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FOREX - AUSTRALIAN DOLLAR OPENS FIRMER - DEC 3, 2001.

AsiaPulse News

| December 03, 2001 | COPYRIGHT 2001 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, Dec 3 Asia Pulse - The Australian dollar has opened firmer on the back of a weak US dollar but still remains range bound in early trade, dealers said.

At 0700 AEDT the Australian dollar was trading at $US0.5214/19 from 0.5195/00 at Friday's close.

The Australian dollar showed some life in the Friday European session, pushing up above the $US0.5200 area but was unable to extend the gains beyond recent resistance.

The currency was unable to generate any momentum on the cross rates but with the weakness in the US dollar, the unit was able to push up into the lower end of the $US0.5200 range.

The US dollar was hindered by a downward revision to September quarter GDP and a weak Chicago purchasing managers index.

The GDP fall of an annualised 1.1 per cent in the September quarter equated to a 0.6 per cent annual growth rate, both of which were the lowest in a decade. The poor ...

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