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The Australian dollar slipped against its major counterparts in the Asian session on Monday amid rising risk aversion, as investors awaited U.S.-China trade talks restarting this week amid little hopes for an immediate breakthrough.

U.S. President Donald Trump on Friday said that China may wait until after the 2020 U.S. presidential election to sign a trade agreement because Beijing would prefer to reach a deal with a Democrat.

The Fed is expected to cut interest rates by 25 basis points at its policy review that ends on Wednesday, lowering borrowing costs for the first time in more than a decade.

But markets await chief Jerome Powell's speech to understand how does the Fed frame the narrative over future moves amid a protracted tariff dispute with China.

The aussie slipped to 0.6903 against the greenback and held steady thereafter. The next possible support for the aussie is seen around the 0.68 level.

The aussie fell to 74.90 against the yen, its lowest since June 26. The aussie is seen finding support around the 72.00 level.

The Australian currency that ended last week's deals at 0.9098 against the loonie weakened to near a 3-week low of 0.9090. If the aussie slides further, 0.89 is likely seen as its next support level.

The aussie declined to more than a 2-week low of 1.6124 against the euro and held steady thereafter. At Friday's close, the pair was worth 1.6095.

On the flip side, the aussie recovered to 1.0424 against the kiwi, from a 4-day low of 1.0404 seen early in the Asian session. The pair had ended Friday's trading at 1.0411.

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