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SYDNEY, March 4 Asia Pulse - The Australian dollar opened slightly stronger, regaining some ground after it tumbled to its lowest level for 2004 overnight.
At 0700 AEDT the local currency was trading at .7502/06 compared with yesterday's close of $0.7485/90.
Offshore, it traded between a low of $US0.7402 and a high of 0.7625.
The United States dollar overnight hit its peak for this year against the euro, yen and Swiss franc, triggered by rising optimism over US job growth and its implications on interest rates - which weighed on the local currency.
At one point, the Australian dollar was down three per cent, in its biggest intraday drop since October 1990.
Westpac Bank currency strategist Richard Franulovich said the weakness in the Australian dollar was a continuation of wholesale speculative liquidation of the currency.
"The Aussie is not ...
Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS STRONGER - MARCH 4, 2004.