$A continues its gradual fall The Australian dollar continues its march downwards after the US Federal Reserve decided to taper its economic stimulus program. At 1700 AEDT on Monday, the local unit was trading at 88.51 US cents, down from 89.06 cents on Friday. Easy Forex currency dealer Tony Darvall said the currency was still under pressure from the Fed's announcement in mid-December. At 1700 AEDT, the Australian dollar was at 93.19 Japanese yen, down from Friday's close of 93.30 yen, and at 64.42 euro cents, down from 64.82 euro cents. Meanwhile, the Australian bond market was flat in quiet trade after US bond yields hit a one-year high. Bonds were weaker for most of Monday following the US lead. ANZ head of interest rate research Tony Morriss said the tone on bond markets over the Christmas period is for higher yields and lower prices. US Treasury bonds have been weakening since the Federal Reserve said it would reduce its bond purchases. At 1630 AEDT on Monday, the March 2014 10-year bond futures contract was trading at 95.770 (implying a yield of 4.230 per cent), unchanged from Friday. The March 2014 three-year bond futures contract was at 96.960 (3.040 per cent), also unchanged.