The Australian dollar is lower after traders in the US and Europe cautiously welcomed a bailout deal for Greece.
At 0630 AEDT on Wednesday, the currency was trading at 104.44 US cents, down from 104.80 US cents on Tuesday afternoon.
The Australian dollar rallied on Tuesday after euro zone finance ministers agreed to unlock loans to Greece and admitted that some of the country's debt burden will eventually have to be written off.
However, global markets reacted with less enthusiasm overnight, having already largely priced in a bailout deal.
London's FTSE 100 rose 0.22 per cent, while Frankfurt's DAX 30 gained 0.55 per cent and Paris' CAC 40 finished 0.03 per cent higher.
Meanwhile, at 0630 AEDT New York's Dow Jones was 0.26 per cent lower while the S&P 500 was down 0.21 per cent.