The Australian dollar is getting crushed against its commodity counterparts

Jeff J Mitchell/Getty Images

The Australian dollar remains under pressure, losing ground against both the greenback and the crosses for a second consecutive session on Thursday.

And its largest losses came against its commodity-linked counterparts, the New Zealand and Canadian dollars.

Here’s the scoreboard as at 8am AEST.

AUD/USD 0.7538 , -0.0003 , -0.04%
AUD/JPY 83.88 , -0.07 , -0.08%
AUD/CNH 5.1545 , -0.0009 , -0.02%
AUD/EUR 0.6759 , -0.0001 , -0.01%
AUD/GBP 0.5942 , -0.0004 , -0.07%
AUD/NZD 1.0376 , -0.0001 , -0.01%

Of note, the Aussie fell hard against the New Zealand dollar, hitting a four-month low following the release of the Reserve Bank of New Zealand’s (RBNZ) latest monetary policy statement.

According to Richard Grace, chief currency strategist at the Commonwealth Bank, the tone of the statement was less-dovish than what markets had expected, drilling the AUD/NZD lower.

“The RBNZ issued an optimistic statement following their overnight cash rate review about the New Zealand economic outlook, and US and European markets have responded positively,” he said on Friday morning.

Grace says that he sees downside risks for the AUD/NZD, suggesting that parity between the two antipodean currencies is a possibility.

AUD/NZD Daily Chart

The Aussie was also in the wars against the Canadian dollar, losing close to 1% following the release a strong Canadian retail sales report which helped boost expectations that the bank may be moving closer to increasing official interest rates.

They increased by 0.8% for the month, easily surpassing expectations for a smaller gain of 0.2%. Excluding autos, sales increased by an even larger 1.5%, more than double the lift expected.

AUD/CAD Hourly Chart

Whether the Aussie’s woes continue on Friday will likely be determined by sentiment, technicals and central bank speak, rather than economic data, with another quiet calendar on the way today, especially in Asia.

There’s nothing of note domestically while across the region the flash manufacturing PMI report from Japan for June the only release of note.

Later in the session, markets will also receive manufacturing and services flash PMI’s from Europe and the US, which, along with the Japanese report, will provide the first indication on business activity levels across the globe in June.

Canadian inflation figures for May will also be released, an event that is likely to be watched closely given increased speculation that the Bank of Canada may be on the cusp of raising interest rates.

US new home sales for May will also be released during the session.

On the central bank front, US Fed members James Bullard, Loretta Mester and Jerome Powell are also scheduled to speak.

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