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FOREX - AUSTRALIAN DOLLAR OPENS STRONGER - MARCH 1, 2005.
SYDNEY, March 1 Asia Pulse - The Australian dollar opened slightly stronger ahead of today's central bank meeting and a likely interest rate hike tomorrow.
At 0700 AEDT the currency was trading at $US0.7921/26, compared to yesterday's close of 0.7914/18.
Overnight it hit a low of $US0.7905 and reached a high of 0.7946.
Macquarie Bank currency strategist Jo Masters said the Australian dollar remained above the 79 US cent level, ahead of the Reserve Bank of Australia's likely announcement of a rate hike.
"The Aussie has been pushing up towards its recent highs ... it started its rally through yesterday afternoon, supported by interest rate hike expectations and rallying commodity prices," Ms Masters said.
Yesterday the local unit moved significantly higher as copper prices reached a new high during the Asian session and base metals performed very well.
Ms Masters said overnight mixed US data overnight failed to impact the dollar.
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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS STRONGER - MARCH 1, 2005.