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FOREX - AUSTRALIAN DOLLAR OPENS LOWER - SEPT 1, 2008.
SYDNEY, Sept 1 Asia Pulse - The Australian dollar has opened lower as improved factory health in the US midwest boosted the American currency.
At 0700 AEST, the Australian dollar was trading at .8566/73, down from Friday's close of 0.8609/11.
During the weekend offshore session, the local currency traded between $US0.8556 and $US0.8659.
Bank of New Zealand currency strategist Danica Hampton said a combination of a stronger US dollar and weaker Canadian currency pulled the domestic unit lower.
The Canadian dollar was weaker after the nation's Gross Domestic Product data for the June quarter was half the market forecast.
Canada's GDP increased 0.3 per cent for the June quarter.
"We did see very weak Canadian GDP. That saw the Canadian dollar weaken," Ms Hampton said from Wellington.
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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS LOWER - SEPT 1, 2008.