The Australian dollar is lower after trading in a tight range on uncertainties around Greece’s bailout deal and concerns about the US fiscal cliff.

The Australian dollar was trading at $US1.0448, down from $US1.0480 on Tuesday.

From 0700 AEDT, the local currency traded between 104.33 US cents and 104.58 cents.

National Australia Bank co-head of foreign exchange strategy Ray Attrill said this week’s news of a Greek bailout deal was not enough to keep the Aussie dollar in a strong position overnight.

‘‘There is still some conditionality associated with the deal,’’ he said.

‘‘The IMF (International Monetary Fund) has said they want to see the bond buyback completed before they will honour their commitment to a second (bailout) package.

‘‘So we haven’t drawn a line under Greece just yet.’’European finance ministers announced on Tuesday that they had brokered a deal allowing Greece access to up to  440 billion euros ($549.55 billion) in bailout funding.

Mr Attrill said fears that US leaders would fail to deal with the fiscal cliff had also kept the local currency low.

‘‘The market got spooked late in the day by some comments in the US about the fiscal cliff,’’ he said.

‘‘They suggested that little progress has been made since the beginning of last week.’’

Overnight, US Senate majority leader Harry Reid expressed concern over the slow progress in sorting out the fiscal cliff - a series of tax rises and spending cuts due to start automatically in early 2013.

Mr Attrill said that Australian capital expenditure data on Thursday, and a central bank rates decision next week would be the next focal points for market.

AAP