THE Australian dollar is marking time ahead of the release of key inflation data.
At 1700 AEDT on Tuesday, the Australian dollar was trading at 103.19 US cents, down slightly from 103.26 cents at the end of Monday's local session.
Since 0700 AEDT on Tuesday, the currency has traded in a tight range of between 103.14 US cents and 103.40 cents.
National Australia Bank currency strategist Emma Lawson said a lack of major economic data on Tuesday meant traders were staying on the sidelines, awaiting the release of September quarter Australian consumer price index data (CPI), a measure of inflation.
"There isn't a great deal to say, there hasn't been a lot in terms of new information today," she said.
"That leaves the Aussie dollar a little bit lacklustre awaiting tomorrow's CPI."
The Australian Bureau of Statistics will release the CPI data on Wednesday.
If the data shows inflation remains at, or below, the bottom end of the Reserve Bank of Australia's (RBA) two to three per cent annual target, it may increase the chance of an official interest rate cut in November.
Ms Lawson said traders would be looking for a September quarter inflation figure of around 0.6 per cent to justify expectations of a rate cut by the RBA.
"Traders will be looking for a 0.6 (per cent) or lower number to validate what has already been priced in, but if it comes in higher than expected then that will be a strong positive for the currency."
At 1700 AEDT, the Australian dollar was at 82.44 Japanese yen, up from 82.16 yen on Monday, and at 79.08 euro cents, up a notch from 79.07 euro cents.
Meanwhile, Australian bond futures finished lower on Tuesday.
At 1630 AEDT on Tuesday, the December 10-year bond futures contract was trading at 96.900 (implying a yield of 3.100 per cent), down from 96.935 (3.065 per cent) on Monday.
The December three-year bond futures contract was at 97.470 (2.530 per cent), down from 97.540 (2.460 per cent).
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