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FOREX - AUSTRALIAN DOLLAR OPENS FIRMER - DEC 1, 2006.
SYDNEY, Dec 1 Asia Pulse - The Australian dollar hit a 20 month high overnight, opening firmer this morning, on the back of continued US dollar weakness.
At 0700 AEDT the domestic unit was at $US0.7889/94, up from yesterday's close of 0.7858/60.
Overnight, the local currency reached a low of $US0.7824 and a high of $US0.7903.
ICAP's head of economics and strategy Michael Thomas said the US dollar index hit a 20 month low, which is reflected in the local unit and the euro hitting 20 months highs.
"This is all on the US economy slowdown story," he said.
The US overnight released the US Federal Reserve's favourite measure of inflation, the core personal consumption expenditures price (PCE) index.
The figures for the PCE deflator, which strips out volatile food and energy costs, rose by 2.4 per cent in October.
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