(fxcue news) - The Antipodean currencies such as the Australia and the New Zealand dollars weakened against their major currencies in the Asian session on Thursday on increased risk-off sentiment, following the broadly negative cues from Wall Street overnight, amid rising treasury yields on concerns about the fiscal impact of a new U.S. tax bill on the country's deficit. The lack of clear progress on new trade deals is also weighing on the markets. Crude oil prices fell under pressure after a report released by the Energy Information Administration showed U.S. crude oil inventories unexpectedly increased last week. West Texas Intermediate crude for July delivery slid $0.46 to 0.7 percent to $61.57 a barrel. The NZ dollar fell further against its major rivals following New Zealand's Budget release. The New Zealand government stressed economic discipline, forecasting a NZ$14.74 billion budget deficit for the fiscal year ending June 2025, down from NZ$17.32 billion in its December half-year fiscal update. Meanwhile, the fiscal constraint comes amid economic challenges and trade uncertainties, raising expectations of further rate reduction by the Reserve Bank of New Zealand (RBNZ). In economic news, data from S&P Global showed that the manufacturing sector in Australia continued to expand in May, and at a steady pace, with a manufacturing PMI score of 51.7. That was unchanged from the April reading. The data also showed that the services PMI slipped to 50.5 from 51.0, while the composite index fell to 50.6 from 51.0. The safe-haven yen strengthened against its major peers in the Asian session amid risk-off sentiment. Japan's positive Machinery Orders report calmed recession fears and raised expectations for an economic recovery. Growing speculations that the Bank of Japan (BoJ) would raise interest rates again in 2025, also led to the upturn of JPY. Data from the Cabinet Office showed that the total value of core machinery orders in Japan spiked 13.0 percent on month in March, coming in at 1,090.9 billion. That blew away forecasts for a decline of 1.5 percent following the 4.3 percent increase in February. On a yearly basis, orders jumped 8.4 percent - again beating expectations for a decline of 2.2 percent after rising 1.5 percent in the previous month. In other economic news, data showed that the au Jibun Bank Japan flash Manufacturing PMI rose to 49.0 in May 2025, up from 48.7 the previous month, in line with market expectations. Meanwhile, the flash Services PMI fell to 50.8 in May 2025 from a final 52.4 the previous month. The flash Composite PMI dropped to 49.8 in May 2025 from a final 51.2 in April. In the Asian trading today, the Australian dollar fell to a 2-week low of 92.14 against the yen, nearly a 3-week low of 1.7636 against the euro and a 9-day low of 0.8905 against the Canadian dollar, from yesterday's closing quotes of 92.43, 1.7617 and 0.8915, respectively. If the aussie extends its downtrend, it is likely to find support around 90.00 against the yen, 1.79 against the euro and 0.88 against the loonie. Against the U.S. dollar, the aussie edged down to 0.6427 from Wednesday's closing value of 0.6433. On the downside, 0.62 is seen as the next support level for the greenback. The NZ dollar fell to a 3-week low of 84.82 against the yen, nearly a 3-week low of 1.9144 against the euro and a 2-day low of 1.0877 against the Australian dollar, from yesterday's closing quotes of 85.26, 1.9100 and 1.0842, respectively. If the kiwi extends its downtrend, it is likely to find support around 83.00 against the yen, 1.92 against the euro and 1.09 against the aussie. Against the U.S. dollar, the kiwi edged down to 0.5921 from Wednesday's closing value of 0.5933. The next possible downside target for the kiwi is seen around the 0.57 region. Meanwhile, the safe-haven yen rose to more than a 2-week high of 143.15 against the U.S. dollar and a 2-week high of 192.29 against the pound, from yesterday's closing quotes of 143.70 and 192.85, respectively. If the yen extends its uptrend, it is likely to find resistance around 140.00 against the greenback and 188.00 against the pound. Against the euro and the Swiss franc, the yen advanced to a 3-day high of 162.32 and a 2-day high of 173.72 from Wednesday's closing quotes of 162.84 and 174.20, respectively. The yen is likely to find resistance around 159.00 against the euro and 172.00 against the franc. Looking ahead, German ifo economic sentiment survey data for May and PMI reports for May from various European economies and the U.K., are slated for release in the European session. At 7:30 am ET, the European Central Bank publishes the account of monetary policy meeting held on April 16 and 17. In the New York session, Canada PPI and raw material prices for April, U.S. weekly jobless claims data, U.S. existing home sales data and PMI data for May and U.S. Kansas Fed composite index for May are slated for release.