Forex - AUD/USD close to 11-week low as Greece vote weighs

Forex Pros – pros – The Australian dollar was trading close to an 11-week low against its U.S. counterpart on Tuesday, as risk appetite remained subdued ahead of a vote by the Greek parliament on austerity measures demanded by international lenders.

AUD/USD hit 1.0480 during late Asian trade, the daily high; the pair subsequently consolidated at 1.0446, easing up 0.03%.

The pair was likely to find short-term support at 1.0390, Monday’s low and an 11-week low and resistance at 1.0576, the high of June 23.

Greece's Parliament is due to vote Wednesday on the EUR28.4 billion, five-year austerity package. The plan must pass in order for Greece to access a EUR12 billion bailout from the European Union and the International Monetary Fund.

If the plan is not passed, it could result in the euro zone’s first sovereign debt default, as Greece needs to cover EUR6.6 billion of bonds maturing in August.

The Australian dollar slipped against the yen, with AUD/JPY dipping 0.04% to hit 84.43.

Later in the day, the U.S. was to publish industry data on house price inflation, as well as a report on consumer confidence.




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