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FOREX - AUSTRALIAN DOLLAR OPENS WEAKER - DEC 3, 3007.
SYDNEY, Dec 3 Asia Pulse - The Australian dollar opened weaker today after nations in the Persian Gulf indicated they would continue pegging their currencies to the US unit.
At 0700 AEDT, the Australian dollar was trading at .8839/44, down from Friday's close of 0.8862/65.
During the offshore weekend session, the Australian dollar traded between a low of $US0.8810 and a high of 0.8894, reached on Friday night.
A Wellington-based currency strategist with the Bank of New Zealand, Danica Hampton, said the US dollar appreciated at the weekend after members of the Gulf Cooperation Council (GCC) indicated they would keep their currencies pegged to the American tender.
"It was a big picture story through the offshore session," she said.
"It's a case of broad-based US dollar strength. That's what sent the Australian dollar lower. It was more a global story."
In recent months, higher crude oil prices and a weaker US dollar have caused inflationary problems in the Middle East.
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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS WEAKER - DEC 3, 3007.