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FOREX - AUSTRALIAN DOLLAR OPENS SHARPLY HIGHER - OCT 1, 2007.
SYDNEY, Oct 1 Asia Pulse - The Australian dollar has opened near 89 US cents after strong interest in the Euro and the New Zealand dollar pushed the local currency to a fresh 18-year high against the weakening US dollar.
On Friday night, the US dollar hit its lowest level against its major trading currencies, with the US dollar trade weighted index dropping to its lowest level since the US Federal Reserve launched the data series in 1973.
At 0700 AEST, the Australian dollar was trading at $US0.8881 85, up firmly from Friday's close of 0.8823/29.
During the weekend session, it traded between a low of .8786 and a high of 0.8893 - its highest level since February 13, 1989, when it reached $US0.8899.
Suncorp strategic analyst of treasury services Peter Pontikis said the Australian dollar would likely keep within a range of $US0.8850 and 0.8890 today in subdued trade with a large part of the country sidelined for the Labour Day public holiday.
He said Japan's Tankan survey of business confidence for the September quarter, due today, would be the major influence on the currency's movement.
Mr Pontikis said a mixed Tankan survey result would push the US dollar up against the Japanese yen, and cause the Australian dollar to marginally ease.
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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS SHARPLY HIGHER - OCT 1, 2007.