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FOREX - AUSTRALIAN DOLLAR BEGINS HIGHER - SEPT 1, 2004.

AsiaPulse News

| September 01, 2004 | COPYRIGHT 2004 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, Sept 1 Asia Pulse - The Australian dollar opened stronger today after the US dollar lost ground overnight on weaker than expected economic data.

At 0700 AEST the local currency was trading at $US0.7043/48, compared with 0.7005/09 at yesterday's close.

It reached a low of $US0.6981 and a high of 0.7077 during offshore trading.

Overnight the Australian dollar, as well as the euro, Swiss franc and yen, climbed against the US dollar after softer than expected data led to a bout of profit taking in that currency.

The US Conference Board said consumer confidence had decreased to 98.2 in August, from a revised 105.7 in July, while another report showed business activity in the US midwest had eased in August, with the index dropping to 57.3 from 64.7 in July.

However the US dollar later regained some ground against the major currencies, which weighed on the local unit.

"In general, we are looking for the ...

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