Commodity currencies such as the Australian, the New Zealand and the Canadian dollars continued to be weak against their major currencies in the Asian session on Wednesday, as the yuan slumped for the second straight day following Tuesday's devaluation by the Chinese central bank.

The People's Bank of China on Wednesday set its reference rate at 6.3306 per dollar, up slightly from Tuesday's close but 1.6 percent lower than the previous day's fixing rate. The central bank devalued the yuan by 1.9 percent on Tuesday. The devaluation of the yuan has fueled worries about slowing growth in the world's second-largest economy.

Meanwhile, commodity prices also fell after China's surprise move to devalue its currency.

In other economic news, data from Westpac Bank showed that consumer confidence in Australia jumped sharply in August, as its index surged a seasonally adjusted 7.8 percent to a score of 99.5. That follows the 3.2 percent tumble in July to a reading of 92.2.

Also, data from the Australian Bureau of Statistics showed that wage costs in Australia were up a seasonally adjusted 0.6 percent on quarter in the second quarter of 2015. That was in line with expectations and up from the 0.5 percent gain in the first quarter. On a yearly basis, wage costs were up 2.3 percent, unchanged and in line with forecasts.

Tuesday, the Australia and the New Zealand dollars fell against its major rivals. The Australian dollar fell 1.37 percent against the U.S. dollar, 0.96 percent against the yen and 1.90 percent against the euro. The NZ dollar also fell 1.07 percent against the U.S. dollar, 0.58 percent against the yen and 1.42 percent against the euro.

Meanwhile, the Canadian dollar showed mixed trading against its major rivals. The loonie rose against the yen but it fell against the euro. Against the U.S. dollar, the loonie held steady.

In the Asian trading today, the Australian dollar fell to a 6-year low of 0.7214 against the U.S. dollar, from yesterday's closing value of 0.7305. The aussie may test support near the 0.71 region.

The aussie dropped to 8-day lows of 90.33 against the yen and 1.1127 against the NZ dollar, from yesterday's closing quotes of 91.39 and 1.1165, respectively. If the aussie extends its downtrend, it is likely to find support around against the greenback, 89.00 against the yen and 1.10 against the kiwi.

Against the euro and the Canadian dollar, the aussie slipped to an 8-month low of 1.5286 and nearly a 2-week low of 0.9489 from yesterday's closing quotes of 1.5113 and 0.9579, respectively. On the downside, 1.53 against the euro and 0.94 against the loonie are seen as the next support level for the aussie.

The NZ dollar fell to a 6-year low of 0.6465 against the U.S. dollar and nearly a 2-year low of 1.7055 against the euro, from yesterday's closing quotes of 0.6539 and 1.6878, respectively. If the kiwi extends its downtrend, it is likely to find support around 0.63 against the greenback and 1.71 against the euro.

Against the yen, the kiwi dropped to more than a 3-week low of 80.95 from yesterday's closing value of 81.81. The kiwi may test support near the 79.00 region.

The members of the Bank of Japan's monetary policy board believe that the country's economic recovery continues on pace, minutes from the bank's meeting on July 14 and 15 revealed. At the meeting, the policy board decided to maintain its target of raising the monetary base at an annual pace of about JPY 80 trillion.

It also kept its benchmark lending rate on hold at 0.10 percent.

The Canadian dollar fell to a 2-day low of 1.3157 against the U.S. dollar, from yesterday's closing value of 1.3113. The loonie may test support near the 1.32 area.

Against the yen and the euro, the loonie dropped to 95.14 and 1.4529 from yesterday's closing quotes of 95.39 and 1.4478, respectively. If the loonie extends its downtrend, it is likely to find support around 94.00 against the yen and 1.46 against the euro.

Looking ahead, U.K. jobless data for July, Swiss ZEW economic expectation index for August and Eurozone industrial production for June are due to be released in the European session.

In the New York session, U.S. monthly budget for July is set to be announced.

At 8:30 am ET, Federal Reserve Bank of New York President William Dudley is expected to speak before the Rochester Business Alliance on the local economy and the benefits of workforce development in Rochester, New York, U.S.

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