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SYDNEY, Nov 1 Asia Pulse - The Australian dollar opened softer today after the US dollar received an overnight boost from share market strength and positive economic data.
At 0700 AEDT the local currency was trading at US$0.7479/81, below yesterday's close of 0.7500/05.
During the offshore session it reached a low of US$0.7456 and a high of 0.7522.
ICAP economist Simon Barbetti said the Australian dollar had lost ground overnight as its US counterpart strengthened broadly.
"The US stock market had another day of gains and that was aided in part by a decline in oil prices," he said.
Overnight the US dollar also received support from data that supported expectations of further US interest rate rises.
The National Association of Purchasing Management-Chicago said its index of Midwest manufacturing activity climbed to 62.9 in October from 60.5 the previous month.
Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS SOFTER - NOV 1, 2005.