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FOREX - AUSTRALIAN DOLLAR OPENS FIRMER - SEPT 1, 2003.

AsiaPulse News

| September 01, 2003 | COPYRIGHT 2003 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, Sept 1 Asia Pulse - The Australian dollar sprang into the new week in positive territory, firming against a broadly weaker United States dollar.

At 0700 AEST the Australian dollar was trading at .6476/84 compared with Friday's close of 0.6442/48.

The Australian dollar was one of a raft of currencies to firm against the US dollar in overnight trade on Friday.

The local unit hit a session high of $US0.6470 in early New York as the US dollar slid in thin trading conditions ahead of the Labour Day long weekend there.

Having closed nearly three-quarters of a US cent higher on Friday after a late pre-weekend short-squeeze, the Australian currency benefited from more positioning by traders as they sought shelter ahead of the three day break in the US.

The US dollar was battered to three month lows against the the yen ...

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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS FIRMER - SEPT 1, 2003.