In the absence of major economic feedback, currency markets failed to show any real conviction overnight despite concerns of Greece's dept woes resonating through the market. Throughout the session we did see the Yen favoured against major currencies, perhaps a reflection of investor confidence remaining fragile given continued concerns of Greece's economic stability. This knocked on to the Euro which has weakened against major counterparts overnight. Global equity markets also provided a less than convincing lead with major indices teetering between red and black. The US dollar index which measures the dollar's value relative to six major foreign currencies is currently trading down 0.5 percent at 80.51.
Following on from yesterday's domestic trade, it was also a quiet night for the Aussie dollar which has been hovering around 90 US cents for the majority of the session. We can expect another lethargic day of trade on the local unit given a lack of local economic feedback. It's also shaping up to be a subdued day of trade in the equity markets - however we once again expect equity market activity to be the key barometer.