The Australian dollar dipped on Tuesday as struggling Asian stocks curbed demand for riskier currencies, but gave a boost to bids for safe-haven bond futures. The Aussie eased to $0.8350, from $0.8387 here late Monday. It fell over a yen to 78.41 yen, from Monday's 79.56.
The Aussie has traded between $0.80 and a 11-month high of $0.8479 in the past month, with a convergence between 10- and 20-day moving averages flagging the waning trading momentum.
Asian shares fell on Tuesday, erasing Monday's solid gains. Notably, the Shanghai Composite Index fell over 3 percent after Chinese Premier Wen Jiabao said on Monday China's economy still faced difficulties. Against sterling, Aussie retreated to 0.5098, after hitting a 13-year high of 0.5124 pounds offshore on Monday.
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