Dollar Breaks November's Steady Sell-Off

The Australian: Both the Australian and New Zealand dollars traded higher on hopeful news from the euro zone, only to trade lower later on reports that the data was not, in fact, credible. David Greene, Senior Corporate Foreign Exchange Dealer with Western Union Business Solutions, comments for the Australian.

The Australian:

THE dollar traded higher today, bouncing back from a steady stream of November selling, though the currency gave up some of its earlier gains after people familiar with ongoing talks on the eurozone debt crisis said reports of an International Monetary Fund package for Italy weren't credible.

Both the Australian and New Zealand currencies received a boost early in the day after Turin daily, La Stampa, citing IMF sources, reported that the IMF was extending a €400 billion ($541bn) to €600bn credit line to Italy.

However, both currencies immediately lost ground later after Dow Jones Newswires reported that the La Stampa report wasn't credible, citing people familiar with ongoing international discussions on the debt crisis.

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