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FOREX - AUSTRALIAN DOLLAR OPENS HIGHER - MAY 1, 2001.
SYDNEY, May 1 Asia Pulse - The Australian dollar has opened higher, after reports of a suffering manufacturing sector hurt the US dollar overnight.
By 0700 AEST the Australian dollar had leapt to $US0.5130/35, from 0.5076/81 at the close of local trading yesterday.
Traders are expected to take the domestic currency a little higher today, but the foreign exchange market should generally be quiet, with all the action taking place on the streets.
"Ahead of the RBA (Reserve Bank of Australia) board meeting and with everybody watching the May Day protests today I don't think there will be too much going on," said a dealer at an Australian trading bank.
"I expect the Aussie to at least test some of the technical levels, some of the resistance around the $US0.5140 level."
Economists are divided over whether the Reserve Bank will announce an interest rate cut tomorrow, but agree if that does happen, the easing will be only a quarter percentage point.
While the bank's board meets today, ...
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