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FOREX - AUSTRALIAN DOLLAR DRIFTS LOWER - SEPT 3, 2001.
SYDNEY, Sept 3 Asia Pulse - The Australian dollar drifted off over the weekend with dealers looking for a consolidation ahead of possible further moves higher.
At 0700 AEST the Australian dollar was trading at $US0.5278/83 from $US0.5336/41 at Friday's close.
It reached a low of $US0.5255 in the US Friday session on the back of rumored strong selling from a Swiss name but once that selling had been completed the unit popped back up towards 0.5300 before opening around current levels.
The currency is expected to drift around these current levels, with little action expected ahead of the Reserve Bank of Australia board meeting tomorrow.
"It is looking a little bit soft. There are buyers down around that $US0.5245-50 level but I think we will range trade with a bit of consolidation today," said a Sydney based dealer.
"I think any ...
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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR DRIFTS LOWER - SEPT 3, 2001.