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FOREX - AUSTRALIAN DOLLAR OPENS LOWER - JAN 2, 2002.

AsiaPulse News

| January 02, 2002 | COPYRIGHT 2002 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, Jan 2 Asia Pulse - The Australian dollar opened lower on the first trading day of 2002 with thin trade expected throughout the day.

At 0700 AEDT the Australian dollar was $US0.5087/92 from 0.5109/14 at Monday's close.

After closing out the year around the $US0.5110 mark on Monday the unit has done little more, drifting within a tight range in thin volume.

With no offshore direction given that there was no trade on New Year's Day the unit is unlikely to move too far outside of its recent $US0.5080-0.5120 range in local trading today.

From a technical perspective, dealers are noting that $US0.5120 should cap any rally ahead of a ...

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