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FOREX - AUSTRALIAN DOLLAR OPENS SLIGHTLY HIGHER - JUNE 1, 2004.

AsiaPulse News

| June 01, 2004 | COPYRIGHT 2004 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

SYDNEY, June 1 Asia Pulse - The Australian dollar opened broadly unchanged after a Memorial Day holiday in the United States, ahead of a Reserve Bank of Australia (RBA) meeting today.

At 0700 AEST the local currency was trading at $US0.7148/56, compared with 0.7144/49 at yesterday's close.

In overnight trading it touched a low of $US0.7142 and a high of 0.7175.

National Australia Bank strategists said a number of important data releases this week will help direct the local currency.

The Reserve Bank of Australia board (RBA) meets today but is expected to leave interest rates unchanged, they said.

"The RBA will be pleased to see a cooling in domestic demand but will be more interested in what is happening now in housing, domestic demand and the currency," the strategists said.

"We expect interest rates to remain ...

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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS SLIGHTLY HIGHER - JUNE 1, 2004.

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