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FOREX - AUSTRALIAN DOLLAR OPENS STRONGER - DEC 1, 2005.
SYDNEY, Dec 1 Asia Pulse - The Australian dollar opened marginally stronger today as the US dollar gave back gains made on a report showing US inflation is still tame, while investors await the European Central Bank's rate decision tonight.
At 0700 AEDT the local unit was trading at $US0.7391/99, just above yesterday's close of 0.7386/91.
Overnight it reached a low of $US0.7382 and a high of 0.7407.
National Australia Bank currency strategist John Kyriakopoulos said overnight events were rather unexciting as the US dollar gained on the back of the gross domestic product (GDP) report, but the upside was capped by tame inflation.
"The US dollar was initially lifted but gave back most of those gains, I guess the market was still long in terms of the speculative community, so there is a bit of a position overhang," he said.
US gross domestic product in the quarter expanded at a rate of 4.3 per cent, ...
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