The Japanese yen, the Australia and New Zealand dollars weakened against their major currencies in the Asian session on Tuesday amid declines in commodity prices and better than expected Chinese GDP growth data. Data from the National Bureau of Statistics showed that China's gross domestic product, or GDP, grew 7.3 percent in the fourth quarter from a year ago, the same rate as in the third quarter. This was the weakest growth since the first quarter of 2009. However, the growth was stronger than the 7.2 percent rise forecast by economists.

Separate data released by the statistical agency showed that retail sales and industrial production growth exceeded expectations, while fixed asset investment rose in line with expectations in the 12 month period ended December.

Meanwhile, commodity prices also traded lower, as lower copper and oil prices dragged down resource stocks.

The International Monetary Fund downgraded its global growth outlook as positive effects of lower oil prices and depreciation of the euro and yen are more than offset by persistent negative forces.

Data from the New Zealand Institute of Economic Research's Quarterly Survey of Business Opinion showed New Zealand business confidence stabilized in the three-month period to December, as optimism, activity, hiring and a slew of other indicators rebounded after easing in the previous six months.

In Asian market, the Australia's benchmark S&P/ASX 200 index is currently down 1.40 points or 0.03 percent at 5,307 and the broader All Ordinaries index is down 0.80 points or 0.02 percent at 5,288. The New Zealand's benchmark NZSE 50 index is also down 4.92 points or 0.09 percent at 5,633. While, the Japanese benchmark Nikkei 225 index is currently up 278.98 points or 1.64 percent at 17,293.

Monday, the Australia and New Zealand dollars held steady against their most major rivals, while the yen fell 0.47 percent against the euro, 0.01 percent against the pound and 0.01 percent against the U.S. dollar.

In the Asian trading today, the yen fell to a 5-day low of 137.09 against the euro, from yesterday's closing quote of 136.3. If the yen extends its downtrend, it is likely to find support around the 140.60 area.

Against the U.S., the yen dropped to a 1-week low of 118.30, from yesterday's closing quote of 117.53. The yen may test support near the 120.00 region.

The yen, which ended yesterday's deals at 177.59 against the pound and 133.37 against the Swiss franc, edged down to 178.22 and 134.69, respectively. The yen is likely to find support around 181.26 against the pound and 140.10 against the franc.

The Australian dollar also fell to a 5-day low of 0.8159 against the U.S. dollar and a 4-day low of 1.4189 against the euro in the Asian trading today, from yesterday's closing quotes of 0.8210 and 1.4124, respectively. If the aussie extends its downtrend, it is likely to find support around 0.80 against the greenback and 1.46 against the euro.

Pulling away from nearly a 2-week high of 97.15 against the yen, the aussie edged down to 96.41, respectively. The aussie may test support near the 94.10 area.

Against the Canadian dollar, the aussie edged down to 0.9774 from yesterday's value of 0.9801. This may be compared to an early 5-day low of 0.9773. On the downside, 0.9773 is seen as the next support level for the aussie.

The NZ dollar also fell to a 5-day low of 1.4995 against the euro in the Asian trading today, from yesterday's closing quote of 1.4901. If the kiwi extends its downtrend, it is likely to find support around the 1.53 area.

Against the U.S. and the Australian dollars, the kiwi dropped to 5-day lows of 0.7720 and 1.0582 from yesterday's closing quotes of 0.7771 and 1.0541, respectively. The kiwi is likley to find support near 0.76 against the greenback and 1.06 against the aussie.

Moving away from an early 1-week high of 91.90 against the yen, the kiwi edged down to 91.29. On the downside, the kiwi may test support near the 89.80 region.

Looking ahead, the German producer price index for December is due to be released at 2:00 am ET.

In the European session, German ZEW economic sentiment index for January is set to be published.

In the New York session, U.S. NAHB's housing market index for January and Canada manufacturing sales for November are due to be announced.

At 10:00 am ET, Federal Reserve Governor Jerome Powell will speak on "Reforming the US Dollar London Interbank Offer Rate (LIBOR)" at a Brookings Institution event in Washington DC.

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