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FOREX - AUSTRALIAN DOLLAR ENDS FIRMER - JULY 2, 2007.
SYDNEY, July 2 Asia Pulse - The Australian dollar closed higher today, hitting fresh 18-year highs as the yen-funded carry trades continue to pump up the local currency.
At 1700 AEST, the domestic unit was trading at US$0.8533/39, up from Friday's close of US$0.8501/07.
During the day, it traded between a low of US$0.8478 and a high of 0.8538 - its highest level since February 16, 1989 when it traded at US$0.8646.
Macquarie Bank foreign exchange division director Geoff Bowmer said the Australian dollar continued to set fresh highs as it kicked off the new financial year, amid ongoing support from the yen-funded carry trades.
"Certainly, interest to buy the Australian dollar against the yen is still evident today," he said.
He said the risk-aversion surrounding trouble in the US sub-prime mortgage market, which pulled down the Australian dollar in the middle of last week, was still there, but didn't seem as aggressive.
Mr Bowmer said a A$22 billion (US$18.8 billion) cash and share offer made by Wesfarmers Ltd (ASX:WES) this afternoon for Australia's second biggest retailer, Coles Group Ltd (ASX:CGJ), would also add to demand for Australian dollars.
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