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SYDNEY, Sept 2 Asia Pulse - The Australian dollar was down slightly in rangebound trade with dealers noting options on both sides limiting movement on the local currency.
At 0700 AEST, the Australian dollar was worth $US0.5500/05 from 0.5535/40 at Friday's close.
The Australian dollar drifted off the highs near $US0.5550 late last week as the US dollar made some small gains on the back of upbeat manufacturing data.
The US dollar benefited from news a Chicago PMI report showed manufacturing expanded in the midwest for the seventh consecutive month.
The Australian dollar was unable to break above the $US0.5550 area, although upside targets still remain towards the 0.5580 level, which is a key level for the forward momentum to continue.
"Overtaking that key resistance would extend ...