A primary focus overnight was a tender by the ECB in an effort to encourage bank lending and shore up balance sheets.  The European Central Bank announced a total loan amount of 489.2 billion euro with 500 European banks participating. The sum was well in excess of the 300 billion euro's expected - in itself a temporary stumbling block for markets given the larger than expected take-up by debt exposed institutions. Fears the cheap loans may be hoarded by European banks kept the market from deriving any sustained inspiration from the tender with the scale of the program emphasizing the fragile state of the European banking system.

Risk currencies tracked higher in anticipation of the ECB tender with the Euro move above the $1.3150 region to peaking just shy of $US1.32 in the ensuring period. Likewise the Aussie dollar peaked at $US1.0220 US cents coinciding with the release, both currencies began a downward trajectory over the course of trade with the Aussie only finding support around the $US1.050 region to settle roughly unchanged over the last 24-hours.

Italian GDP contracted 0.2 percent in the third quarter to record annual growth of 0.2 percent from a previous 0.7 percent. Economists had expected growth of 0.4 percent.

The Bank of England minutes provided a strong case further quantitative easing with members noting the balance of risks to inflation in the November Inflation Report projections meant that a further expansion of the asset purchases programme might well become warranted in due course.  Across the Atlantic U.S stocks were under pressure with the European crises remaining in focus and a report on existing home sales failed to achieve estimates.  Poor earnings from Software giant Oracle also capped the upside with the DOW and S&P500 finishing flat on the day.

Across the Tasman, Statistics New Zealand will this morning release Gross Domestic Product numbers which is expected to show growth of 0.6 percent in 3Q to represent 2.2 percent growth on year.  From a local perspective there is no economic reports to guide Aussie dollar price action with regional equities the likely barometer during domestic trade, before we're once again at the mercy of European and U.S markets with U.S GDP the primary focus. At the time of writing the local unit is buying $US1.0085.