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FOREX - AUSTRALIAN DOLLAR OPENS HIGHER - JULY 2, 2001.

AsiaPulse News

| July 02, 2001 | COPYRIGHT 2001 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

SYDNEY, July 2 Asia Pulse - The Australian dollar opened higher today, rebounding from its lows on Friday and expected to again threaten a move higher.

The unit showed some good strength over the US Friday session with some solid buying interest after a surge in the US dollar the previous day.

"The Aussie seems to have independently strengthened as well," said St George Bank dealer Colm McAlinden.

"Today the $US0.5120 is a bit of a level and we will be watching that closely."

Mr McAlinden said recently the Australian dollar has been breaking through technical levels and then pulling back so the market was "nervous" as it approached the $US0.5120 area.

The market is expected to trade within a quiet US$0.5095-0.5135 range over the day although the pull back from the early highs around 0.5117 does not ...

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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS HIGHER - JULY 2, 2001.

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