EURAUD Euro vs Australian Dollar

Commodity currencies such as the Australian, the New Zealand and the Canadian dollars weakened against the other major currencies in the Asian session on Tuesday, as crude oil prices fell amid persistent oversupply worries.

Crude oil for September delivery are currently down $0.21 at $45.73 a barrel.

Traders await the release of energy inventory reports from the API and EIA due today and tomorrow respectively.

The minutes of the Reserve Bank of Australia' monthly board meeting released earlier in the day also weighed on the currencies.

The minutes from the bank's July 5 meeting showed that the members of the Reserve Bank of Australia's monetary policy board said that a strengthening Australian dollar could cause problems for the country's economic rebalancing. The country is still recovering from the major drop in commodity prices, the bank added.

At the meeting, the RBA board retained its record low interest rate of 1.75 percent for the second straight month.

Meanwhile, traders bet on the prospects of a rate cut by the RBA and RBNZ at their respective August meeting.

Monday, the Australian dollar held steady against its major rivals.

The New Zealand and the Canadian dollars showed mixed performance against their major rivals. While the kiwi and the loonie fell against the U.S. dollar and the euro, they held steady against the yen.

In the Asian trading, the Australian dollar fell to near 2-week lows of 0.7509 against the U.S. dollar, 1.4738 against euro and against the Canadian dollar, from yesterday's closing quotes of 0.7590, 1.4586 and 0.9824, respectively. If the aussie extends its downtrend, it is likely to find support around 0.73 against the greenback, 1.51 against the euro and 0.96 against the loonie.

Against the yen, the aussie dropped to a 4-day low of 79.38 from yesterday's closing value of 80.57. On the downside, 74.00 is seen as the next support level for the aussie.

The aussie edged down to 1.0690 against the NZ dollar, from an early near 2-month high of 1.0771. The aussie may test support near the 1.03 area.

The NZ dollar fell to near 2-month lows of 1.5772 against the euro and 0.7013 against the U.S. dollar, from yesterday's closing quotes of 1.5559 and 0.7115, respectively. If the kiwi extends its downtrend, it is likely to find support around 1.63 against the euro and 0.69 against the greenback.

Against the yen, the kiwi dropped to a 1-week low of 74.20 from yesterday's closing value of 75.52. On the downside, 71.00 is seen as the next support level for the kiwi.

The Canadian dollar fell to 1.2995 against the U.S. dollar and 81.34 against the yen, from yesterday's closing quotes of 1.2943 and 81.99, respectively. If the loonie extends its downtrend, it is likely to find support around 1.31 against the greenback and 78.00 against the yen.

Against the euro, the loonie dropped to 1.4386 against the euro from yesterday's closing value of 1.4335. The loonie may test support near the 1.46 area.

Looking ahead, U.K. consumer price, producer price and retail price indexes for June and house price index for May and German ZEW economic sentiment index for July are due to be released later in the day.

New Zealand GDT diary auction is due to be held at 8:00 am ET

In the New York session, U.S. building permits and housing starts, both for June, are slated for release.

At 10:05 am ET, Bank of England Deputy Governor Ben Broadbent will testify on blockchain technology before the Economic Affairs Committee in London.

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