During early Asian deals on Tuesday, the Australian dollar declined against other major currencies after a data showed that country's inflation rose 1.6 percent for the first quarter.
The Reserve Bank of Australia said that consumer prices in Australia were up 1.6 percent on year in the first quarter of 2012 - well below estimates for 2.2 percent after showing 3.1 percent in the fourth quarter of 2011.
On a quarterly basis, inflation added just 0.1 percent - also below forecasts for 0.6 percent following the flat reading in the previous three months.
The Australian currency dropped to near a 2-week low of 1.0259 against the U.S. dollar with 1.02 seen as the next downside target level. At Monday's close, the pair was quoted at 1.0321.
The aussie that closed Monday's deals at 1.2690 against the NZ dollar and 83.79 against the yen fell to new 1-week lows of 1.2633 and 83.25, respectively. If the aussie slides further, it may target 1.26 against the kiwi and 82.5 against the yen.
An index measuring corporate service prices in Japan was down 0.3 percent on year in March, the Bank of Japan said today, standing at 96.4.
That beat forecasts for a contraction of 0.6 percent, which would have been unchanged from the February reading.
Against the euro and the Canadian dollar, the aussie reached near a 3-week low of 1.2821 and a new 5-month low of 1.0186, compared to Monday's closing value of 1.2754 and 1.0232, respectively. The next downside target level for the aussie is seen at 1.285 against the euro and 1.015 versus the loonie.
In the European session, Swiss trade data, UBS consumption indicator and U.K. public finances data - all for March are set for release.
Canada retail sales for February, U.S. consumer confidence index for April, S&P/Case-Shiller home price index for February and new home sales for March are due in the New York morning session.
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