The dollar is under pressure as investors await the outcome of an emergency eurozone meeting to discuss the future of debt stricken Greece.

At 0700 AEDT on Thursday, the local currency was trading at 77.11 US cents, down from 77.76 cents on Wednesday.

The Australian dollar has followed global share markets lower as investors nervously await the outcome of the meeting which began early on Thursday morning, Australian time. It’s feared Greece may default on its debt repayment and exit from the eurozone.

“The market is waiting for news from the eurogroup special meeting in Brussels to discuss Greece,” National Australia Bank, senior economist, David de Garis said. “The next few days could be very volatile and with more EU leaders meetings over coming days too.”

Meanwhile, the US dollar has been extending its recent gains, while commodities prices were mixed to lower overnight, putting further pressure on the Australian dollar, de Garis said.

Coming up today, Reserve Bank assistant governor, Guy Debelle, will be speaking at a currency conference in Sydney ahead of the release of the all important January jobs report at 1130 AEDT.

AAP