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FOREX - AUSTRALIAN DOLLAR OPENS WEAKER - MARCH 2, 2005.
SYDNEY, March 2 Asia Pulse - The Australian dollar opened slightly weaker today after losing further ground on news of yesterday's current account deficit blow out.
At 0700 AEDT the currency was trading at $US0.7860/64, compared to yesterday's close of 0.7875/79.
Overnight it traded in a $US0.7832 to 0.7890 range.
ABN Amro head of foreign exchange David Mozina said the local unit continued to lose ground overnight after news that Australia's current account deficit had blown out by almost $1 billion in the December quarter to an adjusted $15.174 billion.
"The Aussie was put under pressure by an appalling current account figure, which is now 7.1 per cent of GDP for the quarter, which is not too good," he said.
Mr Mozina said all eyes are now focused on the the Reserve Bank of Australia (RBA), which is tipped to raise the official cash rate by 25 basis points to 5.5 per cent at 0930 AEDT today.
Rates were last hiked in December 2003.
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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS WEAKER - MARCH 2, 2005.