The commodity currencies such as the Australian, the New Zealand and the Canadian dollars declined against their major counterparts in the Asian session on Tuesday amid rising risk aversion, as optimism over U.S-China talks faded and investors awaited second summit between U.S. President Donald Trump and North Korean leader Kim Jong Un in Vietnam.

The summit, due this week, will be focused on the denuclearization agreement that Trump and Kim signed in the Singapore summit last summer.

Federal Reserve Chairman Jerome Powell will testify before a US Senate committee later in the day, with investors awaiting fresh clues about the outlook for U.S. interest rates.

Powell is expected to stick to a patient stance on rate hikes, reflecting "muted" inflation and geopolitical uncertainties.

Powell will appear again before the House Financial Services Committee on Wednesday.

The aussie declined to 0.7151 against the greenback and 79.22 against the yen, from its early highs of 0.7173 and 79.67, respectively. If the aussie drops further, 0.69 and 77.5 are possibly seen as its next support levels against the greenback and the yen, respectively.

Reversing from its early highs of 1.5833 against the euro and 1.0421 against the kiwi, the aussie pulled back to 1.5883 and 1.0395, respectively. On the downside, 1.60 and 1.02 are likely seen as the next support levels for the aussie against the euro and the kiwi, respectively.

The kiwi edged down to 0.6875 against the greenback, 76.20 against the yen and 1.6520 against the euro, reversing from its previous highs of 0.6889, 76.50 and 1.6491, respectively. The next possible support for the kiwi is seen around 0.67 against the greenback, 74.00 against the yen and 1.67 against the euro.

The loonie dropped to 4-day lows of 1.3201 against the greenback, 1.4998 against the euro and 83.91 against the yen, off its early highs of 1.3182, 1.4972 and 84.24, respectively. The loonie is likely to challenge support around 1.34 against the greenback, 1.51 against the euro and 82.00 against the yen.

Looking ahead, U.K. mortgage approvals for January are due in the European session.

At 5:00 am ET, the Bank of England Governor Mark Carney, along with MPC members Dave Ramsden, Gertjan Vlieghe and Jonathan Haskel will testify on inflation and the economic outlook before Parliament's Treasury Committee.

In the New York session, U.S. consumer sentiment index and Richmond Fed manufacturing survey for February, housing starts, building permits, S&P/Case-Shiller home price index, all for December, are scheduled for release.

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