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FOREX - AUSTRALIAN DOLLAR OPENS FIRMER - NOV 1, 2004.

AsiaPulse News

| November 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, Nov 1 Asia Pulse - The Australian dollar resumed its upward trajectory to open firmer today, as the United States dollar closed lower on Friday night ahead of the US presidential election.

At 0700 AEST the local currency was at $US0.7482/87, compared to Friday's close of 0.7467/73.

Offshore it traded between a low of $US0.7446 and a high of 0.7489 also underpinned by firmer commodity prices.

The local dollar finished last week lower, despite recovering some lost ground, after a surprise interest rate hike by the Chinese central bank sent the unit sharply lower to .7369.

On Friday night the US dollar was sold off despite the release of generally positive economic data, as the outcome of Tuesday's election as well as the release of the October payrolls non farm payrolls report this week weighed on the market.

The US currency slipped early in the session on lower-than-expected US GDP data but traded higher after a gauge of factory activity in the central region of the US rose to a five-month high in October.

However, the US dollar soon retested session lows after Arab satellite television said on Friday afternoon it would broadcast a video tape from al Qaeda leader Osama bin Laden ...

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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS FIRMER - NOV 1, 2004.

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