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FOREX - AUSTRALIAN DOLLAR OPENS WEAKER - DEC 1, 2008.
SYDNEY, Dec 1 Asia Pulse - The Australian dollar opened weaker as the biggest drop in European inflation on record boosted the US currency.
At 0700 AEDT, the Australian dollar was trading at .6531/38, down from Friday's close of $US0.6561/65.
During the weekend session, the local unit traded between a low of $US0.6491 and a Friday night high of $US0.6597.
The low point marked a 34 per cent drop from mid-July's 25 year high of $US0.9849, but the level was still eight per cent above late October's five and a half year low of $US0.6012.
The domestic currency struggled for most of the offshore session as the biggest slide in the European Union's measure of inflation since euro zone consumer price index (CPI) records began in 1997 hurt the euro, boosting the US dollar.
"The soft data in the euro zone weighed on the euro," Bank of New Zealand currency strategist Danica Hampton said from Wellington.
"It was really a case (that) the euro fell against everything ... that filtered through to US dollar strength.
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...buying of the Australian dollar against the...today. The Reserve Bank of New Zealand...Yesterday the Reserve Bank of Australia...close the Australian dollar - New Zealand...AEDT the Australian dollar on the Reserve Bank Trade Weighted...
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...Australia, ahead the Reserve Bank's board meeting...insulating the Australian dollar. However, he...strategists said the Australian dollar should retain...0900 AEDT the Australian dollar on the Reserve Bank of Australia...
Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS WEAKER - DEC 1, 2008.