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FOREX - AUSTRALIAN DOLLAR OPENS LOWER - JUNE 1, 2006.
SYDNEY, June 1 Asia Pulse - The Australian dollar tumbled to a fresh five week low overnight, falling more than one US cent amid increased expectations of another rate hike in the US.
At 0815 AEST the currency was trading at 75.23 US cents compared to yesterday's close of 76.39 US cents.
Overnight the local currency dipped to 75.06 US cents, the lowest it has been since April 25.
ICAP head of economics and strategy Michael Thomas said the local unit underperformed, while the US dollar was the major beneficiary of the news that rates may still be lifted in June by the US Federal Reserve.
"The Federal Open Market Committee (FOMC) minutes revealed that the committee's main concerns centred on upside risks to the inflation outlook, leaving the market with the impression that another rate hike was more likely than not," he said.
"Although, it may not necessarily come at the June meeting."
The ...
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