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SYDNEY, Nov 1 Asia Pulse - The Australian dollar has eased at the open but is still consolidating within the tight range of this week, dealers said.
At 0700 AEDT the Australian dollar was trading at $US0.5035/40 from 0.5049/54 at yesterday's close.
The currency drifted to a low of $US0.5025 overnight on the back of a better than expected US September quarter GDP result and a weaker euro.
US GDP came in at an annualised contraction of 0.4 per cent, marginally better than the expected one per cent and is the first quarter of negative growth since the 1991 March quarter.
The unit was able to regain some ground from the 0.5025 level but is unlikely to retest the 0.5100 area that it flirted with yesterday.
"The ...
Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR CLOSES LOWER - NOV 1, 2001.