The Australian and the New Zealand dollars weakened against their major counterparts in the Asian session on Friday, as regional shares fell reflecting weakness in the financial and oil sectors. Investors are treading cautiously ahead of the release of key U.S. jobs data later in the day.

The Australian dollar fell earlier after the release of nation's retail sales data.

Data from the Australian Bureau of Statistics showed that the total value of retail sales in Australia was unchanged in December on a seasonally adjusted basis. That missed forecasts for an increase of 0.4 percent, which would have been unchanged from the November reading. Sales were up 0.6 percent in October.

In other economic news, the Australian Industry Group reported that the construction sector in Australia remained in contraction in January with a PMI score of 46.3. That's down from 46.8 in December, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Thursday, the Australian dollar rose against its major rivals due to rising risk appetite, as gains in crude oil prices as well as other commodity prices on the back of a weaker dollar lifted resource stocks. The Australian dollar rose 0.75 percent against the U.S. dollar, 0.34 percent against the yen and 0.47 percent against the euro.

Meanwhile, the NZ dollar showed mixed trading against its major rivals. While the NZ dollar rose against the U.S. dollar, it held steady against the yen and the euro.

In the Asian trading, the Australian dollar fell to 2-day lows of 1.5604 against the euro and 83.89 against the yen, from yesterday's closing quotes of 1.5560 and 84.03, respectively. If the aussie extends its downtrend, it is likely to find support around 1.60 against the euro and 81.00 against the yen.

Against the U.S. and the Canadian dollars, the aussie dropped to 0.7176 and 0.9873 from yesterday's closing quotes of 0.7198 and 0.9902, respectively. The aussie may test support near 0.70 against the greenback and 0.97 against the loonie.

The NZ dollar fell to 2-day lows of 1.6729 against the euro and 78.24 against the yen, from yesterday's closing quotes of 1.6663 and 78.46, respectively. If the kiwi extends its downtrend, it is likely to find support around 1.71 against the euro and 76.00 against the yen.

Against the U.S. dollar, the kiwi dropped to 0.6691 from yesterday's closing value of 0.6720. The kiwi may test support near the 0.64 region.

The kiwi edged down to 1.0741 against the Australian dollar, from an early 2-day high of 1.0671. On the downside, 1.09 is seen as the next support level for the kiwi.

Looking ahead, preliminary Japan leading index for December is due to be released at 12:00 am ET. Subsequently, German factory orders for December is slated for release in the pre-European session at 2:00 am ET.

At 7:00 am ET, European Central Bank Vice President Vitor Constancio is expected to speak on the occasion of the awarding of the German Bernacer Prize organized by the Bank of Spain in Madrid.

In the New York session, U.S. trade balance for December, U.S. non-farm payrolls report for January, Canadian trade balance data for December, Canada Ivey purchasing managers index for January, U.S. Baker Hughes reg count data and U.S. consumer credit for December are set to be published.

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