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SYDNEY, Aug 1 Asia Pulse - The Australian dollar opened weaker as major currencies took centre stage overnight, although dealers said there is further upside to be gained.
At 0700 AEST, the Australian dollar bought US$0.5431/36 from US$0.5470/75 at yesterday's close.
The US dollar ended the day stronger against the euro and the commodity currencies but gave up some ground against the Japanese yen, as it reacted to the expected weak June quarter gross domestic product results.
The Australian dollar got a boost yesterday from strong retail sales data, but was unable to extend the gains in the United States session, touching a high of US$0.5480, before drifting back to just above the session lows of US$0.5420 to start the local morning.
Still, ...
Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS WEAKER - AUG 1, 2002.