The Australian dollar is still riding high on the back of stronger-than-expected Chinese manufacturing figures.

At 1200 AEST on Tuesday, the Australian dollar was at 94.24 US cents, down from 94.33 cents on Monday.

The Australian dollar shot up above 94 US cents on Monday, rallying as high as 94.47 cents after the HSBC China manufacturing purchasing managers’ index for June came in at 50.8, up from May’s 49.4 and well above economists’ expectations of 49.7.

“Yesterday’s gains have put the Australian Dollar at a critical juncture near its 2014 high,” FXCM market analyst David de Ferranti said.

“While the Chinese manufacturing figures offered the currency a jolt, the rest of the week does not offer many potential catalysts in terms of domestic data that could spur further gains for the Aussie.

“A push higher may hinge on US dollar weakness, which puts the spotlight on upcoming US consumer confidence and housing data.”

Disappointing US data would point to a sluggish recovery in the world’s largest economy and be negative for the greenback, he said.

Meanwhile, Australian bond futures prices were higher.

The September 2014 10-year bond futures contract was trading at 96.340 (implying a yield of 3.660 per cent), up from 96.295 (3.705 per cent) on Monday.

The September 2014 three-year bond futures contract was at 97.240 (2.760 per cent), up from 97.200 (2.800 per cent).