Forex - AUD/USD hits 3-week high after Greece accepts austerity plan
Investing.com
Published Jun 30, 2011 03:18AM ET
AUD/USD hit 1.0751 during late Asian trade, the pair’s highest since June 7; the pair subsequently consolidated at 1.0739, rising 0.55%.
The pair was likely to find support at 1.0518, Wednesday’s low and resistance at 1.0848, the high of May 10.
On Wednesday, the Greek parliament voted to accept the EUR28.4 billion, five-year austerity package needed to secure a EUR12 billion tranche of bailout funds from the European Union and International Monetary Fund.
There was to be a second vote later Thursday on the implementation of different parts of the package, such as tax rises and the sale of state assets.
Meanwhile, a report by Australia’s central bank on credit growth that showed private sector credit accelerated in May, but business lending remained weak.
The Reserve Bank said that over the year to May, total credit rose 3.1%, after remaining flat in April. Economists had expected credit growth to increase by 0.4% last month.
The Aussie was also higher against the yen, with AUD/JPY easing up 0.05% to hit 86.31.
Later in the day, the U.S. was to publish its weekly government report on initial jobless claims, as well as data on manufacturing activity in the Chicago region.
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Written By: Investing.com
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