The Aussie currency went up
to a two-week high versus its US peer as craving for riskier assets was bolstered
after majority of EU finance ministers agreed to extend the €240 billion-bailout
of Greece by four more months.
The Greek government was
given till today to formulate reform measures that must be approved by the trio
of European Central Bank, European Commission and International Monetary Fund.
Athens is confronted with the
possibility of non-payment and departure from the European Union if it fails to
secure a postponement beyond the cut-off date of February 28.
The currency pair of AUD and USD gained a
session peak of 0.7849 last Friday which is the
highest since February 6. It eventually consolidated at 0.7842. It was up 0.65
percent for that day alone and 0.95 percent higher for the entire week.
Minutes published by the Reserve
Bank of Australia stated that it reduced rates because of the fading economic
outlook in the country.
The RBA shocked markets earlier this month when it brought down benchmark interest rates to a fresh-low
of 2.25 percent from 2.50 percent.
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