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THE Australian dollar has fallen and is trading within a tight range awaiting news on Greece's debt resolution. At 1200 AEDT today, the local currency was trading at 107.84. From 0700 AEDT, the Australian dollar has traded between 107.91 US cents and 108.08 cents. On Tuesday, the Reserve Bank of Australia (RBA) surprised the market by announcing it would keep the official interest rate on hold, despite predictions of a 25-basis-point cut. The RBA's decision prompted the Aussie dollar to rise to 108.12 US cents, its highest point since August. Nomura head of foreign exchange Kurt Magnus said the market was looking to Europe to guide its next movements. "The situation yesterday with the RBA's decision was a shock to the market, and it's seen the Australian dollar stall in a higher range,'' he said. "Today, it's quiet in anticipation of news out of Greece tonight. "Obviously, positive news will see the Australian dollar climb towards those July highs (of 110 US cents) from last year. "Negative news will see the Aussie test the bottom end of the range very rapidly.'' Overnight, a planned austerity meeting in Greece did not go ahead, increasing doubts that the process to resolve the country's debt problem was stalling yet again. Mr Magnus said if the Greek bailout didn't succeed, it would have a notable impact on the Australian dollar's relationship to both the Euro and the US dollar. In the latter case, Mr Magnus said, the Aussie could fall back below its current support of 107.30 US cents. Meanwhile, Australian bond future prices were lower at noon. At 1200 AEDT on Wednesday, the March 10-year bond futures contract was trading at 96.000 (implying a yield of 4.000 per cent), down from 96.015 (3.985 per cent) on Tuesday. The March three-year bond futures contract was at 96.510 (3.490 per cent), down from 96.530 (3.470 per cent).