Overnight US equity markets were able to finish the day in the black despite less than convincing economic feedback with the DOW and S&P rising 0.24 and 0.13 percent respectively.

US Consumer Price Index contracted 0.2 percent in May to represent annual growth of 2.0 percent from a previous annual inflation rate of 2.2 percent.The number of US citizens filing for new unemployment benefits rose to 472,000 for the week ending June 12 from a previous 456,000.

US leading indicators which is a measure of overall near term economic activity rose in-line with estimates to record a level rise of 0.4 percent in May against a previous contraction of 0.1 percent. The Philadelphia Fed manufacturing Survey fell well short of estimates falling to a level of 8 in June against a previous 21.4. Economists had expected a level of 21.3.

A well-attended bond auction in Spain kept investors on the bright side tempering the less than convincing economic data out of the States, European indices finished above break even on the day which assisted the Euro to move back above the US$1.23 levels.

Commodities and higher yielding currencies were also primary beneficiaries as fears eased the events of Europe may not be as much as a stumbling block on the global economy as first thought. Gold remained close to its all-time high, surging to highs of US$1250 an ounce. The price of spot Gold is currently trading around US$1245 an ounce to represent a gain of US$15.00 on the day.

Support for the Euro, commodities and equities kept the Aussie afloat, moving comfortably back above 86 US cents levels. At the time of writing the local unit is buying 86.65 US cents.

This momentum could continue in the domestic session, however will be reactive to equity markets which are poised to open the day on a positive note. Once stocks kick off for the day I would suggest north bound movements will keep the Aussie at the very least well supported. The next level of support can be seen around the 85.8 US cent levels.