The Australian and NZ dollars fell against their major counterparts in the Asian session on Tuesday, as risk sentiment dampened on growing fears that Covid crisis in China will deteriorate economic growth.

China's announcement of stimulus measures to boost growth failed to lift investor sentiment.

Investment banks UBS Group and JPMorgan Chase lowered their China economic growth forecasts for this year due to the impact of strict Covid policy.

UBS downgraded its 2022 GDP growth forecast to 3.0 percent from 4.2 percent and JPMorgan slashed its outlook to 3.7 percent from 4.3 percent.

Investors await PMI reports out of Europe and the U.S. for more signals about economic activity.

The aussie edged down to 0.7066 against the greenback and 90.28 against the yen, pulling back from its early highs of 0.7108 and 90.91, respectively. The aussie may face support around 0.68 against the greenback and 87.00 against the yen.

The aussie touched an 8-day low of 1.5092 against the euro, following a high of 1.5025 hit at 5 pm ET. On the downside, 1.53 is possibly seen as the next support level for the currency.

In contrast, the aussie rebounded modestly against the loonie, with the pair trading at 0.9063. The aussie is likely to face resistance around the 0.92 region, if it gains again.

Retreating from its early highs of 0.6468 against the greenback, 82.70 against the yen and 1.0978 against the aussie, the kiwi dropped to 0.6428, 82.04 and 1.1009, respectively. The kiwi is seen finding support around 0.62 versus the greenback, 80.00 versus the yen and 1.12 against the aussie.

The kiwi depreciated to a 4-day low of 1.6589 against the euro, from a high of 1.6509 seen at 5 pm ET. Next key support for the kiwi is likely seen around the 1.69 level.

Looking ahead, PMI reports from major European economies are due in the European session.

U.S. new home sales and Canada manufacturing and wholesale sales for April will be featured in the New York session.

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