$A higher on potential Greek bailout
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SYDNEY, Nov 22 AAP
November 22 2012, 07:21AM
The Australian dollar is higher, as the market anticipates a resolution of Greece's debt problems.
At 0700 AEDT on Thursday, the Australian dollar was trading at 103.64 US cents, up from 103.56 US cents on Wednesday afternoon.
HiFX senior trader Stuart Ive said that although a meeting of European finance ministers had resulted in no bailout deal for Greece, a resolution would probably be worked out in the near future.
"Obviously, there wasn't a signed and sealed deal yesterday (Wednesday) on Greece," he said.
"However, it still looks like they'll get the money. It's just the details that need to be worked out. It looks like we'll be waiting until Monday for that."
He added that comments from Germany's finance minister Wolfgang Schaeuble suggested a deal would ultimately be brokered.
Mr Schaueble said ministers were making good progress on the deal, with another meeting set for November 26.
Global markets had also responded positively to news of a ceasefire between Israel and Hamas, due to take effect Wednesday night (local time), Mr Ive said.
He added that Australian markets would be looking ahead to the HSBC flash purchasing managers' index (PMI) data, a significant reading for Chinese manufacturing, which would likely influence the Australian dollar later in the day.