$A slightly down after two-week high

THE Australian dollar is slightly lower after peaking at a two-week high, following the release of weak Chinese and Australian manufacturing data.

At 1700 AEST on Wednesday, the local unit was trading at 103.54 US cents, down from 103.58 on Tuesday.

The currency rose to 103.86 US cents just after midnight on Wednesday, its highest level since April 17.

The Australian dollar's overnight gain was helped by a rise in US stocks on the back of solid US housing and consumer confidence figures.

Australian Industry Group data showed the manufacturing sector recorded its 15th consecutive monthly slowing in activity and largest slowdown since May 2009.

Also on Wednesday, the Purchasing Manager's Index (PMI) showed the pace of manufacturing activity in China slowed slightly in April,

Forex.com research analyst Chris Tedder said the Chinese figures did not appear to have worried the market too much.

"On the whole, the figures aren't disastrous by any means, but may weigh on sentiment if we continue to see disappointing data out of China," he said.

"The reaction to today's PMI data was limited, largely because there is a bank holiday in China and the headline figure was only just below market consensus."

On Wednesday night, markets will be focused on the outcome of a meeting of the policy-making committee of the US Federal Reserve.

The Fed is expected to maintain its economic stimulus program of buying government bonds from banks to encourage them to lend.

The European Central Bank meets on Thursday night and is expected to cut its interest rate or, at least, signal there will be a reduction in June.

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