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FOREX - AUSTRALIAN DOLLAR OPENS FIRMER - AUG 1, 2001.
SYDNEY, Aug 1 Asia Pulse - The Australian dollar has opened firmer, however dealers are expecting the rally to be short lived.
At 0700 AEST the Australian currency was at $US0.5085/90 from $US0.5049/54 at the close of local trade Tuesday.
The Australian dollar did touch $US0.5100 overnight on the back of some short covering in the market and there is potential for another small move forward if the market remains short.
"I think that was more the market caught short than being generally bullish," said a Sydney-based dealer.
"I can't see any more of a rally in the short-term unless the market is still short."
The unit is expected to hold in a $US0.5050-0.5120 range over the ...
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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS FIRMER - AUG 1, 2001.