Aussie dollar opens lower

The Australian dollar opened a touch lower after Greece announced a new round of spending cuts.

At 0700 AEDT, the Australian dollar was trading at $US0.9049/53, down 0.01 per cent from Wednesday's close of $US0.9050/53.

Since 1700 AEDT on Wednesday, the unit traded between $US0.9008 and $US0.9080.

OzForex corporate dealer Darren Richardson said the Australian dollar and other commodity-driven currencies had pulled higher in late offshore trade on the back of increased market confidence following earlier falls.

"Definitely, the news coming out of Greece, combined with a solid performance by equities and commodities has supported those currencies," Mr Richardson said.

"The increase in market confidence also comes on the back of increased interest rates and the solid performance burst of Aussie fundamentals."

The Greek government announced a new range of budget cuts and tax increases intended to chop euro 4.8 billion ($A7.23 billion) off its ballooning budget deficit that has shaken the euro and financial markets in general.

The new austerity package comes after European Union officials told Athens to make deeper spending cuts.

European stock markets closed higher on Wednesday, buoyed by positive US economic data and the Greek package, which got a positive European Union response.

Dealers said news that the massive US services sector grew faster than expected in February and that the US private sector shed the smallest number of jobs in two years in the same month February boosted confidence.

Mr Richardson said the US figures contributed to "overall market confidence' and a higher upward move in risk assets.

The Australian balance of goods and services figures are due to be released at 1130 AEDT on Thursday.

Mr Richardson forecast the local unit would trade between US$0.9050 and US$0.9100 during the domestic session.

- AAP