True to recent form, Greece remained the primary directive overnight for currencies overnight with the global bid for safety promoting losses across the risk spectrum. Despite efforts by European leaders to moderate investor concerns of an imminent hard-default in Greece and subsequent Euro-Zone exit, the overall theme was that of negativity, with earlier gains across European indices erased by the close.

Despite a brief bout of weakness in the ensuing period of the FOMC policy minutes, the US dollar continued its record breaking run with the dollar index recording 13 consecutive days of gains. In short, the FOMC minutes acknowledged the downside risks to the economy with some members indicating additional monetary policy accommodation could be necessary if the economic recovery lost momentum or the downside risks to the forecast became great enough. Naturally, any suggestion of further easing keeps the quantitative easing dream alive for investors which in-turn saw a brief period of US dollar weakness.

The Australian dollar remained out of favor making an appearance below 99-figure to lows of 98.69 US cents but still remained the currency of least resistance in comparison to its commodity counterparts the Kiwi and CAD. Local data today includes Consumer Inflation Expectations at 11am AEST with Average Weekly Wages at 11.30am although we expect regional equities performance to be the primary barometer for the Australian dollar in local trade. We're seeing supportive behavior around the 98.6 / 98.7 US cent region and we anticipate this will be adhered to throughout the domestic session before we're once again at the mercy of feedback from European markets. At the time of writing the Aussie dollar is buying 99.1 US cents.