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FOREX - AUSTRALIAN DOLLAR OPENS WEAKER - NOV 3, 2008.

AsiaPulse News

| November 03, 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, Nov 3 Asia Pulse - The Australian dollar has opened weaker as gloomy US economic data reinforced fears of a global recession and had investors shy from higher-yielding currencies.

At 0700 AEDT, the Australian dollar was trading at .6691/98, from Friday's close of $US0.6711/16.

During the weekend offshore session, the local currency traded between $US0.6545 and $US0.6712.

Bank of New Zealand currency strategist Danica Hampton said the Australian dollar traded lower for most of Friday night's offshore session before a late rally on Wall Street helped lift the currency.

Ms Hampton said for most of Friday investors were talking and buying US dollars as they made portfolio adjustments to their end of month positions.

"That kept a lid on the Aussie," she said from Wellington.

"Once all the fix was out of the way, the Australian dollar firmed.

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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS WEAKER - NOV 3, 2008.

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