The Australian equity market is pointed for a positive start to the trading day after investors showed signs of optimism that the Greek's will come to terms with the private creditors and avoid a default.
The Dow finished the session up 69 points at 12907 while the S&P500 index finished the day up 13 points at 1365. Earlier in the day European shares finish higher with the German stock index trading up over 2.8 per cent and closing at 6834.54.
The euro has seen strength against the majority of its trading counterparts as hopes increase that the Greek's will get enough investors to participate in a debt restructuring deal. EURUSD (see above chart) traded up from overnight lows of 1.3135 to recent highs of 1.3290.
On the economic front the US Labour Department released numbers that showed that the weekly unemployment claims unexpectedly gained by 8,000 to a seasonally adjusted 362,000.
Gold jumped the most in two weeks on the back of the dollar weakness boosting the appeal for the metal as an alternative investment.
WTI crude oil climbed after German industrial production numbers were stronger than expected. The front month traded up from overnight lows of 105.82 to highs of 107.23.
The Volatility Index which is widely considered the best gauge of fear in the market has fallen over 6 per cent to close at 17.82.
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