CANBERA (dpa-AFX) - The commodity currencies such as Australia, the New Zealand and the Canadian dollars weakened against their major currencies in the Asian session on Friday, as Asian stock markets traded lower amid a renewed sell-off in the tech sector, with the tech-heavy NASDAQ plummeting on concerns about the sustainability of the AI trade amid expected tighter AI regulation after Democrats' takeover of both houses of Congress. Concerns of global inflation returns as crude oil prices spike again.
The selloff intensified after a sweeping Democratic victory in the US midterm elections raised concerns over tighter AI industry regulations and a possible slowdown in data center expansion.
Traders also adopted a 'wait and watch' approach to see how the Trump administration plans to resolve the U.S.-Iran standoff.
Markets may become cautious later on Friday, in anticipation of the U.S. and Canadian job statistics.
For additional information on the U.S. interest rate forecast, traders will keep a careful eye on the US jobs report. The Nonfarm Payrolls (NFP) rise in October is predicted by economists to reach 65,000, up from 29,000 in September. It is anticipated that the unemployment rate would remain at 4.2%.
Crude oil prices surged as investors look for the next steps to resolve the U.S.-Iran standoff - either through diplomacy or hostility. West Texas Intermediate crude for December was up $2.29 or 2.60 percent at $90.41 per barrel.
In the Asian trading today, the Australian dollar fell to nearly a 9-month low of 108.54 against the yen and more than a 1-month low of 1.6275 against the euro, from yesterday's closing quotes of 109.28 and 1.6188, respectively. If the aussie extends its downtrend, it is likely to find support around 107.00 against the yen and 1.63 against the euro.
Against the U.S., the Canada and the New Zealand dollars, the aussie slipped to more than a 4-month low of 0.6884, nearly a 7-month low of 0.9664 and a 9-day low of 1.2373 from Thursday's closing quotes of 0.6930, 0.9716 and 1.2389, respectively. The aussie may test support near 0.67 against the greenback, 0.95 against the loonie and 1.22 against the kiwi.
The NZ dollar fell to more than a 1-1/2-year low of 0.5557 against the U.S. dollar and nearly a 1-year low of 87.70 against the yen, from Thursday's closing quotes of 0.5594 and 88.21, respectively. If the kiwi extends its downtrend, it is likely to find support around 0.54 against the greenback and 86.00 against the yen.
Against the euro, the kiwi slipped to more than a 1-month low of 2.0149 from yesterday's closing value of 2.055. On the downside, 2.03 is seen as the next support level for the kiwi.
The Canadian dollar fell to 9-day lows of 1.4050 against the U.S. dollar and 112.32 against the yen, from yesterday's closing quotes of 1.4020 and 112.47, respectively. If the loonie extends its downtrend, it is likely to find support around 1.42 against the greenback and 111.00 against the yen.
Against the euro, the loonie edged down to 1.5744 from Thursday's closing value of 1.5728. The next support level for the loonie is seen around the 1.59 region.
Looking ahead, Eurozone retail sales data for September and U.K. BBA mortgage rate for October are slated for release in the European session.
In the New York session, U.S. and Canada jobs data for October, Canada Ivey PMI for October, U.S. Michigan consumer sentiment for November, U.S. Baker Hughes oil rig count data and U.S. consumer credit for September are due to be released.
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