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FOREX - AUSTRALIAN DOLLAR OPENS HIGHER - FEB 11, 2004.
SYDNEY, Feb 11 Asia Pulse - The Australian dollar opened higher today after rising to a fresh high above $US0.7800 overnight.
Traders said the local unit jumped as the residual effects of the Reserve Bank of Australia's hawkish interest rate outlook helped attract investors to the currency.
At 0700 AEDT the local currency was trading at $US0.7807-12 compared with yesterday's close of 0.7788/93.
Overnight, it reached a high of $US0.7837, the highest since early 1997.
The local dollar began its climb on Monday after the RBA said in its quarterly Statement on Monetary Policy that it had left interest rates unchanged in February, despite economic data showing rates were "remained mildly accommodative".
Economists said this statement was hawkish and that rates would rise again soon.
In addition, last weekend's meeting of the Group of Seven finance ministers did little to halt the US dollar's decline, traders said.
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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS HIGHER - FEB 11, 2004.