down in U.S. oil inventories. U.S. crude stockpiles fell by 933,000 barrels last week, the Energy Information Administration said.
The EIA also reported that OPEC saw their revenues from oil sales fall by $349bn last year.
In other economic news, data from the Australian Bureau of Statistics showed that the unemployment rate in Australia was a seasonally adjusted 5.7 percent in May, in line with expectations and unchanged from the previous month. The Australian economy added 17,900 jobs last month, beating forecasts for 15,000 following the downwardly revised gain of 800 jobs in April.
Also, the ABS said that the total number of new motor vehicle sales in Australia was down a seasonally adjusted 1.1 percent on month in May, standing at 95,855. That follows the 2.8 percent monthly decline in April.
On a yearly basis, new motor vehicle sales climbed 1.7 percent, slowing from 2.2 percent in the previous month.
Wednesday, the Australian dollar showed mixed trading against its major rivals. While the aussie rose against the euro and the U.S. dollar, it fell against the yen.
Meanwhile, the Canadian dollar fell 0.37 percent against the yen, 0.54 percent against the U.S. dollar and 0.44 percent against the euro.
In the Asian trading, the Australian dollar fell to a 4-year low of 77.27 against the yen and a 10-day low of 1.0442 against the NZ dollar, from yesterday’s closing quotes of 78.51 and 1.0527, respectively. If the aussie extends its downtrend, it is likely to find support around 76.00 against the yen and 1.03 against the kiwi.
The aussie dropped to 1.5261 against the euro, from yesterday’s closing value of 1.5191. On the downside, 1.57 is seen as the next support level for the euro.
Against the U.S. and the Canadian dollars, the aussie edged down to 0.7384 and 0.9545 from yesterday’s closing quotes of 0.7406 and 0.9561, respectively. The aussie is likely to find support around 0.72 against the greenback and 0.93 against the loonie.
The Canadian dollar fell to nearly a 4-month low of 80.67 against the yen, from yesterday’s closing value of 82.09. The loonie is likely to find support around the 79.00 region.
Against the U.S. and the euro, the loonie dropped to 10-day lows of 1.2943 and 1.4591 from yesterday’s closing quotes of 1.2911 and 1.4536, respectively. If the loonie extends its downtrend, it is likely to find support around 1.31 against the greenback and 1.50 against the euro.
Looking ahead, Swiss SECO economic forecasts is due to be released in the pre-European session at 1:45 am ET.
At 3:30 am ET, the Swiss National Bank’s interest rate announcement is due. The central bank is expected to maintain the LIBOR rate at -0.75 percent.
U.K. retail sales data for May and final Eurozone CPI data for May are slated for release later in the day.
At 5:15 am ET, European Central Bank’s governing council member and Austrian National Bank Governor Ewald Nowotny is expected to speak about the monetary union in Vienna.
The Bank of England will announce its interest rate decision and MPC minutes at 7:00 am ET. Economists expect the bank to retain interest rates unchanged at 0.50 percent and asset purchase target at GBP 375 billion.
At 7:45 am ET, European Central Bank ‘s governing council member and Irish central bank Governor Philip Lane is expected to speak at Irish financial services industry representative body event in Dublin.
In the New York session, U.S. CPI data for May, U.S. weekly jobless claims for the week ended June 11, U.S. current account data for the first quarter, the U.S. NAHB housing market index for June and U.S. Philadelphia Fed manufacturing index for June are set to be published.
At 4:00 pm ET, Bank of England Governor Mark Carney will deliver a speech at the Mansion House Bankers’ Dinner in London.
The material has been provided by InstaForex Company – www.instaforex.com