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FOREX - AUSTRALIAN DOLLAR OPENS STRONGER - MAY 3, 2004.
SYDNEY, May 3 Asia Pulse - The Australian dollar opened stronger today, recovering from last week's lows, after the United States dollar fell slightly against the euro on Friday night.
At 0700 AEST the local currency was trading at .7215/22, compared with 0.7208/13 at Friday's close.
Last week the Australian dollar fell to its lowest level for the year, down nearly one and a half US cents to reach .7158.
Over the weekend it traded between a low of $US0.7182 and a high of 0.7244.
The US dollar slightly weakened against the euro on Friday night, but gained against the yen after the release of upbeat US economic data, which included more evidence of growing inflation.
In the latest US personal income and spending data for March, consumers earned more than expected but spent less, while prices for the goods they bought went up.
Also, the April US Midwest manufacturing sector recorded growth above expectations, there was a slightly drop in April's US consumer sentiment, while the Chicago PMI rose above expectations.
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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS STRONGER - MAY 3, 2004.