$A lower ahead of quiet day

THE Australian dollar is lower ahead of a quiet day of no major local data releases.

The Aussie dollar is set for a quiet day of trade today.

THE Australian dollar is lower ahead of a quiet day of no major local data releases.

At 0700 AEDT on Monday, the local unit was trading at 89.76 US cents, down from 89.98 US cents on Friday.

Bank of New Zealand strategist Kymberly Martin said there had been no huge movements in the Aussie as traders have a lack of data to guide them.

“It was quiet during the end of last week and there's another quiet day ahead with no major data releases,” she said.

Positive global risk appetite linked to good US manufacturing data bolstered the Aussie dollar on Friday but gains were restrained by another contraction in Chinese manufacturing activity and poor Australian job figures.

The US Markit purchasing manager's index (PMI), on Thursday night, Australian time, showed US manufacturing in February jumped to its highest level in almost four years.

This followed HSBC's PMI which showed China's manufacturing activity slowed to its lowest level in seven months.

Analysts say China's disappointing figures and worst than anticipated local job figures released earlier this month continue to erode confidence in the Australian economy.

Australia's jobless rate rose to 6.0 per cent in January, the highest level since July 2003, official figures show.

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