Tuesday saw the Australian dollar lose value for the first time in three trade sessions after the nation released economic data noting it endured its biggest trade deficit in more than four years, Bloomberg reports.
New Zealand's monetary unit also slipped on Tuesday as the Kiwi monitored the slippage of Asian equities, prompting losses to higher-yielding assets. Both South Pacific dollars shrank in value against the Japanese yen as speculation mounted about the yen's recent losses being over-emphasized.
"The prospect of better trade numbers in coming months will have limited Australian dollar bearishness. The Australian dollar looks well supported overall but US$1.0525/30 remains decent resistance for now," states a note penned by Westpac Bank strategists, according to The Wall Street Journal.
November saw Australian imports exceed exports by $2.77 billion in U.S. currency, which amounts to the biggest shortfall since March 2008, data released by the nation's statistics bureau on Tuesday states.
The monetary units also slipped against the yen amid the belief that they had risen too quickly against the monetary unit of the globe's third-largest economy, Bloomberg reports.
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