The Australian and NZ dollars fell against their major counterparts in the Asian session on Wednesday, as risk sentiment dampened on concerns about acceleration in inflation and possible monetary policy tightening by the U.S. Federal Reserve.

The U.S. CPI report due later in the day is forecast to show prices continued to spike in April.

The U.S. 10-year Treasury yield jumped to more than a one-week high amid inflation worries.

Fed policymakers reiterated that it's too early to discuss pulling back monetary support and price pressures could be transitory.

In economic news, data from the Australian Bureau of Statistics showed that Australia building permits rose a seasonally adjusted 17.4 percent on month in March - coming in at 23,176. That came in line with expectations following the 20.1 percent rise in February.

The aussie weakened to 5-day lows of 0.7786 against the greenback and 84.74 against the yen, off its early highs of 85.26 0.7845 and 85.26, respectively. The aussie is seen finding support around 0.75 against the greenback and 83 against the yen.

Reversing from its early highs of 1.5475 versus the euro and 0.9491 versus the loonie, the aussie depreciated to a 6-day low of 1.5564 and more than a 6-month low of 0.9442, respectively. If the aussie falls further, it is likely to test support around 1.57 versus the euro and 0.92 versus the loonie.

The kiwi pulled back from its prior highs of 0.7277 against the greenback, 79.03 against the yen and 1.6681 against the euro, falling to 5-day lows of 0.7223 and 78.62 and a 1-week low of 1.6784, respectively. The kiwi is likely to challenge support around 0.70 against the greenback, 75 against the yen and 1.72 against the euro.

The kiwi edged down to a session's low of 1.0796 against the aussie, after rising to 1.0770 earlier in the session.

Looking ahead, Eurozone industrial production for March is due in the European session.

U.S. CPI and monthly budget statement for April are scheduled for release in the New York session.

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