Australian Dollar rises on hopes Greece will be rescued

from MoneyTrading.com.au

The Australian dollar rises for a second consecutive day amid hopes that the European Union was close to announcing more concrete measures to deal with the sovereign debt problem in Greece, despite mixed data about the current account and business indicators.


The US dollar fell against the euro on Friday, after reports suggested the German government might organise help for Greece. The greenback's fall contributed to substantial gains for oil, gold and copper prices, which flowed through to Australian resources and energy stocks.

Traders were awaiting US economic data, including the ISM manufacturing index due out overnight, while the Reserve Bank of Australia board is expected to increase the overnight cash rate to 4 per cent.