Commodity currencies such as the Australia, the New Zealand and the Canadian dollars weakened against their major currencies in the Asian session on Tuesday, as the strength of the U.S. dollar against major currencies in the region and a surge in treasury yields to its highest level in almost sixteen years has caused Asian stock markets to trade sharply lower.

Traders also await key monthly U.S. employment data later in the week for cues on the outlook for interest rates. Asian markets closed mostly lower on Monday.

Crude oil prices also fell sharply, hurt by a stronger dollar and concerns about prospects of rising supplies in the market. West Texas Intermediate Crude oil futures for November sank $1.97 or 2.2 percent at $88.82 a barrel.

The Australian dollar fell further after the Reserve Bank of Australia held interest rates steady at its first board meeting under new Governor Michele Bullock.

"The higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so," Governor Michele Bullock said.

In the Asian trading today, the Australian dollar fell to nearly a 1-year low of 0.6311 against the U.S. dollar and nearly a 2-week low of 94.59 against the yen, from yesterday's closing quotes of 0.6362 and 95.33, respectively. If the aussie extends its downtrend, it is likely to find support around 0.60 against the greenback and 93.00 against the yen.

Against the euro and the Canadian dollar, the aussie slipped to a 6-day low of 1.6578 and a 5-day low of 0.8652 from yesterday's closing quotes of 1.6461 and 0.8701, respectively. The aussie may test support near 1.69 against the euro and 0.84 against the loonie.

The aussie edged down to 1.0682 against the NZ dollar, from yesterday's closing value of 1.0694. On the downside, 1.05 is seen as the next support level for the aussie.

The NZ dollar fell to a 6-day low of 0.5904 against the U.S. dollar and a 5-day low of 88.50 against the yen, from yesterday's closing quotes of 0.5945 and 89.08, respectively. If the kiwi extends its downtrend, it is likely to find support around 0.57 against the greenback and 87.00 against the yen.

Against the euro, the kiwi dropped to a 4-day low of 1.7726 from Monday's closing value of 1.7610. On the downside, 1.81 is seen as the next support level for the kiwi.

The Canadian dollar fell to more than a 6-month low of 1.3716 against the U.S. dollar and nearly a 2-week low of 109.27 against the yen, from yesterday's closing quotes of 1.3676 and 109.56, respectively. If the loonie extends its downtrend, it is likely to find support around 1.38 against the greenback and 107.00 against the yen.

Against the euro, the loonie edged down to 1.4353 from an early 4-day high of 1.4322. The loonie may test support around the 1.45 region.

The safe-haven currencies such as the U.S. dollar and the yen rose against their major currencies as Asian stock markets traded higher.

The U.S. dollar rose to a 10-month high of 1.0460 against the euro and nearly a 7-month high of 1.2061 against the pound, from yesterday's closing quotes of 1.0476 and 1.2086, respectively. If the greenback extends its uptrend, it is likely to find resistance around 1.03 against the euro and 1.19 against the pound.

Against the yen and the Swiss franc, the U.S. dollar climbed to an 1-year high of 149.96 and a 5-day high of 0.9199 from Monday's closing quotes of 149.85 and 0.9181, respectively. The greenback may test resistance around 151.00 against the yen and 0.94 against the franc.

In economic news, the monetary base in Japan jumped 5.6 percent on year in September, the Bank of Japan said on Tuesday - coming in at 669.860 trillion yen. That shattered expectations for an increase of 1.6 percent following the upwardly revised 1.2 percent increase in August. The adjusted monetary base surged 31.5 percent to 676.105 trillion yen. For the third quarter of 2023, the monetary base climbed 1.8 percent on year.

The yen rose to a 5-day high of 156.75 against the euro and nearly a 2-month high of 180.78 against the pound, from yesterday's closing quotes of 156.97 and 181.10, respectively. If the yen extends its uptrend, it is likely to find resistance around 152.00 against the euro and 174.00 against the pound.

Against the Swiss franc, the yen edged down to 162.98 from Monday's closing value of 163.14. The yen may test resistance near the 156.00 region.

Looking ahead, U.S. Redbook report for September is due to be released in the New York session.

At 8:00 am ET, Federal Reserve Bank of Atlanta President Raphael Bostic will participate in moderated conversation, "Economic Outlook for 2024: Inflation, Rising Interest Rates, Labor Market, and Uncertainties" before the Leadership Atlanta alumni roundtable, "Where Are We Going? Riding the Financial Rollercoaster: A Forward Look Beyond 2024", in Atlanta, U.S.

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