Australia: The Australian Dollar has opened higher today after assurances from the ECB on Greece's debt lifted higher yielding currencies.

Offshore the AUD traded within a range of USD0.9223-0.9293 following a day of strong support for the local currency.

Strong job numbers released here yesterday saw the AUD supported around the USD0.9250 level as the market digested the result.

Employment for the month of March had increased by 19.6k (as forecast), while the unemployment rate was steady at 5.3%.

This outcome left expectations open for another RBA rate hike in May, with the market pricing in another 25bps rise.

Offshore the AUD initially lost ground as investors continued to worry about Greece defaulting on its debt.

However ECB President Jean-Claude Trichet said he did not believe Greece would fail on its debt repayments and this calmed some investors nerves (for now).

Higher yielding currencies rallied on the back of the comments; however AUD was unable to break through topside resistance of USD0.9300.

On the day we have performance of construction index (PCI) for March from the Australian industry Group/Housing Industry Association.

The AUD is expected to remain within its recent range, supported above USD0.9220.

Majors: As mentioned above, Greece was again on the radar Thursday night as investors remain paranoid above its ability to recover from its debt issues.

ECB President Trichet helped calm a few investors' nerves by making it clear that the idea of a Greek default is pretty minimal.

This boosted the EUR (and other high yielding currencies) which had been dragged lower earlier on in the session on investor concerns. The EUR gained to above EUR1.3350 from an intra-session low of EUR1.3283.

Elsewhere,stronger than expected rise in ICSC chain store sales in the US boosted Wall Street stocks and raised hopes for a revival in consumer spending that could underpin the sluggish recovery in the US economy.

The upbeat report came a week ahead of the key monthly report on retail sales and left investor optimistic about consumer spending.

Tonight in the US we have wholesale inventories for the month of February being released.

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