AUSTRALIAN DOLLAR OPENS EASIER
The Australian dollar opened easier at
0.7085/90 U.S. Dlrs but quickly breached the 0.7100 barrier in
early trade.
    Dealers said there was still strong support for the unit
and forecast it would test its recent highs after shrugging off
yesterday's selling pressure.
    They said the dollar was better equipped to hold its
current values as its U.S. Conterpart is significantly lower
than the last time these levels were tested.
    A trading range of 0.7080 to 0.7120 U.S. Dlrs is expected
today.
    In early Australian trade the US dollar was pegged at
1.8253/63 marks and 145.40/50 yen from its New York closes of
1.8270/80 and 145.60/70.
    Dealers said the market had become sceptical about the
resolve of the major trading nations to assist the U.S. Out of
its twin deficit problems.
    They forecast a quiet day for the currency.
    The Australian dollar was firmer on the crossrates in early
Australian trade at 1.2964 marks from 1.2918, 103.32 yen from
103.15, 1.0763 swiss francs from 1.0732, 1.2391 NZ dlrs from
1.2403, and 0.4392 sterling from 0.4361.              
 Reuter
