The commodity currencies such as Australia, the New Zealand and the Canadian dollars weakened against other major currencies in the Asian session on Thursday, as rising geopolitical tensions in the Middle East weighed on market sentiment.

The United States said on Wednesday that it will partially evacuate its Iraqi embassy and enable military dependents to leave several locations in the Middle East, citing regional security concerns.

Furthermore, White House envoy Steve Witkoff is expected to meet with Iranian Foreign Minister Abbas Araghchi in Muscat on Sunday to discuss the Iranian response to the current U.S. proposal, according to Axios.

Iran's defense minister has threatened that Tehran would target U.S. bases regionally if attacked.

Meanwhile, U.S. President Donald Trump said he and Chinese President Xi Jinping "are going to work closely together to open up China to American Trade."

Trump said a trade framework with China has been completed, with Beijing supplying full magnets and "any necessary rare earths" up front and the U.S. allowing Chinese students into its colleges and universities while keeping tariffs unchanged.

U.S. Commerce Secretary Howard Lutnick indicated that both sides agreed to lift export controls on key goods and technologies.

In the Asian trading today, the Australian dollar fell to nearly a 1-1/2-month low of 1.7766 against the euro and an 8-day low of 0.8863 against the Canadian dollar, from yesterday's closing quotes of 1.7684 and 0.8894, respectively. If the aussie extends its downtrend, it is likely to find support around 1.80 against the euro and 0.86 against the loonie.

Against the U.S. dollar and the yen, the aussie slid to 6-day lows of 0.6485 and 93.31 from Wednesday's closing quotes of 0.6509 and 93.85, respectively. The aussie may test support around 0.63 against the greenback and 91.00 against the yen.

The aussie edged down to 1.0764 against the NZ dollar, from yesterday's closing value of 1.0784. On the upside, 1.05 is seen as the next support level for the aussie.

The NZ dollar fell to nearly a 3-week low of 1.9148 against the euro, from yesterday's closing value of 1.9070. The next possible downside target for the kiwi is seen around the 1.92 region.

Against the U.S. dollar and the yen, the kiwi slid to a 3-day low of 0.6016 and a 5-day low of 86.57 from Wednesday's closing quotes of 0.6036 and 87.03, respectively. If the kiwi extends its downtrend, it is likely to find support around 0.59 against the greenback and 85.00 against the yen.

The Canadian dollar fell to more than a 3-week low of 1.5750 against the euro and a 6-day low of 105.21 against the yen, from yesterday's closing quotes of 1.5728 and 105.52, respectively. If the loonie extends its downtrend, it is likely to find support around 1.58 against the euro and 103.00 against the yen.

Against the U.S. dollar, the loonie edged down to 1.3674 from Wednesday's closing value of 1.3666. On the downside, 1.39 is seen as the next support level for the loonie.

Meanwhile, the safe-haven yen strengthened against its major rivals in the Asian trading today amid signs of growing geopolitical uncertainties.

In economic news, data from the Ministry of Finance showed that sentiment among Japanese large companies declined sharply in the second quarter. The business survey index for all industries slid to -1.9 from +2.0 in the first quarter.

The BSI for large manufacturers deteriorated to -4.8 in the second quarter from -2.4 in the preceding quarter. At the same time, the indicator for large non-manufacturers registered -0.5, down from 4.1 in the prior period.

The yen rose to a 6-day high of 143.64 against the U.S. dollar, from yesterday's closing value of 144.18. The next possible upside target for the yen is seen around the 142.00 region.

Against the pound and the Swiss franc, the yen advanced to 2-day highs of 194.81 and 176.16 from Wednesday's closing quotes of 195.62 and 176.16, respectively. If the yen extends its uptrend, it is likely to find resistance around 192.00 against the pound and 174.00 against the franc.

The yen edged up to 165.52 against the euro, from Wednesday's closing value of 165.96. On the upside, 163.00 is seen as the next resistance level for the yen.

Looking ahead, U.K. NIESR Monthly GDP tracker data for May is slated for release at 7:00 am ET.

In the New York session, U.S. PPI for May, U.S. weekly jobless claims data and U.S. WASDE report are set to be published.

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