The Australian dollar slipped against other major currencies in early Asian deals on Tuesday, as minutes of the Reserve Bank of Australia's latest meeting showed that the members of the central bank's monetary policy board felt that it was appropriate to trim the nation's benchmark interest rate in order to spur economic growth
Economic growth is expected to come in slightly below trend, the RBA said, strengthening the case for a rate cut.
An extended forecast for low inflation sealed the deal, the bank said.
At the meeting, the RBA cut rates by 25 basis points, from 3.00 percent to a record low 2.75 percent.
The Conference Board's Index of Leading Economic Indicators for Australia increased by 0.1 percent in March, the Board reported today.
It marked the third straight monthly Leading Index gain.
The aussie depreciated 0.55 percent to 0.9750 against the U.S. dollar from yesterday's close of 0.9804. The next downside target level for the aussie-greenback pair lies around 0.96.
The aussie slipped to 1.0015 against the Canadian dollar, reversing from Monday's multi-day high of 1.0072. The aussie may eye support around 0.995 level.
The aussie weakened to 1.1973 against the NZ dollar, a level not seen since May 16. This is down 0.17 percent from Monday's close of 1.1993. The aussie-kiwi pair is poised to pierce downside target level around 1.19.
The aussie hit a 4-day low of 1.3202 against the European single currency, down from yesterday's close of 1.3131. If the aussie extends fall, it may break 1.33 level.
In the European session, German producer prices for April are due.
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Forex News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.