$A higher ahead of European meeting
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SYDNEY, Nov 26 AAP
November 26 2012, 5:15PM
The Australian dollar is more than half a US cent higher ahead of a crucial European meeting to secure a bailout package for Greece.
At 1700 AEDT on Monday, the Australian dollar was trading at 104.53 US cents, up from 103.98 US cents on Friday.
Commonwealth Bank currency strategist Joseph Capurso said the local currency had followed global markets higher over the weekend in anticipation of the meeting in Brussels.
"We had a good Friday, but so far today it's been fairly stable," he said.
"There hasn't been any news out in the Asian trading session, so it just hasn't moved."
European finance ministers are meeting later on Monday (European time) to sign off on a 30 billion euros ($A37.50 billion) bailout package for Greece.
Mr Capurso said a positive outcome could boost the Aussie dollar.
"If they do come out with some good news for Greece, it could boost the Aussie slightly," he said.
Later in the week, markets would be watching domestic capital expenditure data, which could act as a guide for whether the Reserve Bank of Australia (RBA) might cut interest rates again.
"The question of when the mining boom will end is a big part of the RBA's thinking," Mr Capurso said.
"If that pothole of growth is going to be bigger than the RBA thinks, it will move interest rate markets.
"If it's a bad report, it means they will have more work to do in lowering interest rates."