Investing.com - The Aussie fell smartly on Tuesday in Asia as business sentiment came in downbeat and in thin trade with China out for a week-long holiday.
AUD/USD traded at 0.7043, down 0.63%, while USD/JPY changed hands at 115.32, down 0.45%.
The NAB business confidence survey came in at plus-2 for January as expected and the NAB business survey dropped to plus-5 from plus-7 the previous month.
The market is looking ahead to Wednesday’s testimony by Fed Chair Janet Yellen and Friday’s data on U.S. retail sales for further indications on the strength of the world’s largest economy.
Overnight, the dollar trimmed gains against a basket of the other major currencies on Monday, but the greenback still remained broadly supported amid ongoing concerns over the outlook for global growth.
Market sentiment was hit amid declining oil prices as hopes faded for a deal between major crude oil producers to curb a massive supply glut.
Meanwhile, a report showing that euro zone investor confidence deteriorated sharply this month highlighted the problems in the global economy.