The Australian dollar weakened against the other major currencies in the Asian session on Thursday on disappointing domestic capex data for the first quarter of 2015, which increased the odds of a rate cut.

Data from Australian Bureau of Statistics showed that private capital expenditure in Australia was down a seasonally adjusted 4.4 percent on quarter in the first quarter of 2015, coming in at A$35.895 billion. That missed expectations for a decline of 2.2 percent, which would have been unchanged from the previous three months.

On a yearly basis, private capital expenditure was down 5.3 percent.

The markets also focused on Greek debt negotiations. Greek Prime Minister Alexis Tspiras in a statement said his country was close to an agreement with international creditors. He also added that the agreement would be beneficial to Greece with no impingement on pensions, salaries, banks or deposits in the proposed deal.

Meanwhile, Australia's stock market has pared initial gains and slipped into negative territory, led by weakness in mining stocks.

The Australia's benchmark S&P/ASX200 Index is currently down 20.60 points or 0.36 percent to 5,704. The broader All Ordinaries Index is down 17.50 points or 0.31 percent at 5,706.

Wednesday, the Australian dollar was trading lower against its most major rivals. The Australian dollar fell 0.18 percent against the U.S. dollar, 0.28 percent against the euro, 0.53 percent against the NZ dollar and 0.01 percent against the Canadian dollar.

In the Asian trading today, the Australian dollar fell to more than a 2-week low of 0.9567 against the Canadian dollar and a 2-day low of 95.06 against the yen, from an early 8-day high of 0.9659 and a 9-day high of 95.99, respectively. If the aussie extends its downtrend, it is likely to find support around 0.94 against the loonie and 93.50 against the yen.

Against the U.S. dollar and the euro, the aussie dropped to more than a 5-week low of 0.7685 and a 6-day low of 1.4195 from yesterday's closing quotes of 0.7719 and 1.4106, respectively. The aussie may test support near 0.75 against the greenback and 1.44 against the euro.

Pulling away from an early high of 1.0684 against the NZ dollar, the aussie edged down to 1.0621. On the downside, 1.03 is seen as the next support level for the aussie.

Looking ahead, Swiss trade balance and German import price index - both for April, are due to be released at 2:00 am ET.

At 2:20 am ET, Federal Reserve Bank of San Francisco President John Williams is expected to speak about banking supervision at the Monetary Authority of Singapore Banking Supervision and Regulation Joint Conference in Singapore.

Swiss industrial production for the first quarter, the second estimate of first quarter U.K. GDP, U.K. index of services for March and Eurozone business climate index for May are also set to be published in the European session.

In the New York session, Canada industrial product and raw material price indices for April, U.S. weekly jobless claims for the week ended Mar 23 and U.S. pending home sales data for April are slated for release.

At 7:00 am ET, ECB board member Yves Mersch is expected to speak at the Bulgarian Authorities 2015 IMF/World Bank Constituency Meetings in Sofia, Bulgaria.

At 2:45 pm ET, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota will deliver a speech on monetary policy before a Community Leader Lunch hosted by the Helena Branch of the Federal Reserve Bank of Minneapolis in Helena, Montana.

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