2012.05.28 04:16:25 MARKET TALK: AUD/USD Climbs On Short Squeeze, Greek Opinion Polls

0216 GMT [Dow Jones] The AUD/USD briefly breaks above 0.9850 to extend a solid rally which has returned it to its highest levels since May 23. Sean Callow, senior currency strategist at Westpac, says the rise looks to be based mostly on short covering, with IMM speculative shorts extended at present. He adds news that Greek opinion polls are pointing to more support for pro-austerity parties is also buoying the pair. The upbeat mood is resonating in regional stock trade. The AUD/USD is now at 0.9847, up from a 0.9797 low hit at the start of the Asia session. (james.glynn@dowjones.com) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com (END) Dow Jones Newswires May 27, 2012 22:16 ET (02:16 GMT)