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Wednesday April 7, 2010 - 10:27:00 GMT
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FOREX NEWS - Euro near one-week low vs dollar; Aussie buoyant

6:22am EDT

* Uncertainty over Greece hitting jittery euro

* Euro zone Q4 GDP revised down

* Australian dollar buoyed by rate expectations/commodities

(Updates prices; adds quote)

By Neal Armstrong

LONDON, April 7 (Reuters) - The euro held near a one-week low against the dollar on Wednesday on uncertainty over a proposed Greek aid deal, while the Australian dollar stayed buoyed on expectations of higher interest rates.

The euro has been pressured in recent sessions following a media report Greece wanted to renegotiate a deal reached last month about joint EU-International Monetary Fund aid. [ID:nLDE63513Y]

Greece denied the report but on Tuesday the yield spread between Greek and German government bonds exceeded 4 percentage points, the widest since the euro's launch.

"Renewed uncertainty over Greece is hurting an already jittery euro," said Stuart Bennett, senior FX strategist at Credit Agricole.

"Even though the market is already heavily short of euro, there is still downside risk."

Worries over Greece's debts and those of other peripheral euro zone countries have knocked the single currency down almost 10 percent from its January high of $1.4582. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

For a graphic on the euro and Greek bond spreads, click

here ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

At 1002 GMT, the euro <EUR=> was trading down around 0.1 percent versus the dollar at $1.3385 after dropping to a one-week low of $1.3353 on Tuesday.

Sentiment was not helped by revised data showing euro zone growth stalled in the last quarter of 2009. [ID:nLDE6360KQ]

"The GDP data, even though it is backward looking, shows the euro zone is in a difficult situation. The outlook is negative overall for the euro," said Antje Praefcke, currency strategist at Commerzbank.

German factory orders were flat on the month, albeit slightly higher than the consensus of a 0.7 percent fall. [ID:nBAF004044

The euro was slightly firmer versus the yen at 125.80 yen <EURJPY=R> after losing over 1.2 percent on Tuesday.


The Australian dollar remained close to an 11-week high of $0.9288 <AUD=D4> set on Tuesday after the Reserve Bank of Australia on Tuesday raised its cash rate to 4.25 percent and flagged more hikes in the coming months.

"The Aussie is being helped the RBA rate outlook versus the low rate projection coming from the FOMC. Firm commodity prices are also providing support," said Credit Agricole's Bennett.

The Federal Reserve said subdued inflation trends were likely to warrant an exceptionally low federal funds rate for an extended period. [ID:nN06235181].

The Aussie topped 87.50 yen <AUDJPY=R> after breaching its 200-week moving average at 87.06 yen, but pulled back later after nearing resistance at 87.70, the 61.8 percent retracement of its fall in 2007 from above 107.80 to 55.11 in late 2008.

The yen stayed soft versus the dollar <JPY=>, around 94.00 yen after hitting 94.26 in Asia, with rising short-term dollar rates and Treasury yields supporting the dollar.

The Bank of Japan said after keeping its monetary policy unchanged that the economy was picking up further, but analysts say prolonged deflation is likely to keep the government pressing the bank for more monetary easing. [ID:nTOE635025] (Graphic by Scott Barber, Reporting by Neal Armstrong, editing by Stephen Nisbet)

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