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FOREX - AUSTRALIAN DOLLAR OPENS SLIGHTLY FIRMER - SEPT 1, 2006.
SYDNEY, Sept 1 Asia Pulse - The Australian dollar opened slightly higher today after see-sawing with the US dollar overnight, while traders prepare for today's local current account deficit.
At 0700 AEST the local unit was trading at US$0.7637/41, similar to yesterday's close of 0.7631/33.
Overnight it reached a low of US$0.7610 and a high of 0.7649.
The local unit managed to hold some of its overnight gains despite moving lower against the US dollar.
ICAP's head of economics and strategy Michael Thomas said the local unit rose against the US dollar early on but fell back as the the US unit gained on the back of positive economic data.
"Early on the euro was the strongest currency and that was off the back of ECB (European Central Bank) signaling they would put rates up," he said.
"But the US dollar did come back and we have seen a simular pattern with the Aussie dollar."
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- News wire article from: Asia Africa Intelligence Wire January 14, 2005 700+ words
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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS SLIGHTLY FIRMER - SEPT 1, 2006.