The Australian dollar has eased off a little after rallying on Friday on the back of the Swiss central bank’s shock currency announcement.

At 0700 AEDT on Monday, the local unit was trading at 82.20 US cents, down from 82.34 cents on Friday.

The Aussie dollar rose at the end of last week after the Swiss National Bank’s ended its three-year bid to artificially hold down the value of its currency against the euro.

That means the market will lose a of a major buyer of euros.

BK Asset Management managing director Kathy Lien said the Australian dollar is getting some support from stronger metal prices and didn’t fall as much as the other commodity based currencies.

“Considering the risks of investing in Europe, we don’t expect major weakness in the Australian dollar and the New Zealand dollar as the yield differential and relatively steady economic prospects keeps both currencies in demand,” she said.

Ms Lien said the market is waiting for the release of Chinese retail sales, industrial production and economic growth figures on Tuesday.

“Healthier data should revive the rally in commodity currencies,” she said.