Commodity currencies such as the Australian, the New Zealand and the Canadian dollars rebounded from early lows against their major counterparts in the Asian session on Thursday amid rising risk appetite, as the crude oil prices rose near the $50 a barrel mark.

Crude oil for July delivery are currently up $0.32 to $49.88 a barrel. The crude oil price rose as official data confirmed a significant draw down in U.S. oil inventories.

The U.S. Energy Information Administration reported that U.S. crude supplies fell 4.2 million barrels for the week ended May 20. Meanwhile, a two-day Group of Seven leaders' summit in Japan that starts later on Thursday and a speech by U.S. Federal Reserve Chair Janet Yellen on Friday, limited gains in the equity market.

The aussie fell earlier after the release of nation's capex data but rebounded in a shortwhile.

Data from the Australian Bureau of Statistics showed that the private capital expenditure in Australia was down a seasonally adjusted 5.2 percent on quarter in the first three months of 2016, standing at A$30.613 billion. That missed forecasts for a decline of 3.5 percent following the 0.8 percent increase in the three months prior.

Wednesday, the Australian, the New Zealand and the Canadian dollars rose against their major counterparts. The Australian dollar rose 0.51 percent against the yen and 0.06 percent against the euro. Meanwhile, the aussie held steady against the U.S. dollar.

The NZ dollar rose 0.07 percent against the U.S. dollar, 0.60 percent against the yen and 0.10 percent against the euro. The Canadian dollar rose 0.78 percent against the U.S. dollar, 0.77 percent against the yen and 0.65 percent against the euro.

In the Asian trading, the Australian dollar rose to an 8-day high of 1.0735 against the NZ dollar, from an early low of 1.0656. The aussie may test resistance near the 1.10 region.

Against the U.S. dollar, the yen and the euro, the aussie edged up to 0.7215, 79.12 and 1.5491 from early 2-day lows of 0.7163, 78.44 and 1.5594, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.74 against the greenback, 82.00 against the yen and 1.50 against the euro.

The aussie advanced to 0.9361 against the Canadian dollar, from an early more than 6-month low of 0.9325. The aussie is likely to find resistance around the 0.98 area.

The NZ dollar rose to 1.6612 against the euro and 73.79 against the yen, from early 2-day lows of 1.6678 and 73.45, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 1.62 against the euro and 77.00 against the yen.

Against the U.S. dollar, the kiwi advanced to 0.6727 from an early near 2-month low of 0.6696. On the upside, 0.68 is seen as the next resistance level for the kiwi. The Canadian dollar rose to more than a 3-week high of 1.4505 against the euro and an 8-day high of 1.2973 against the U.S. dollar, from early lows of 1.4554 and 1.3037, respectively. If the loonie extends its uptrend, it is likely to find resistance around 1.41 against the euro and 1.26 against the greenback

Against the yen, the loonie edged up to 84.58 from an early low of 84.02. The loonie may test resistance near the 88.00 region.

Looking ahead, Swiss industrial production for the first quarter, the second estimate of U.K. GDP data for the first quarter and U.K. BBA mortgage approvals for April are due to be released later in the day.

At 6:10 am ET, Federal Reserve Bank of St. Louis President James Bullard will give Singapore City Lecture on the U.S. economy and monetary policy before the Official Monetary and Financial Institution Forum in Singapore.

In the New York session, U.S. durable good orders for April, pending home sales data for April and U.S. weekly jobless claims for the week ended May 21 are slated for release later in the day.

At 9:00 am ET, Reserve Bank of Australia Assistant Governor Guy Debelle will deliver opening remarks at the launch of the Global Code of Conduct for the Foreign Exchange Market in New York.

At 12:00 pm ET, Federal Reserve Governor Jerome Powell will deliver a speech titled "Recent Economic Developments, the Productive Potential of the Economy, and Monetary Policy: Learning from the Recovery" at the Peterson Institute for International Economics in Washington DC.

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