24 September 2001, 08:52 [FWN] Forex - Australian dollar lower in early trade
SYDNEY (FWN) - The Australian dollar was lower in early trade, with the unit
continuing to lose support on safe haven flows to other currencies, dealers
said.
The unit traded between a high of 0.4855 usd and a low of 0.4841.
Commonwealth Bank senior economist Michael Workman said the Australian
dollar may head even lower as it has been unable to attract buying support.
"We expect to see lower Australian dollar levels in coming weeks. It has
failed to make gains against the weaker US dollar indicating, in our view, a
fundamental lack of investor interest in Australian dollar assets," he said.
He added that the US dollar made a slight recovery against the euro on the
weekend while the yen weakened after Bank of Japan intervention.
Workman said economic data due out this week is likely to show a recovering
Australian economy "but the durability of the recovery is still not assured".
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