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FOREX - AUSTRALIAN DOLLAR OPENS STRONGER - MAY 1, 2008.
SYDNEY, May 1 Asia Pulse - The Australian dollar opened stronger today, above $US0.9400, as a key US interest rate was cut again for the seventh time in a row.
At 0700 AEST, the Australian dollar was trading at $US0.9434 38, up sharply from yesterday's close of 0.9358/61.
Overnight, the local unit traded between a low of $US0.9312 and a one-week high of $US0.9471.
The Australian dollar climbed above $US0.9400 soon after midnight, four hours before the US Federal Reserve announced a 25 basis point cut to the federal funds rate, which is now at two per cent for the first time since December 2004.
Traders had an initially subdued reaction to the widely anticipated decision, announced at 0415 AEST.
The Australian dollar reached its overnight high more than 30 minutes after the Fed announcement, which was the seventh consecutive cut to the key US interest rate since September.
The interest rate differential between Australian and the US has grown to 525 basis points.
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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS STRONGER - MAY 1, 2008.