The Japanese Yen has dropped today against its all major counterparts as a government report showed Japan's economy contracted by 0.9% in the first quarter, more than expectations after a record earthquake, increasing pressure on the Bank of Japan to add to monetary easing.

Turning to the New Zealand dollar has continued its upside movement for the second straight day against the US dollar, where the NZD/USD pair trades near its highest level in a week, as the New Zealand government will repair its annual budget that may return the fiscal economic position to record a surplus during the year.

The NZD/USD pair advanced during Tuesday's session after recorded the highest level at 0.7910 and the lowest level at 0.7845.

On the other hand, the Australian dollars strengthened versus its US counterpart after the Federal Reserve signaled interest rates will remain near zero to stimulate economic growth.

The Australian dollar continues its incline against the greenback, where the AUD/USD gained in Tuesday session, recorded a high of 1.0664 and a low of 1.0568.