SYDNEY: The Australian dollar is slightly higher against a softer greenback as global focus remains on the stalemate over Greece’s debt negotiations.
At 7am (AEST), the local unit was trading at US77.67 cents, up from US77.63 cents on Friday.
Overnight, the Aussie fell as low as US77.37 cents before rebounding as the US dollar weakened.
BBH currency strategists said the US dollar continued to struggle following last week’s downbeat US Federal Reserve meeting, which failed to spell out how many interest rate hikes were expected this year.
They said focus was currently on Greece where talks on that country’s debt situation continue.
Greek Prime Minister Alexis Tsipras overnight presented new proposals to European leaders aimed at ending his country’s debt crisis, as Athens announced a round of meetings ahead of a summit that could determine whether Greece crashes out of the eurozone.
Westpac market strategist Imre Speizer predicted the Aussie to trade between US77 and 78 cents today.
He said markets had been focussed on the ongoing Greek debt talks due to an absence of important data released overnight.
