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SYDNEY, Jan 2 Asia Pulse - The Australian dollar has given up almost half a US cent since markets closed on December 31 as dealers see it taking a back seat early in the new year.
Australia's bond market has attracted a slight bid tone as offshore investors begin to re-enter the market for 2003.
At 1200 AEDT, the Australian dollar was at US$0.5618/23, compared with US$0.5660/65 at Tuesday's close.
The Australian dollar is expected to become a more peripheral currency in the early part of 2003 as dealers focus more on the bigger currencies and how they perform.
"The market is becoming more focused on what is going on in euro and in the (US) dollar story and the Aussie is taking a back seat," Westpac ...
Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR WEAKER AT NOON - JAN 2, 2003.