The Commodity currencies such as Australia, the New Zealand and the Canadian dollars weakened against other major currencies in the Asian session on Monday amid risk aversion, as traders react to weak U.S. monthly jobs data and recent weak data on U.S. manufacturing activity that stocked fears the world's largest economy could slip into a recession after the U.S. Fed seems to have waited too long to cut interest rates. Markets in Japan, South Korea and Taiwan are plunging more than 5 percent.

The unexpected increase in the unemployment rate reached its highest level since hitting 4.5 percent in October 2021.

Weakness across all sectors led by energy, financial and technology stocks, also weighed on the investor sentiment.

Crude oil prices fell sharply to a two-month low, sliding for a second successive session on rising concerns about the outlook for demand due to slowing growth in the U.S. West Texas Intermediate Crude oil futures for September fell $2.79 or 3.66 percent at $73.52 a barrel.

In economic news, data from Judo Bank showed that the services sector in Australia continued to expand in July, albeit at a slower pace, with a services PMI score of 50.4. That's down from 51.2 in June.

Also, data published by S&P Global showed that China's service sector growth accelerated in July on faster growth in new business inflows. The Caixin services Purchasing Managers' Index rose to 52.1 in July from 51.2 in June. The score was expected to rise to 51.4.

In the Asian trading today, the Australian dollar fell to an 8-month low of 93.89 against the yen and nearly a 9-month low of 1.6841 against the euro, from Friday's closing quotes of 95.38 and 1.6756, respectively. If the aussie extends its downtrend, it is likely to find support around 92.00 against the yen and 1.69 against the euro.

Against the U.S. and the Canadian dollars, the aussie dropped to 5-day low of 0.6482 and 0.8999 from last week's closing quotes of 0.6509 and 0.9029, respectively. On the downside, 0.63 against the greenback and 0.88 against the loonie are seen as the next support levels for the aussie.

The aussie slipped to more than a 1-month low of 1.0903 against the NZ dollar, from Friday's closing value of 1.0925. The next possible downside target level for the AUD/NZD pair is seen around the 1.08 region.

The NZ dollar fell to a 6-day low of 1.8382 against the euro and a 1-year low of 86.08 against the yen, from Friday's closing quotes of 1.8312 and 87.29, respectively. If the kiwi extends its downtrend, it is likely to find support around 1.85 against the euro and 85.00 against the yen.

Against the U.S. dollar, the kiwi edged down to 0.5938 from Friday's closing value of 0.5957. The NZD/USD pair is likely to find its support around the 0.57 region.

The Canadian dollar fell to nearly a 3-1/2-year low of 1.5162 against the euro and an 8-month low of 104.28 against the yen, from Friday's closing quotes of 1.5134 and 105.62, respectively. If the loonie extend its downtrend, it is likely to find support around against 1.52 against the euro and 103.00 against the yen.

Against the U.S. dollar, the loonie edged down to 1.3887 from Friday's closing value of 1.3872. On the downside, the USD/CAD pair may find its support around the 1.39 area.

Meanwhile, the safe-haven yen strengthened against its major rivals in the Asian trading today amid risk aversion.

Data from Jibun Bank showed that the services sector in Japan bounced back up into expansion territory in July, with a services PMI score of 53.7. That's up from 49.4 in June.

The yen rose to near 7-month highs of 157.97 against the euro, 144.61 against the U.S. dollar and 185.05 against the pound, from Friday's closing quotes of 159.88, 146.54 and 187.54, respectively. If the yen extends its uptrend, it is likely to find resistance around 156.00 against the euro, 143.00 against the greenback and 186.00 against the pound.

Against the Swiss franc, the yen advanced to a 4-day high of 169.48 from Friday's closing value of 170.81. On the upside, 166.00 is seen as the next resistance level for the yen.

Looking ahead, services PMI data from various European economies and U.K. for July and Eurozone PPI for June are due to be released in the European session.

In the New York session, U.S. ISM services PMI data for July and Canada average hourly wages for July are slated for release.

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