Investing.com - The Australian dollar was higher against its U.S. counterpart on Monday, boosted by new hopes of progress in Greece as the results of weekend elections eased concerns over a potential Greek exit from the euro zone.
AUD/USD hit 1.0135 during late Asian trade, the pair’s highest since May 10; the pair subsequently consolidated at 1.0111, rising 0.31%.
The pair was likely to find support at 1.0033, the low of May 10 and resistance at 1.0217, the high of May 8.
Market sentiment found support as political parties supporting Greece's international bailout were to begin forging a government on Monday, after an election victory over radical leftists staved off the prospect of the debt-laden country leaving the euro zone.
Conservative New Democracy leader Antonis Samaras called for broad support after winning Sunday's election over the radical Syriza party, which had threatened to cancel the aid deal in defiance of the country's lenders.
Investors remained cautious however, as concerns over the handling of Greece’s financial crisis persisted while all eyes turned to Germany for any possibility of concessions on the harsh budgetary restrictions imposed on Athens.
In Australia, official data showed earlier that new motor vehicle sales rose 2.4% in May, after a 1% decline the previous month.
Elsewhere, the Aussie was lower against the New Zealand dollar with AUD/NZD declining 0.41%, to hit 1.2746.
Also Monday, a report by the Westpac Banking Corporation showed that its index of consumer sentiment in New Zealand declined to 99.9 in the second quarter, from a reading of 102.4 in the previous quarter.
Investors were also eyeing a G-20 summit, due to begin later in the day, amid hopes it could produce fresh measures to combat the crisis in Europe.
AUD/USD hit 1.0135 during late Asian trade, the pair’s highest since May 10; the pair subsequently consolidated at 1.0111, rising 0.31%.
The pair was likely to find support at 1.0033, the low of May 10 and resistance at 1.0217, the high of May 8.
Market sentiment found support as political parties supporting Greece's international bailout were to begin forging a government on Monday, after an election victory over radical leftists staved off the prospect of the debt-laden country leaving the euro zone.
Conservative New Democracy leader Antonis Samaras called for broad support after winning Sunday's election over the radical Syriza party, which had threatened to cancel the aid deal in defiance of the country's lenders.
Investors remained cautious however, as concerns over the handling of Greece’s financial crisis persisted while all eyes turned to Germany for any possibility of concessions on the harsh budgetary restrictions imposed on Athens.
In Australia, official data showed earlier that new motor vehicle sales rose 2.4% in May, after a 1% decline the previous month.
Elsewhere, the Aussie was lower against the New Zealand dollar with AUD/NZD declining 0.41%, to hit 1.2746.
Also Monday, a report by the Westpac Banking Corporation showed that its index of consumer sentiment in New Zealand declined to 99.9 in the second quarter, from a reading of 102.4 in the previous quarter.
Investors were also eyeing a G-20 summit, due to begin later in the day, amid hopes it could produce fresh measures to combat the crisis in Europe.