Investing.com - The Australian dollar rose to a four-day high against its U.S. counterpart in light trade on Monday, as concerns over a potential Greek exit from the euro zone slightly eased after opinion polls showed pro-bailout party New Democracy gained popularity.
AUD/USD hit 0.9871 during late Asian trade, the pair’s highest since May 22; the pair subsequently consolidated at 0.9876, climbing 1.20%.
The pair was likely to find support at 0.9786, the low of May 22 and resistance at 0.9933, the high of May 22.
Market sentiment found support as opinion polls on Sunday showed that Greece's conservative party New Democracy swung into first place ahead of next month's elections, as the country's socialists claimed that European leaders are warming to the idea that bailout terms for Athens should be softened to ease pressure on the economy.
Uncertainty remained however, as talk of contingency plans have emerged in case Greece leaves the euro zone, posing severe contagion risks to the whole monetary union.
Meanwhile, Reserve Bank of Australia Governor Glenn Stevens pointed out, in a speech earlier, that, besides the debt crisis in the euro zone, China’s slowing growth poses a threat to the Australian economy and must be closely monitored.
Elsewhere, the Aussie was also higher against the euro with EUR/AUD shedding 0.41%, to hit 1.2775.
Markets in the U.S. were to remain closed for the Memorial Day holiday.
AUD/USD hit 0.9871 during late Asian trade, the pair’s highest since May 22; the pair subsequently consolidated at 0.9876, climbing 1.20%.
The pair was likely to find support at 0.9786, the low of May 22 and resistance at 0.9933, the high of May 22.
Market sentiment found support as opinion polls on Sunday showed that Greece's conservative party New Democracy swung into first place ahead of next month's elections, as the country's socialists claimed that European leaders are warming to the idea that bailout terms for Athens should be softened to ease pressure on the economy.
Uncertainty remained however, as talk of contingency plans have emerged in case Greece leaves the euro zone, posing severe contagion risks to the whole monetary union.
Meanwhile, Reserve Bank of Australia Governor Glenn Stevens pointed out, in a speech earlier, that, besides the debt crisis in the euro zone, China’s slowing growth poses a threat to the Australian economy and must be closely monitored.
Elsewhere, the Aussie was also higher against the euro with EUR/AUD shedding 0.41%, to hit 1.2775.
Markets in the U.S. were to remain closed for the Memorial Day holiday.