Commodity Currencies Slide On Oil Weakness

The commodity currencies such as the Australian, the New Zealand and the Canadian dollars slipped against their major rivals in Asian deals on Thursday, as oil prices slipped after official data showed a larger-than-expected build in crude oil inventories and on fresh concerns that a producer meeting set for Sunday in Doha will do little to curb output.

Crude for May delivery fell $0.58 to $41.18 per barrel.

The Energy Information Administration reported Wednesday that stockpiles rose 6.6 million barrels for the week ended April 8, bringing the total crude inventories to 536.5 million barrels in the previous week. Economists were looking for an increase of 1.8 million barrels.

Meanwhile, OPEC lowered its outlook for global oil demand growth in 2016 largely due to sluggish economic conditions in Latin America and China.

Data from the Australian Bureau of Statistics showed that Australia's unemployment rate sank to a seasonally adjusted 5.7 percent in March.

That beat forecasts for 5.9 percent, and it was down from 5.8 percent in February.

The Australian economy added 26,100 jobs in March - well above forecasts for an increase of 17,000 following the gain of 300 jobs in the previous month.

The New Zealand and the Australian dollars advanced against their major rivals on Wednesday, following positive trade data from China. Meanwhile, the loonie showed mixed performance against its key counterparts. While the currency rose against the euro and the yen, it was weaker against the greenback. Against the aussie, it held steady.

The kiwi slipped to a 3-day low of 0.6838 against the greenback and a 9-day low of 1.1169 against the aussie, off early highs of 0.6920 and 1.1052, respectively. The next possible support levels for the kiwi may be found around 0.66 against the greenback and 1.13 against the aussie.

The kiwi fell to 2-day lows of 74.78 against the yen and 1.6467 against the euro, from its previous highs of 75.70 and 1.6285, respectively. If the kiwi extends slide, it may test support around 73.00 against the yen and 1.66 against the euro.

The aussie pared gains against the yen and the euro, dropping to 83.41 and 1.4776, from its early high of 83.90 and a new 3-week high of 1.4689, respectively. On the downside, the aussie may find support around 82.00 against the yen and 1.50 against the euro.

The aussie reversed from an early high of 0.7664 against the greenback, weakening to a 2-day low of 0.7619. Continuation of the aussie's downtrend is likely to challenge support around the 0.74 mark.

The loonie edged down to 1.4497 against the euro, 0.9841 against the aussie and 85.01 against the yen, reversing from its prior highs of 1.4444, 0.9794 and 85.41, respectively. The loonie may test support around 1.46 against the euro, 0.995 against the aussie and 84.00 against the yen.

The loonie hit a 2-day low of 1.2877 against the greenback, after having advanced to 1.2808 at 6:45 pm ET. The loonie is seen finding support around the 1.30 area.

Looking ahead, Swiss producer and import prices and Eurozone final consumer price inflation for March are due.

At 7:00 am ET, the Bank of England announces decision on monetary policy. The bank is forecast to hold rates at 0.50 percent and asset purchase target at GBP 375 billion.

The U.S. consumer price index for March and weekly jobless claims for week ended April 9 are set to be published in the New York session.

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