The Australian dollar is lower after the attention of global markets remained on Greece and its long running debt negotiations, which stalled again overnight.

At 0700 AEST on Thursday, the local unit was trading at 77.04 US cents, down from 77.27 cents on Wednesday.

In overnight trade, the Aussie dipped from an early London peak of 77.72 US cents to 76.83 US cents later in the session, before ticking up on Thursday morning.

JP Morgan FX strategists said the Aussie, along with other currency commodities, underperformed against the US dollar overnight amid the “opaque” negotiations in Europe over Greece’s debt talks with its international creditors.

The US dollar was slightly stronger overnight after the release of upwardly revised first quarter US economic growth figures, and as market focus continued to be on the Greek debt talks.

Greek Prime Minister, Alexis Tsipras, criticised the International Monetary Fund for rejecting his reform proposals ahead of talks in Brussels, which dented hoping of a final debt deal to prevent Athens from defaulting and leaving the euro.

With the talks ongoing, JP Morgan said the “the currency space remains relatively tame”.

No market sensitive local data is due for release on Thursday, with the Australian Bureau of Statistics Job Vacancies report for May the only scheduled release.

Westpac strategist, Imre Speizer, predicted the Aussie to test the 76.50 US cent mark on Thursday, saying it could go as low as 75 US cents.

AAP