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FOREX - AUSTRALIAN DOLLAR LOWER AT NOON - 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 was lower at noon, with investors remaining on the sidelines ahead of this afternoon's Reserve Bank of Australia (RBA) interest rate decision.

At 1200 AEST, the Australian dollar was trading at $US0.9581 86, down from yesterday's close of $US0.9643/45.

During the morning, the Australian dollar traded between a low of $US0.9574 and a high of $US0.9595.

The RBA is holding its monthly board meeting today, with the central bank's announcement on interest rates due at 1430 AEST.

Economists expect the board to leave the official cash rate unchanged at a 12-year high of 7.25 per cent for the fourth straight month.

But there will be interest in the language used in the RBA governor Glenn Stevens' accompanying statement.

Societe Generale chief foreign exchange dealer Paul Milton said the market was looking for any "subtle tweaks" in the statement.

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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR LOWER AT NOON - JULY 1, 2008.

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