Forex - AUD/USD edges higher, focus on Greece
Investing.com
Published Feb 28, 2012 03:00AM ET
AUD/USD hit 1.0787 during late Asian trade, the pair’s highest since February 20; the pair subsequently consolidated at 1.0774, adding 0.15%.
The pair was likely to find support at 1.0701, the low of February 7 and resistance at 1.0823, the high of February 9.
Germany’s parliament approved a EUR130 bailout package for Greece on Monday as German Chancellor Angela Merkel warned that pushing Athens out of the euro would risk “incalculable” damage.
But sentiment remained under pressure after Standard & Poor's cut Greece’s long term credit rating to 'selective default', following the government's decision to add "collective action clauses" to its bonds. These clauses compel bondholders to take part in debt restructuring if they refuse to accept a voluntary writedown on their holdings.
Elsewhere, official data showed that retail sales in Japan rose unexpectedly in January, climbing 1.9% after a 2.5% rise the previous month.
Japan is Australia’s biggest export partner.
The Aussie was lower against the euro with EUR/AUD rising 0.16%, to hit 1.2475.
Later in the day, the U.S. was to produce official data on durable goods orders, as well as industry data on house price inflation and consumer confidence.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.