Australian dollar up off three-week lows

15 Nov, 2006

The Australian dollar edged up off near three-week lows against the US dollar on Tuesday as investors took profits, but with record "long" positions the local currency was likely to meet resistance ahead of $0.7700.
The Aussie had fallen to $0.7615, its lowest level since October 26, offshore as the US dollar pared some of last week's losses on a reassessment by investors of the chances of foreign central banks, particularly China, cutting back US currency holdings.
The Aussie dollar was quoted at $0.7645/48 compared with $0.7676/81 here late on Monday, according to Reuters data. It ranged from $0.7619 to $0.7648.

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