A$ breaks two further record lows

greenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread

Source: AAP|Published: Monday October 16, 5:24 PM

Dollar breaks two further record lows

The Australian dollar continued to take a battering today, posting its second record low of the day in late afternoon trading.

Traders said the local currency recorded a new low of $US0.5255around 1655 AEDT. In morning trade it hit a low of $US0.5260.

At 1700 AEDT the local unit had recovered slightly to be trading at $US0.5260/65, from 0.5303/08 at Friday's close.

Citibank Australia head of foreign exchange trading Nick Waite said continuing selling pressure from both local and offshore players and the euro's struggle to rally from its lows drove the local currency to its new lows.

'There has been a large amount of Japanese selling of Aussie/yen that has also helped it down,' Mr Waite said.

'I think the concern down here has to be that if the euro manages to rally the Australian dollar might follow suit, I don't think too many people would want to be short Australian dollars down at these levels.'

At 1700 AEDT the local unit was also at 56.86/94 yen from 57.04/11 at Friday's close, 0.6164/69 euro from 0.6146/51 and at 0.3623/29 British pounds from 0.3607/13.

It closed at 1.3210/40 New Zealand dollars, from 1.3237/66 at Friday's local close.

http://www.theage.com.au/breaking/0010/16/A54568-2000Oct16.shtml

-- Martin Thompson (mthom1927@aol.com), October 16, 2000


Moderation questions? read the FAQ