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FOREX - AUSTRALIAN DOLLAR OPENS LOWER - MARCH 2, 2009.
SYDNEY, March 2 Asia Pulse - The Australian dollar has opened lower after woeful US economic data pointed to a deepening US recession and prompted safe-haven US dollar buying.
At 0700 AEDT, the Australian dollar was trading at $US0.6365 71, down from Friday's close of $US0.6455/60.
During the offshore session, the unit moved between a low of .6360 and a high of $US0.6470.
It was the Australian dollar's weakest start to the local session since February 1, when the unit opened at $US0.6301 05.
The US dollar posted strong gains during Friday's New York session after the preliminary estimate of US gross domestic product (GDP) showed the world's largest economy contracted at an annualised pace of 6.2 per cent in the December quarter.
It was the worst result since 1982 and downwardly revised from the advanced estimate of a 3.8 per cent decline.
Also, US consumer spending slipped 4.3 per cent in the December quarter, its biggest decline since 1980.
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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS LOWER - MARCH 2, 2009.