The Australian dollar is firmer despite the Reserve Bank forecasting a faster drop in mining investment than previously anticipated.
At 1200 AEST on Friday, the local unit was trading at 91.13 US cents, up from 90.88 cents on Thursday.
Thirty minutes earlier, the central bank released its quarterly statement on monetary policy forecasting uncertainty in the non-mining sectors as mining investment slips away at a steeper pace than previously expected.
"There remains considerable uncertainty about how this transition will proceed," it said.
Still, ANZ foreign exchange strategist Andrew Salter said the currency barely moved from the 91 US cent mark because traders considered the forecasts to be old news.
"The reason for that was that while the statement contained a dovish outlook on the economy, and also the outlook for policy, this has already been reflected in the market," he said.
"There was very little new information content, despite the fact that it was noticeably downbeat on the outlook for economic growth."
RBA governor Glenn Stevens told a business lunch in Sydney in late July that an expansion in the non-mining sector would be "desirable" as the mining investment boom ended.
Mr Salter said moves in the Australian dollar on Friday morning reflected short-term positioning rather than any reaction to the central bank's latest statement.
But, he said, the currency could come under pressure this afternoon if traders focused on the RBA's analysis of the slowing Chinese economy.
"The view from the RBA on China and China's transition ... has changed," Mr Salter said.
Meanwhile, Australian bonds were weaker.
At 1200 AEST on Friday, the September 10-year bond futures contract was trading at 96.280 (implying a yield of 3.720 per cent), down from 96.320 (3.680 per cent) on Thursday.
The September three-year bond futures contract was at 97.420 (2.580 per cent), down from 97.460 (2.540 per cent).
