The Aussie dipped 0.1 percent to $0.7156 and away from Monday's top at $0.7204, a level that now marks stiff chart resistance. The New Zealand dollar was flat at $0.6833, but again off Monday's $0.6872 peak.
The air of unease has underpinned Australian government bonds in recent days with 10-year yields near their lowest since late 2016 at 2.23 percent.
Three-year bond futures were up 1.5 ticks on Tuesday at 98.290, while the 10-year contract held steady at 97.7650.
Yields on New Zealand government bonds were a fraction lower across the curve.
A closely-watched index of Australian business conditions weakened sharply in December as sales, profits and employment all took a turn for the worse, a disappointing end to the year that will only add to concerns for 2019.
National Australia Bank's index of business conditions slid 9 points to +2 in December, an unusually steep fall for a single month, while confidence held at +3. The downturn will be unwelcome news for the Reserve Bank of Australia (RBA) which had long cited the resilience of business conditions as a major reason for optimism on the economy.
The central bank holds its first policy meeting of the year on Feb. 5 and markets had already wondered if it could stick to a long-standing call that the next move in rates would be up.