The Australian share market has opened weaker with the stocks of major companies BHP Billiton and Telstra weighing on sentiment after weaker-than-expected profit results.
The Australian dollar has fallen back as traders remain concerned that a resolution for the Greece's debt woes will eventuate.
At 0701 AEDT, the Australian dollar was trading at 107.94 US cents, down from 108.18 cents yesterday afternoon.
Stocks staged an afternoon-long rally and closed higher on Wednesday as Greece appeared to close in on the cost-cutting deal it needs to keep from defaulting on its national debt.
The Australian dollar pushed past the 108 US cent mark as markets continue to react positively to the central bank's unexpected decision to hold interest rates steady.
At 1700 AEDT the Australian dollar was trading at 108.18 US cents up from 107.99 yesterday.
The Australian share market has closed higher as a positive day for energy stocks offset weakness among Australia's retail banks and mining giant BHP Billiton.
Federal Treasurer Wayne Swan has brushed off concerns borrowers could be hit with higher bank interest rates, saying home owners and businesses could take their business elsewhere.
There are concerns the big four banks may announce an interest rate move independent of the Reserve Bank.
US stocks held steady in the green on Tuesday afternoon on growing confidence about the US job market and hope that Greece will reach a debt deal.
The Dow Jones industrial average is on pace to close at its highest level since May 2008.
The Australian dollar rose to a fresh six-month high and is set for more gains after the central bank surprised the markets by keeping interest rates on hold.
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