The Australian dollar is relatively steady with no significant economic data or events to drive the currency market.

At 0700 AEDT on Monday, the local unit was at 77.79 US cents, down from 77.87 cents on Friday.

During the morning it traded in a tight range, between 77.58 US cents and 77.83 cents.

With US markets closed for the Presidents’ Day holiday on Monday night, Australian time, trade has been uneventful, OANDA Asia Pacific senior trader Stephen Innes said.

“It’s been a quiet open at the markets,” he said.

OM Financial senior client adviser Stuart Ive said traders may be influenced by Tuesday’s release of the minutes of the Reserve Bank’s February board meeting, when the cash rate was cut to a new record low of 2.25 per cent.

The minutes will possibly have more guidance on why the RBA cut the cash rate, and whether another can be expected in March.

“The RBA stands willing to cut rates as the employment situation and the economy continue to stagger along,” Mr Ive said.

Meanwhile, bonds were weaker at noon.

The March 2015 10-year bond futures contract was trading at 97.480 (implying a yield of 2.520 per cent), down from 97.535 (2.465 per cent) on Friday.

The March 2015 three-year bond futures contract was at 98.140 (1.860 per cent), down from 98.160 (1.840 per cent).