$A hovering below 94 US cents
The Australian dollar is hovering below 94 US cents in the absence of any major economic news or data.
At 1200 AEST on Monday, the local currency was trading at 93.96 US cents, down from 94.15 cents on Friday.
The Australian dollar has retreated below 94 US cents after last week's rally on the back of strong inflation and Chinese manufacturing figures.
"The Aussie dollar opened up the week in familiar territory, trading either side of 94 US cents," OANDA senior trader Stephen Innes said.
Holidays across most of Asia on Monday meant the currency would continue trading within narrow ranges, Mr Innes said.
But that should change during the week, with the release of Chinese and European manufacturing figures, US gross domestic product and employment figures as well as the Federal Reserve's July monetary policy decision.
"Most eyes will be on US events, specifically the Federal Reserve board policy decision and the non-farm payroll data on Friday," Mr Innes said.
"Non-farm payrolls could be a high risk event for the Aussie as traders scrutinise the number for US monetary policy implication."
Meanwhile, Australian bond futures prices were mixed.
The September 2014 10-year bond futures contract was trading at 96.580 (implying a yield of 3.420 per cent), unchanged from Friday.
The September 2014 three-year bond futures contract was at 97.360 (2.640 per cent), up from 97.330 (2.670 per cent).
