SYDNEY (AFX-ASIA) - The Australian dollar was little changed in late trade amid subdued currency markets worldwide, dealers said. The unit traded between a high of 0.5190 and a low of 0.5179 during the local session. JP Morgan chief economist Andrew Pease said that the unit had remained in range-bound trade for much of the day, with little local or offshore activity providing stimulus for the unit. He said that his house is targeting a year-end level of 0.52 usd for the local unit, based on the increasing possibility that the U.S. economy could slip into a 'technical' recession, creating gloomy prospects for economies and currencies globally. He said that recent rallies in U.S. bond markets are expected to continue, meaning that currencies will suffer. Pease said that he i looking for an improvement in the value of the Australian dollar in late 2001 or early 2002, when the effects of recent movements in global monetary policy and interest adjustments begin to take affec t in the economy.
Australian dollar
Sydney 4:15 pm 9:25 am yesterday 4:10 pm
usd 0.5185 up from 0.5182 0.5179
euro 0.5830 up from 0.5815 0.5805
yen 62.94 up from 62.67 62.84
nzd 1.2308 up from 1.2303 1.2306
stg 0.3607 up from 0.3602 0.3604