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2010.10.1122:34:00UTC+00Aussie Drops To 4-day Low Against Most Majors

During early Asian trading on Tuesday, the Australian dollar weakened against its major counterparts as a decline in most Asian stocks reduced demand for the higher-yielding currencies.

The aussie fell to a 4-day low of 0.9789 against the US dollar and 80.51 against the Japanese yen around 9:20 pm ET and this may be compared to yesterday's closing quotes of 0.9841 and 80.79, respectively. On the downside, the aussie may find target around 0.97 against the greenback and 80.40 versus the yen.

The Australian currency also reached a 4-day low of 0.9933 against the Canadian dollar around 9:10 pm ET and the pair moved on hold thereafter. The aussie-loonie pair, which ended Monday's North American trading at 0.9980, is presently quoted at 0.9947. If the aussie weakens further, likely support level is seen at 0.9870.

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