The New Zealand dollar declined against its major counterparts in the Asian session on Tuesday, as a fall in NZ inflation expectations raised hopes for a rate cut by the Reserve Bank of New Zealand.

Data from Reserve Bank of New Zealand showed that New Zealand inflation expectation for two year ahead slowed in the fourth quarter.

The inflation expectation for the next two years slowed marginally to 1.80 percent in fourth quarter from 1.86 percent rise in the previous quarter.

The latest inflation expectation was the lowest since fourth quarter in 2016, when it was 1.68 percent.

Inflation expectations for one year ahead fell to 1.66 percent in fourth quarter from 1.71 percent in the preceding quarter.

The kiwi declined to 1.0820 against the aussie, from a weekly high of 1.0756 hit at 7:15 pm ET. The kiwi is poised to find support around the 1.10 area.

The kiwi weakened to a 4-day low of 0.6325 against the greenback from Monday's closing value of 0.6359. The next possible support for the kiwi is seen around the 0.62 level.

The NZ currency depreciated to a 4-day low of 69.04 against the yen, from a 4-day high of 69.50 seen at 7:45 pm ET. If the kiwi slides further, it may find support around the 66.00 level.

The kiwi slipped to a 4-day low of 1.7438 against the euro from yesterday's closing value of 1.7341. The kiwi is seen finding support around the 1.775 level.

Looking ahead, U.K.claimant count rate for October, ILO jobless rate for the three months ended September and German ZEW economic sentiment index for November are due in the European session.

At 5:30 am ET, Federal Reserve Governor Richard Clarida will give a speech titled "Monetary Policy, Price Stability, and Bond Yields" at a conference co-sponsored by the Bank for International Settlements, Federal Reserve, and the Swiss National Bank, in Switzerland.

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