The Australian dollar weakened against the other major currencies in the Asian session on Monday, as traders speculate that the Reserve Bank of Australia may cut the official cash rate again at its meeting tomorrow.

The central bank is widely expected to follow up on its 25 basis point cut it announced at its February meeting. The official cash rate is currently at 2.25 percent.

In other developments on Main Street, China's central bank announced Saturday its decision to lower key interest rates by 25 basis points. The bank cut its one-year lending rate by 0.25 percentage points to 5.35 percent and the deposit rates by 0.25 percentage points to 2.5 percent.

The move is expected to stimulate the world's second-largest economy amid concerns of slowing economic growth.

The New Zealand dollar also fell along with the aussie.

In the Asian trading today, the NZ dollar fell to 0.7521 against the U.S. dollar and 90.15 against the yen, from Friday's closing quotes of 0.7559 and 90.42, respectively. If the kiwi extends its downtrend, it is likely to find support around 0.73 against the greenback and 87.00 against the yen.

Against the euro, the kiwi fell to 1.4849 from an early record high of 1.4776. At Friday's close, the kiwi was trading at 1.4819 against the euro. The kiwi may test support near the 1.50 region.

Data released by the Australian Industry Group showed that Australia's manufacturing sector contracted at an accelerated pace in February, with a seasonally adjusted purchasing manager's index score of 45.4.

That was down sharply from the 49.0 reading in January, and it moved further beneath the boom-or-bust line of 50 that separates expansion from contraction.

A report from the Australian Bureau of Statistics showed that Gross operating profits for companies in Australia eased a seasonally adjusted 0.2 percent on quarter in the fourth quarter of 2014. That was well shy of forecasts for an increase of 0.5 percent, which would have been steady from the previous three months. On a yearly basis, profits tumbled 5.9 percent.

Last Friday, the Australian dollar fell 0.25 percent against the U.S. dollar, 0.39 percent against the yen, 0.07 percent against the NZ dollar and 0.13 percent against the Canadian dollar. In the Asian trading today, the Australian dollar fell to a 6-day low of 0.7760 against the U.S. dollar and nearly a 2-week low of 0.9716 against the Canadian dollar, from Friday's closing quotes of 0.7818 and 0.9771, respectively.

If the aussie extends its downtrend, it is likely to find support around 0.75 against the greenback and 0.95 against the loonie.

Against the euro, the aussie dropped to 1.4381 from an early near 5-week high of 1.4313. At Friday's close, the aussie was trading at 1.4326 against the euro. On the downside, 1.48 is seen as the next support level for the aussie.

The aussie edged down to 93.09 against the yen, from last week's closing value of 93.50. The aussie is likely to find support around the 89.35 area.

Looking ahead, final PMI reports from major European economies for February, flash Eurozone CPI for February and unemployment rate for January are due to be released in the European session.

In the New York session, U.S. personal income and spending data for January and Canada current account for fourth-quarter are set to be published.

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