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FOREX - AUSTRALIAN DOLLAR OPENS SLIGHTLY DOWN - SEPT 2, 2002.

AsiaPulse News

| September 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, 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 ...

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