Aust dollar sinking

AAP General News (Australia)
04-18-2000
Aust dollar sinking

The Australian dollar has been pushed below 59 US cents, and could head even lower
during the day's trade.

Early in the London session last night, the domestic currency went down to 58.92 US
cents as two major US banks sold it against the yen.

That was despite yesterday's optimistic peek above 60 US cents for the first time in 10 days.

Since London trading, the Australian dollar has been unable to regain any ground beyond
the low 59 US cent mark.

Just before 8 am (AEST), the currency was trading at 58.97 US cents.

One local trading bank dealer says it's under pressure and will likely head even lower today.

AAP RTV rt

KEYWORD: AUST DOLLAR (SYDNEY)

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