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FOREX - AUSTRALIAN DOLLAR STARTS WEAKER - MAY 1, 2009.
SYDNEY, May 1 Asia Pulse - The Australian dollar opened weaker on Friday as expectations of more rate cuts by the Reserve Bank of Australia (RBA) and investors rebalancing their portfolios reduced demand for the currency.
At 0700 AEST, the Australian dollar was trading at $US0.7253 58, down 1.1 per cent from Thursday's close of $US0.7334/37.
During the offshore session, the unit traded between .7253 and $US0.7384.
The Australian dollar started Thursday's offshore session firmer, where the currency reached $US0.7384, its highest since early October, 2008.
Bank of New Zealand currency strategist, Danica Hampton said the Australian dollar continued its rally on Thursday into European trade.
"Commodity-based currencies were bid late in yesterday's session which provided a bit more for strong gains," Ms Hampton said from Auckland.
Ms Hampton said a briefing note from Macquarie Group interest rate strategist, Rory Robertson, on the Reserve Bank of Australia (RBA)'s setting for the cash rate hurt the local currency.
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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR STARTS WEAKER - MAY 1, 2009.