France and Germany have pledged to do all they can to preserve eurozone stability, after 15 eurozone nations were warned about credit downgrades.

The IMF has released 2.2 billion euros in rescue funds for Greece, opening the way for the EU to release its next latest bailout installment.

Australian dollar higher on talk of a new EU treaty which imposes tougher budgetary restrictions on member states.

Economists are divided on whether borrowers will get a second interest rate cut in as many months on Tuesday.