FXStreet (Mumbai) - A renewed bout of risk-aversion hit the Asian trades this Tuesday after the Reserve Bank of Australia (RBA) flagged concerns over the recent global headwinds, particularly China. The RBA left the cash rates unchanged at record low of 2.0% at its policy meeting earlier today. Key headlines in Asia RBA keeps rate unchanged, scope for further easing if needed Japan's Ishihara: Time needed to monitor impact of BOJ negative rate Dominating themes in Asia – centered on JPY, AUD and NZD A classic risk-off theme extended into Asia today as the overnight 6% slump in oil prices combined with weaker global manufacturing surveys continued to weigh on the markets. Further, a slightly cautious tone read in the RBA’s policy statement also spooked markets and intensified risk-off trades. RBA kept rates on-hold as widely expected, although raised concerns over the impact of the recent global market turmoil on Australia’s economic growth. AUD/USD popped higher to 0.7129 in an immediate reaction to the cash rate announcement, but saw a quick reversal and dropped sharply towards 0.7050 levels as markets digest RBA’s policy statement. The Kiwi also followed suit and dived deeper in the red, tracking heavy losses in the AUD as well in oil prices. Oil prices resumed their broader downtrend as hopes over OPEC production cuts vanished. Moreover, the persistent risk-aversion also weighed on the higher-yielding currencies such as the AUD, NZD and cable. While traders sought safety in the yen, gold and Swiss franc, as the Asian stocks continue to slide in tandem with oil. USD/JPY keeps falling and now trades -0.38% near 120.60 levels. Among the Asian equities, the Nikkei drops -0.70%, while ASX 200 index drops sharply post-RBA, down -1.20%. The Chinese equities ditch their Asian counterparts and rebound sharply after yesterday’s loss, with the benchmark Shanghai Composite index rallying +2.36%. Heading into Europe and North America There are plenty of risk events in store during the European session, with the employment numbers from Germany and Euro zone on the cards. While from the UK docket, we have the construction sector activity report by Markit. Germany’s unemployment rate expected to remain at 6.3%, after the same rate recorded in December. The euro zone unemployment rate was 10.5% in November, and is expected to remain at the same level. The UK construction PMI is expected to stay well in expansion at 57.5, but slightly worse than the previous 57.8 result. Looking towards the North American session, nothing of note is expected to be released from the US docket. While Fonterra’s fortnightly dairy auction results will be reported later in the session. Besides, FOMC Member George is also scheduled to speak about the US economic outlook and monetary policy at the Central Exchange, in Kansas City. For more information, read our latest forex news.