Antipodean currencies such as the Australia and the New Zealand dollars strengthened against their major currencies in the Asian session on Tuesday amid risk appetite, following the broadly positive cues from the European markets overnight, as traders remain cautious ahead of key inflation readings from the U.S., Europe, Japan and Australia later in the week, which could help traders access the timing and pace of interest rate cuts this year.

Gains in mining and energy stocks amid firmer commodity prices, also lifted the investor sentiment.

In economic news, data from the Australian Bureau of Statistics showed that Australia's retail sales grew less than expected in April, as consumers reduced their discretionary spending. Retail turnover edged up 0.1 percent on a monthly basis, reversing a 0.4 percent fall in March. But the pace of growth was weaker than economists' forecast of 0.3 percent.

In the Asian trading now, the Australian dollar rose to an 8-day 104.56 against the yen, from yesterday's closing value of 104.33. The aussie may test resistance near the 105.00 region.

Against the U.S. and the Canadian dollars, the aussie advanced to a 6-day high of 0.6674 and 0.9088 from Monday's closing quotes of 0.6651 and 0.9067, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.68 against the greenback and 0.91 against the loonie.

Against the euro, the aussie edged up to 1.6300 from yesterday's closing value of 1.6316. On the upside, 1.62 is seen as the next resistance level for the aussie.

The NZ dollar rose to a 17-year high of 96.66 against the yen and a 2-1/2-month high of 0.6166 against the U.S. dollar, from Monday's closing quotes of 96.44 and 0.6148, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 97.00 against the yen and 0.62 against the greenback.

Against the euro and the Australian dollar, the kiwi advanced to more than 2-1-2/month highs of 1.7633 and 1.0806 from yesterday's closing quotes of 1.7650 and 1.0811, respectively. The kiwi may test resistance near 1.75 against the euro and 1.07 against the aussie.

Meanwhile, the safe-haven currency or the U.S. dollar fell against its major rivals in the Asian session amid risk appetite.

The U.S. dollar fell to an 8-day low of 1.0880 against the euro and more than a 2-month high of 1.2784 against the pound, from yesterday's closing quotes of 1.0857 and 1.2727, respectively. The next possible downside target for the greenback is seen around 1.10 against the euro and 1.29 against the pound.

Against the yen, the Swiss franc and the Canadian dollar, the greenback slipped to a 5-day low of 156.62, a 6-day low of 0.9117 and a 1-week low of 1.3614 from Monday's closing quotes of 156.81, 0.9133 and 1.3632, respectively. If the greenback extends its downtrend, it is likely to find support around 152.00 against the yen, 0.89 against the franc and 1.34 against the loonie.

Looking ahead, the Confederation of British Industry publishes monthly Distributive Trades survey results at 6:00 am ET in the European session.

In the New York session, Canada PPI and raw material prices for April, U.S. house price index for March, U.S. Consumer Board's consumer confidence for March and U.S. Dallas manufacturing index for May are slated for release.

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