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FOREX - AUSTRALIAN DOLLAR OPENS FIRMER - MAY 3, 2006.
SYDNEY, May 3 Asia Pulse - The Australian dollar opened significantly higher today, supported by stronger commodity prices and a recovery in the euro.
At 0700 AEST the local currency was trading at $US0.7616/20, well up from yesterday's close of 0.7558/63.
In overnight trade, it hit a low of $US0.7567 and a high of 0.7638.
Westpac senior currency strategist in New York Richard Franulovich said the euro - typically a bellwether for the Australian currency against the US dollar - made a sharp recovery following stronger-than-expected results from a European business survey.
"The Aussie is higher mostly by the euro but higher commodities have given some independent strength to the Aussie as well," Mr Franulovich said.
"Specifically the euro recovered all its losses from yesterday.
"That was because of some strong European business survey data that came out overnight and truth be told I think the Aussie's just trading on the back of that."
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