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FOREX - AUSTRALIAN DOLLAR LOWER AT NOON - AUG 1, 2002.

AsiaPulse News

| August 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, Aug 1 Asia Pulse - The Australian dollar was weaker to noon, shedding more than half a US cent as fears about the strength of the US economic recovery weighed down the domestic currency.

At 1200 AEST, the Australian dollar bought $US0.5405/10 from 0.5470/75 at yesterday's close.

The Australian dollar dropped into $US0.5390 territory briefly this morning as it continued to slide as the US dollar picked up ground, reacting to the expected weak June quarter gross domestic product results.

The Australian dollar touched lows of $US0.5390 after earlier reaching highs of around 0.5440.

Commonwealth Bank strategist Peter Munckton said traders were becoming concerned about economic growth in the US with talk about downward revisions to US interest rates.

"That's the sort of thing that's weighing on the Aussie right now," he said.

Mr Munckton said ...

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