By Mantik Kusjanto and Cecile Lefort

WELLINGTON/SYDNEY, Nov 27 (Reuters) - The Australian dollar rose to a two-month peak against its U.S. counterpart on Tuesday as risk sentiment improved after lenders finally agreed on measures to cut Greece's long-term debt, paving the way for the release of more loans to Athens.

The Aussie climbed to $1.0491, its highest since late September. It last fetched $1.0480, up 0.2 percent on the day.

The Aussie's rise was only modest as markets had been fully priced for a Greek deal, which emerged after three weeks of painful discussions.

The agreement involves a reduction of Greece's public debt to 124 percent of GDP in 2020 and opens the way for a major aid instalment needed to recapitalise Greece's teetering banks.

The Aussie was within easy reach of $1.0625, the September peak. A break above would bring it to its highest since March.

'There is a fairly positive trend for risk assets generally and I would not be surprised to see continued gains in the offshore session,' said Greg Gibbs, a strategist at Royal Bank of Scotland in Singapore.

He sees a possible run to $1.0600 ahead of the Reserve Bank of Australia's monthly policy decision next week.

For now immediate resistance is seen at $1.0520, with near-term support at $1.0425.

The New Zealand dollar held steady at $0.8226 against Monday's late trading level of $0.8240, and near a three-week peak of $0.8250 struck last week.

'The market has done very little today,' said Tim Kelleher, head of institutional FX sales at ASB Bank, pointing to buyers sitting around $0.8020 and sellers above $0.8040.

'Markets are very lethargic. We just have to wait to see what Europe thinks about the package tonight. It might be buy the rumour and sell the fact.'

The Antipodeans kept near eight-month peaks on the yen, with the Aussie fetching 86.14 yen, having risen to a high of 86.42 on Monday. Likewise, the kiwi bought 67.64 yen, within striking distance of 68.08 hit in the previous session.

In New Zealand, markets largely shrugged off a worst-than- expected trade deficit in October and further easing of inflation expectations. and

Overnight indexed swaps still implied a 14 percent chance of a rate cut next month. This compared with a 50-50 chance of a 25 basis-point easing by the Reserve Bank of Australia on Dec 4.

New Zealand government bonds traded with a slight bid tone, sending yields a touch lower in the front end.

Australian government bond futures climbed off recent lows, with the three-year contract up 0.01 point at 97.300, and the 10-year contract 0.005 points higher at 96.820.

Keywords: MARKETS AUSTRALIA NEWZEALAND/FOREX

(Australia/New Zealand bureaux)(+61 2 9373 1800/+64 4 802 7980)(Reuters Messaging: cecile.lefort.thomsonreuters@reuters.net)

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