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FOREX - AUSTRALIAN DOLLAR OPENS WEAKER - JULY 1, 2008.

AsiaPulse News

| July 01, 2008 | COPYRIGHT 2008 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

SYDNEY, July 1 Asia Pulse - The Australian dollar opened weaker today, after reaching a 25-year high overnight, as a better than expected US business conditions survey helped the American currency recover.

At 0700 AEST, the Australian dollar was trading at $US0.9584 88, down from yesterday's close of $US0.9643/45.

Overnight, the Australian dollar traded between a low of .9553 and a 25-year high of $US0.9668.

This was the domestic unit's strongest level since it closed at $US0.9689 on February 17, 1983 during the days of a fixed exchange rate.

The Australian dollar reached its historic high shortly before 1900 AEST last night, after ending the local session at its firmest level since early 1983.

A less dire than expected US business survey result then helped push the local currency to its overnight low soon after 0100 AEST.

The Chicago Purchasing Managers' Index (PMI), which measures business conditions in the industrial states of Illinois, ...

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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS WEAKER - JULY 1, 2008.

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