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A big rally overnight on the US and European markets look to bolster the Australian market this morning. The commodities complex also surged forward with energy markets the standout. 

 

The US dollar remains weaker against the majors as the uncertainty of interest rate changes in the US continue to play out. The Yen moved strongly against the USD as the Bank of Japan remarked about the comparative weakness of the Yen. 

A strong move in the commodities space was met with some malaise on most if the global index markets last night. The energy space was a stand out and iron ore was at 4 month highs, this will be a positive to local markets this morning.

 

The dollar index fell again, the Candian dollar surged and the Euro and Aussie dollar were flat, leading us to watch for individual moves rather than market wide effects.