The antipodean currencies such as the Australia and the New Zealand dollars weakened against other major currencies in the Asian session on Thursday, as traders remain cautious amid the resurgence of Middle East tensions and the resulting recent spike in crude oil prices, fueling inflation concerns. Fairly tame US consumer price data eased concerns about the outlook for interest rates as inflation rose in line with estimates.

Consumer prices in the U.S. crept slightly higher in the month of July, according to a closely watched report released by the Labor Department on Wednesday. The report said consumer prices inched up by 0.1 percent in July after falling by 0.4 percent in June. The uptick in consumer prices matched economist estimates.

The New Zealand dollar weakened against other major currencies in the European session on Wednesday, as European stocks traded lower as oil prices remain elevated on growing concerns about prolonged disruptions to supply.

After reporting a notable pullback in existing home sales in the U.S, in the previous month, the National Association of Realtors released a report on Tuesday showing existing home sales saw further downside in the month of July. NAR said existing home sales tumbled by 1.7 percent to an annual rate of 4.06 million in July.

The Canadian dollar strengthened against other major currencies in the European session on Tuesday, as the crude oil held on to a four-day rally to hit over one-week high amid fading hopes for a deal between Washington and Tehran to reopen the Strait of Hormuz, a critical waterway for global energy supplies.

Australia's Reserve Bank held its cash rate at 4.35% following three increases since the start of the year. Policymakers indicated they will raise rates further if inflation risks escalate, with expectations for return to target delayed until late 2027.