(RTTNews) - The Australian dollar showed mixed trading against other major currencies in early Asian deals on Tuesday.
While the aussie soared to near a 7-week high against the greenback and a 4-day high against the Canadian dollar, it dropped to a 1-week low against the NZ dollar and a 6-day low against the euro. Against the yen, the aussie pared its early gains.
Asian stock markets are trading mixed today amid a cautious mood on the back of a flat close on Wall Street overnight. Volume of business is quite thin in most of the markets in the region with investors mostly staying away on the sidelines due to year-end vacation.
While the stock markets in Japan, China, Hong Kong and Taiwan are lower, Malaysia, Singapore and South Korea are higher.
The Australian and New Zealand markets remain closed today for an extended Christmas break.
The Australian dollar, which closed yesterday's trading at 1.0048 against the U.S. currency rose to near a 7-week high of 1.0083 in early Asian deals on Tuesday. As of now, the aussie-greenback pair is worth 1.0070 with 1.018 seen as the next upside target level.
During early Asian deals on Tuesday, the Australian dollar climbed to a 4-day high of 1.0142 against the Canadian dollar. The next upside target level for the aussie is seen at 1.017. At present, the aussie-loonie pair is worth 1.0135, compared to yesterday's close of 1.0122.
The Australian dollar that strengthened to 83.38 against the yen in early Tuesday Asian deals at 7:55 pm ET eased thereafter. The aussie-yen pair is presently worth 83.14. If the aussie slides further, it may likely target the 82.9 level. The pair was worth 83.26 at yesterday's close.
Various economic reports from Japan released earlier in the session likely influenced the yen.
In early Asian session on Tuesday, the Australian dollar slipped against the euro. The aussie is now trading at a 6-day low of 1.3159 against the euro with 1.320 seen as the next downside target level. The euro-aussie pair closed yesterday's trading at 1.3108.
The Australian dollar declined against the New Zealand dollar after reaching a high of 1.3438 in early Tuesday Asian deals at 7:55 pm ET. The aussie-kiwi pair that closed yesterday's trading at 1.3396 is now worth 1.3375. This set a 1-week low for the aussie. The next downside target level for the aussie is seen at 1.332.
Investors are now likely to focus on the European session, in which the French third quarter final GDP and the Swiss UBS consumption indicator for November are expected.
Across the Atlantic, the U.S. S&P/Case-Shiller home price index for October and the Conference Board's consumer confidence report for December are due in the New York session.
