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FOREX - AUSTRALIAN DOLLAR OPENS LOWER - JULY 1, 2002.

AsiaPulse News

| July 01, 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, July 1 Asia Pulse - The Australian dollar opened the new financial year softer and may trade even lower ahead of tomorrow's Reserve Bank of Australia (RBA) board meeting.

At 0700 AEST, the Australian dollar bought $US0.5634/39 compared with 0.5642/47 at yesterday's close.

The US dollar ended the 2002/03 financial year under fresh pressure with the euro closing in on parity.

Dealers noted the local currency remained bullish, but was yet to see a break higher through the $US0.5665 resistance barrier.

One local trader said there was some uncertainty in the market with a number of central banks active in the US session of Friday night, which stopped the Australian dollar's rise.

"I think you'll find that we saw some good selling off the highs, but later demand especially from these banks... helped support the Aussie dollar a bit towards the end of ...

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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS LOWER - JULY 1, 2002.

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