29 November 2001, 09:34 Forex - Australian dollar little changed on extended consolidation
SYDNEY (FWN) - The Australian dollar was little changed in late afternoon on
continued consolidation after the unit rallied to above 0.523 against the
dollar
recently, dealers said.
The unit traded between a high of 0.5215 usd and a low of 0.5208 during the
day.
Rothschild Australia treasury manager Paul Macarounas said the
better-than-expected three months to September current account data did little
to influence the Australian dollar.
The seasonally-adjusted current account deficit was 2.865 bln aud in the
three months to September against a revised deficit of 3.328 bln in the second
quarter, the Australian Bureau of Statistics said.
The median of analysts' forecasts was for the current account deficit to
narrow to 3.0 bln aud. The range of forecasts was for a deficit of 3.5-2.5 bln.
He said the Australian dollar is caught long and is seeing some profit
taking while concerns over the economic recovery in the US have resurfaced.
He said the Australian dollar still has good chance of reaching 0.525 usd
in
the next few weeks if it can manage to hold above 0.516-0.518 usd.
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