(RTTNews) - After consolidating in the Asian session on Tuesday, the Australian and New Zealand dollars declined against most major currencies in early European deals as traders remained cautious ahead of the Slovak parliament's vote on the expansion of the euro zone bailout fund. On the eve of a vote in Parliament scheduled later today, Slovakian prime minister threatened to quit if the vote fails. All 17 nations in the euro must approve the reforms to the European Financial Stability Facility (EFSF) agreed by leaders in July. Malta's parliament unanimously approved the expansion of the powers of the European bailout fund on Monday night, leaving Slovakia the lone euro zone nation, which is yet to vote on the proposal. Focus will also remain on Greece after the European Union postponed a summit of eurozone heads of state by a week until October 23 to allow time for coming up with a comprehensive crisis response. The Australian dollar is now worth 76.06 against the yen and 0.9910 against the greenback, compared to yesterday's close of 76.63 and 0.9992, respectively. The next downside target level for the aussie is seen at 0.985 against the greenback and 75.5 against the yen. According to survey results released early in the day by National Australia Bank, business confidence in Australia increased in September. But the data failed to move the Aussie. NAB's business confidence index rose to a reading of minus 2.0 in September from minus 9.0 in August. Against the euro, the Australian dollar is currently trading at 1.3730 with 1.376 seen as the next downside target level. At yesterday's close, the euro-aussie pair was quoted at 1.3663. After hitting a high of 1.0283 against the Canadian dollar at 1:30 am ET, the Australian dollar declined. Presently, the aussie-loonie pair is worth 1.0240. If the aussie slides further, it may target the 1.020 level. The pair ended yesterday's trading at 1.0255. The NZ dollar is presently trading at 59.70 against the yen and 0.7780 against the greenback. The next downside target level for the kiwi is seen at 0.775 against the greenback and 59.0 against the yen. The kiwi-greenback and the kiwi-yen pairs were worth 0.7838 and 60.12, respectively at yesterday's close. The NZ dollar is now trading at a 4-day low of 1.7481 against the euro. On the downside, 1.755 is seen as the next target level for the New Zealand currency. The euro-kiwi pair was quoted at 1.7402 at yesterday's close.

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