(00.00 GMT)

The Australian dollar has continued its downside movement against major currencies, where the Australian currency recorded the lowest level in four weeks versus the US dollar, as the Chinese manufacturing sector slowed during the first months of the year while the Chinese market is the largest market for the Australian products.

Moreover, the European debt crisis is still hurting the global economic recovery, adding that the global economy is losing momentum, reducing the demand for higher yielding currencies such as the Aussie and the Kiwi.

The AUD/USD pair slumped to near a 5-week low during Tuesday session after recorded a low of 1.0478 and a high of 1.0639.

Turing to the NZD/USD pair also dropped during yesterday session, which recorded the lowest level at 0.7857 and the highest level at 0.7950.