Australian Dollar Falls After RBA Minutes

The Australian dollar declined against its most major counterparts in the Asian session on Tuesday, after minutes from the Reserve Bank of Australia's recent meeting showed that the country's economy is expected to continue on its gradual path of growth, indicating that a shift in monetary policy is unlikely soon.

The minutes from the central bank's April 3 meeting showed that there was no strong case for a near-term adjustment in monetary policy, as progress in lowering unemployment and pick up in inflation was expected to be only gradual.

The bank noted that the low level of interest rates is continuing to support the Australian economy.

Meanwhile, members agreed that it was more likely that the next move in the cash rate would be up, rather than down.

Investors digested a raft of mixed economic data from China, Australia's largest trading partner.

Data released by China today showed that the country's gross domestic product or GDP rose 6.8 percent in the first quarter on a yearly basis - in line with expectations and down from 6.9 percent in the previous quarter.

In addition, China's industrial production and fixed asset investment rose in March, but missed forecasts, while retail sales growth in the month exceeded expectations.

Pulling away from a 4-day high of 0.7787 against the greenback, the aussie edged down to 0.7761. The next possible support for the aussie is seen around the 0.76 level.

The aussie declined to a 4-day low of 0.9758 against the loonie and a 5-day low of 83.06 against the yen, from its early highs of 0.9782 and 83.38,respectively. If the aussie slides further, 0.95 and 82.00 are likely seen as its next support levels against the loonie and the yen, respectively.

The aussie slid to a 5-day low of 1.5955 against the euro, from a high of 1.5904 hit at 9:30 pm ET. The aussie is seen finding support around the 1.62 level.

On the flip side, the aussie climbed to near a 2-week high of 1.0593 against the kiwi, compared to Monday's closing value of 1.0565. The aussie is poised to find resistance around the 1.08 region.

Data from the Real Estate Institute of New Zealand showed that New Zealand's house prices increased in March from a year ago, while sales declined notably.

The national median house price index climbed 1.8 percent year-over-year to a new record high of NZ$560,000 in March. Month-on-month, house prices grew 5.7 percent.

Looking ahead, U.K. claimant count rate for March, ILO jobless rate for the three months ended February and German ZEW economic sentiment for April are due in the European session.

In the New York session, Canada manufacturing sales for February, U.S. housing starts, building permits and industrial production for March are scheduled for release.

At 10:00 am ET, Federal Reserve Governor Randal Quarles will testify on supervision and regulation before the House Financial Services Committee in Washington DC.