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December 19, 2006 on 1:03 am | In Australian Dollar |The Australian dollar recovered somewhat from a daily dip down to US$0.7775 in New York trade and the currency is now hovering above 78 cents. Local economic news is scarce around this time of the year – more major economic news are coming in the new year. Australian Government bonds ended slightly firmer, moving away from their year lows. A quiet U.S. Treasurys market yesterday meant few leads were on offer for local traders. Interest is focused on the release later today for the US November producer price index (PPI) data and a report on housing starts data. At 0530 GMT, the Australian dollar was at US$0.7802, down from US$0.7812 late Monday and against the Japanese yen, the Australian dollar was down from Y92.25 at Y92.10.
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