The Australian dollar weakened against the other major currencies in the Asian session on Thursday following the release of disappointing trade and retail sales data for April.

Data from the Australian Bureau of Statistics showed that Australia had a merchandise trade deficit of A$3.888 billion in April. That was wider than forecasts for a shortfall of A$2.10 billion following the upwardly revised A$1.231 billion shortfall in March.

Exports were down 6.0 percent on month to A$25.659 billion, while imports advanced 4.0 percent to A$29.547 billion.

Another data from the same agency showed that the total value of retail sales in Australia was flat on a seasonally adjusted monthly basis in April, coming in at A$24.097 billion. That missed forecasts for an increase of 0.3 percent, which would have been unchanged from the March reading.

Meanwhile, the Australian stock market pared initial gains and slipped into negative territory, extending its losses to a fourth straight day. Australia's benchmark S&P/ASX200 Index is currently down 23.80 points or 0.43 percent at 5,559. The broader All Ordinaries Index is also currently down 24.00 points or 0.43 percent at 5,564.

Wednesday, the Australian dollar rose against its major rivals, after data showed that the nation's gross domestic product expanded more than expected in the first quarter of 2015. The aussie rose 0.37 percent against the U.S. dollar, 0.42 percent against the yen, 0.60 percent against the Canadian dollar and 0.71 percent against the NZ dollar.

In the Asian trading today, the Australian dollar fell to nearly a 3-1/2-month low of 1.4598 against the euro, from yesterday's closing value of 1.4476. The aussie may now seek support near the 1.48 region.

The aussie dropped to a 2-day low of 95.97 against the yen, from yesterday's closing value of 96.71. On the downside, 93.00 is seen as the next support level for the aussie.

Against the U.S., the New Zealand and the Canadian dollars, the aussie slipped to 2-day lows of 0.7708, 1.0805 and 0.9610 from yesterday's closing quotes of 0.7785, 1.0879 and 0.9679, respectively. If the aussie extends its downtrend, it is likely to find support around 0.75 against the greenback, 1.04 against the kiwi and 0.94 against the loonie.

Looking ahead, ECB council members Yves Mersch and Erkki Liikanen will deliver speeches at a ECB/Bank of Finland conference entitled "Getting the balance right: innovation, trust and regulation in retail payments" in Helsinki, Finland at 2:00 am ET.

In the European session, Eurozone retail PMI for May is due to be released.

In the New York session, U.S. weekly jobless claims for the week ended May 30 and Canada Ivey PMI for May are slated for release.

The Bank of England will announce its interest rate decision at 7:00 am ET. Economists expect the bank to retain interest rates unchanged at 0.50 percent and asset purchase target at GBP 375 billion.

At 12:00 pm ET, Federal Reserve Governor Daniel Tarullo is expected to participate in a panel discussion titled "Conversation on the Economy and Financial Regulation" at the 2015 Institute for International Finance North America Summit in New York.

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