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FOREX - AUSTRALIAN DOLLAR OPENS HIGHER - FEB 1, 2005.
SYDNEY, Feb 1 Asia Pulse - The Australian dollar opened slightly higher today after trading in a tight range overnight.
At 0700 AEDT the currency was trading at $US0.7749/52 from 0.7741/45 at yesterday's close.
Offshore, the Australian dollar traded in a $US0.7719-65 range after the US dollar traded in a subdued session overnight.
The US dollar finished slightly firmer ahead of the upcoming Federal Open Market Committee meeting (FOMC) on Wednesday night and the Group of Seven (G7) meeting on Friday and Saturday.
A 25 basis point interest rate hike is widely priced into the US market following the FOMC, while in the lead up to the G7, there has been talk of a possible revaluation of the yuan, which is currently pegged against the US dollar.
The release of key US non farm payroll data on Friday night is another factor keeping the market sidelined.
JP Morgan strategists said the market appeared content to say within the ranges, as last week's action action held key US dollar supports.
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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS HIGHER - FEB 1, 2005.