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.

© 1999-2022 Forex EuroClub
All rights reserved