SYDNEY: The Australian dollar is slightly higher against the greenback after the release of mixed US data and a lack of progress in Greece debt talks.
At 7am (AEST), the local unit was trading at US77.39 cents, up from US77.30 cents yesterday.
Westpac strategist Imre Speizer said while the US dollar ranged sideways overnight, the Aussie had “ground slightly higher” from 77.24 to 77.53 US cents, before dropping back this morning.
JP Morgan FX strategists said the Aussie, along with other commodity currencies, had outperformed the US dollar after the release of mixed US economic data and amid an absence of progress in Greece’s debt talks.
On the data front, US personal spending rose 0.9 per cent in May, beating the 0.7 per cent consensus estimate, while the US Services Purchasing Managers’ Index from Markit Economics fell 1.4 points to 54.8, reaching its lowest level since January.
In Europe, Greece and its EU-IMF creditors failed to break the deadlock in emergency talks to reach a bailout deal, raising fresh fears of a default by Athens that could send it crashing out of the euro.
The eurozone finance minister talks broke up overnight with no agreement on a Greek financial reform plan ahead of an IMF payment which is due on Monday, when Greece’s current bailout program expires.
Westpac’s Imre Speizer predicted the Aussie to range between 77 and 78 US cents today.
He tipped an “eventual resumption of the strong US dollar trend” in the next few months, which could push the Aussie down to US75 cents.
