Australian Dollar lower in quiet trade

THE Australian dollar has started the week slightly lower, but is treading water in quiet trading conditions due to public holidays in Asia.

THE Australian dollar has started the week slightly lower, but is treading water in quiet trading conditions due to public holidays in Asia.

At 1200 AEST today, the currency was trading at 103.00 US cents, down from 103.10 US cents on Friday afternoon.

ANZ foreign exchange strategist Andrew Salter said it had been a quiet trading session, with markets in China and Japan closed due to public holidays.

"There is very little happening in the market at the moment," he said.

"We've got a public holiday in China and Japan today so markets are pretty quiet in Asia."

Mr Salter said the currency was likely to trade in a narrow range over the next few days.

Meanwhile, Australian bond futures prices were lower at noon.

At 1200 AEST on Friday, the June 10-year bond futures contract was trading at 96.915 (implying a yield of 3.085 per cent), up from 96.850 (implying a yield of 3.150 per cent) on Friday.

The June three-year bond futures contract was at 97.460 (2.540 per cent) up from 97.410 (2.590 per cent).