The New Zealand dollar led the currency market losses on Tuesday trading; with a rate of 5.44% against other major currencies; as the New Zealand currency remains affected by China's disappointing economic growth data released yesterday, Monday, which indicated GDP growth within China at 6.3%, below market expectations; signaling the loss of economic growth momentum in the People's Republic of China in 2023.

This prompted many global investment banks to lower their forecasts for Chinese economic growth in addition to the expectations of the global credit rating agency Moody's; these highly negative developments resulted in strengthening the downward momentum of the New Zealand dollar trading in the currency market today; given that New Zealand is considered one of the major trading partners of the People's Republic.

In second place; the Australian dollar losses reached 1.43% against its counterparts of the major currencies; driven by negative developments in China; as Australia is an important trading partner for China; which was confirmed by the Australian Treasury Minister during his speech this morning that the slowdown of the Chinese economy is a concern in Australia.

This added to the pressures faced by the Australian dollar in the currency market trading as the results of the latest Reserve Bank of Australia meeting revealed a significant slowdown in the country's economy with discussions on the potential worsening of risks related to the economic and consumption slowdown more than expected, which ultimately led to the Australian dollar's decline against other currencies.

As for third place; the Canadian dollar recorded losses in the currency market estimated at about 0.32%; in response to growing expectations that inflation in Canada is experiencing a noticeable slowdown during the recent period; which leads to reduced pressures on the Bank of Canada to continue its tightening approach and raise interest rates; therefore, demand for the Canadian dollar was affected in today's currency market trading.

Finally, the US dollar fell against the seven major currencies by 0.04%, thus closing the currency market losses today; as the US dollar is still affected by the slowdown in inflation within the United States during the past month; paving the way for further decline in inflationary pressures at a continuous pace; which enhances the likelihood of the US Federal Reserve stopping interest rate hikes after the upcoming July meeting and may open the door for an early interest rate cut in early 2024.