The Australian and NZ dollars dropped against their major counterparts in the Asian session on Thursday, amid rising risk aversion on renewed worries about high inflation, slowing growth and the outlook for interest rates.

Lowering of global growth forecasts by the World Bank and the Organization for Economic Cooperation and Development weighed as well.

In its economic outlook, the Organisation for Economic Co-operation and Development said on Wednesday that the global growth is set to slow sharply this year than previously forecast as the war in Ukraine triggered a cost-of-living crisis and the zero-COVID policy of China added to supply chain disruptions.

Investors are looking ahead to the European Central Bank's monetary policy announcement due later today, and the crucial data on U.S. inflation due on Friday.

In China, Shanghai's Minhang district announced a new lockdown to conduct nucleic acid tests for residents and restrictions will be removed after that.

The aussie weakened to 2-day lows of 0.7161 against the greenback and 1.1126 against the kiwi, off its early highs of 0.7197 and 1.1158, respectively. The aussie is poised to challenge support around 0.70 against the greenback and 1.09 against the kiwi.

The aussie fell to a 9-day low of 1.4963 against the euro and near a 3-week low of 0.9002 against the loonie, from its early highs of 1.4892 and 0.9033, respectively. The aussie is seen finding support around 1.51 against the euro and 0.89 against the loonie.

Against the yen, the aussie reached as low as 95.87. The aussie may locate support around the 92.00 level.

The NZ currency slipped to a 2-day low of 0.6432 against the greenback and a new 2-week low of 1.6658 against the euro, after rising to 0.6456 and 1.6614, respectively earlier in the session. The next possible support for the kiwi is seen around 0.62 against the greenback and 1.68 against the euro.

The kiwi was lower against the yen, at 86.13. The currency is likely to face support around the 83.00 level.

Looking ahead, the European Central Bank will announce interest rate decision at 7:45 am ET. The ECB is expected to hold its main refi rate at a record low zero percent and the deposit rate at -0.50 percent.

U.S. weekly jobless claims for the week ended June 4 are due out in the New York session.

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