26 October 2001, 10:12 Forex - Australian dollar little changed in thin trade
SYDNEY (FWN) - The Australian dollar was little changed in late afternoon in
thin trade, trading at below 0.5050 usd after the European Central Bank decided
to hold interest rates steady, dealers said.
The unit traded between a high of 0.5038 usd and a low of 0.5020 during the
day.
CommSec chief economist Craig James said over the past two weeks, the
Australian dollar was supported at 0.5050 usd. However that support base has
now
broken from last night.
"The Australian dollar is again vulnerable to falling to lower levels. It
would only take a new piece of bad news on the global economy or a renewed
weakness in commodity prices to again push the unit below 0.5000 usd.
"While there are few factors working to push the Australian dollar higher
against the US dollar, the relative strength of the Australian economy is
helping to limit downside for the currency," he said.
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