Australian Dollar Falls Amid Risk Aversion

The Australian dollar fell against its major counterparts in the Asian session on Tuesday, as Asian shares fell following the weak cues overnight from Wall Street and reflecting weakness in technology stocks fueled by concerns about weak demand for Apple's iPhones.

Lingering worries about global economic growth and U.S.-China trade tensions also weighed on sentiment.

Minutes from the Reserve Bank of Australia's latest meeting showed that members of the monetary policy board said that the country's economy has continued to pick up steam, and at a slightly faster rate than expected.

The appreciating U.S. dollar and its effect on the Australian currency has helped to boost domestic growth, the minutes said. They added that the inflation rate remained low and stable beneath the midpoint of the target range, as expected.

The aussie fell to 4-day lows of 0.7268 against the greenback and 0.9575 against the loonie, from its early highs of 0.7301 and 0.9614, respectively. The aussie is poised to find support around 0.71 against the greenback and 0.95 against the loonie.

The aussie declined to a weekly low of 81.78 against the yen and near a 2-week low of 1.5747 against the euro, off its early highs of 82.22 and 1.5682, respectively. If the aussie slides further, 80.00 and 1.59 are likely seen as its next support levels against the yen and the euro, respectively.

The aussie slipped to a 6-day low of 1.0626 versus the kiwi, after having advanced to 1.0669 at 7:00 pm ET. On the downside, 1.05 is possibly seen as the next support level for the aussie.

Looking ahead, the Bank of England Governor Mark Carney and MPC members will testify on inflation and the economic outlook before the Parliament's Treasury Committee.

In the New York session, U.S. housing starts and building permits for October are due.