30 November 2001, 09:11 Forex - Australian dollar slightly higher in quiet trade
SYDNEY (FWN) - The Australian dollar was slightly higher in quiet late
afternoon trade, after moving between a high of 0.5202 usd and a low of 0.5178
during the day, dealers said.
They said the October trade surplus of 275 mln aud compared to the market
median forecast of 100 mln did not impact the local unit.
CommSec chief economist Craig James said: "The Australian dollar is a
currency that keeps the market guessing. No sooner does the Aussie appear
settled in a trading range when a new factor appears on the horizon to alter
the
status quo."
The Australian dollar has held between the 0.5100-0.5250 usd range for
almost four weeks.
"On domestic factors, we believe the Australian dollar has scope to reach
the 0.5300-0.5400 usd area in the next few weeks. The main area of concern is
the fall-out from the demise of US energy giant, Enron.
"If ripple effects create a new shock for the US economy, this will temper
global optimism and thus the appetite for a global growth barometer such as the
Australian dollar," he said.
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