Aust dlr weaker ahead of key inflation data =3 Sydney

AAP General News (Australia)
04-28-2000
Aust dlr weaker ahead of key inflation data =3 Sydney

Yesterday, the Australian dollar staged a light recovery above $US0.5900 on some stronger-than-expected
wages figures.

Average Weekly Ordinary Time Earnings, reported by the ABS, rose 1.4 per cent in the
three months to February, creating the strongest six-month period in eight years, with
the revised 1.5 per cent rise in the preceding quarter.

The trader said while the currency had traded down to yesterday's lows overnight, he
thought a run higher to 0.5920 was likely this morning.

"The support around the 0.5870 mark is starting to build more and more. We might see
some stop loss activity down around 0.5855/60 but it feels reasonably well-bid at the
moment, and we might see it track higher ahead of these CPI numbers," he said.

However, the currency could head down later in the day if the CPI number did not turn
out to be as strong as the market expected.

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KEYWORD: AUST DOLLAR 3 SYDNEY

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