The Australian dollar declined from Tuesday's early Asian session new multi-month highs against its U.S., Japanese and Canadian counterparts. The aussie also showed weakness against the European currency.

Australia, the housing finance for owner occupation rose a seasonally adjusted 2.7% month-on-month in February, the Australian Bureau of Statistics said today. Housing finance increased to A$14.5 billion from A$14.1 billion in January.

At the same time, personal finance declined 0.2% to A$6.49 billion, and commercial finance dropped 14.7% to A$25.05 billion. However, lease finance increased 1.7% to A$463 million.

The Australian stock market is trading higher today, following a mixed lead from Wall Street overnight. In the local market, financial and resource stocks led the gainers. In early trading, the benchmark S&P/ASX 200 index is gaining 87 points or 2.37% to 3,759, after closing 1.44% higher on Thursday. The broader All Ordinaries index is up 83 points or 2.29% to 3,700.

Against the US dollar, the Australian currency lost ground after hitting a 6-month high of 0.7328 during early Asian deals on Tuesday. At 10:55 pm ET, the aussie-dollar pair slipped to 0.7274, compared to 0.7319 hit late New York Monday. If the pair falls further, 0.706 is seen as the next target level.

The Australian dollar that closed Monday's North American session at 1.8275 against the European currency touched a low of 1.8319 at 11:10 pm ET. The next downside target level for the Australian currency is seen around 1.902.

Against the Japanese yen, the Australian currency edged higher to 73.53 during Tuesday's early Asian deals. This set the highest point for the pair since October 14, 2008. Thereafter, the aussie-yen pair reversed its direction and is currently trading at 72.64 with 65.6 seen as the next target level.

The Australian dollar that closed Monday's New York deals at 0.8930 against its Canadian counterpart rose to a 7-month high of 0.8943 during today's early Asian trading. Thereafter, the aussie-loonie pair lost ground and is presently trading at 0.8903. On the downside, 0.866 is seen as the next target level.

In the European session, the French current account is due for release.

Across the Atlantic, the U.S. Labor Department is scheduled to release a report on the producer price index for March at 8:30 AM ET. Economists expect the headline index for March to show an unchanged reading and the core reading to show 0.1% growth.

Retail sales of food and retail companies with one or more establishments that sell merchandise and associated services to final consumers are slated to be released at 8:30 AM ET on the same day. Economists estimate a 0.3% growth in the retail sales for March, while they estimate a 0.1% increase in retail sales, excluding autos.

The Commerce Department is scheduled to release its business inventories report for February at 10 AM ET on the same day. The report is expected to show a 1.1% decline in business inventories for the month.

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