Continuing on from Wednesday night, global markets continued to look to the bright-side overnight as investors began to grow more optimistic about the US economic recovery with concerns over European debt woes taking a much needed reprieve. It's all about holiday sales in the US and positivity surrounding the robust start to the holiday season and a generally more upbeat mood on the jobs front is providing some relief for market participants. US housing data also showed signs of a recovery as pending home sales surged 10.4 percent in October.

The news across the Atlantic was also rally-inspiring as European Central Bank kept benchmark interest rates at 1 percent and announced the continuation of stimulus measures. Economic data from the Euro-Zone also saw preliminary GDP come in on target recording 3Q growth of 0.4 percent to represent annual growth of 1.9 percent.

The upbeat investor mood came at the expense of the US dollar which reversed some of its recent gains allowing the Euro to regain composure which made a convincing break through US$1.32 to highs of US$1.3247. Commodity currencies were also primary beneficiaries, none more than the Canadian Dollar has gained near 1.3 percent against the greenback in the last 24 hours. The Aussie dollar also continued to track higher against its US namesake after taking a hit on the back of less than convincing retail sales and trade data yesterday.

The day ahead brings little in the way of risk events from a local perspective with no economic data scheduled for release. Local equities will likely be the key barometer for the local unit, with PMI (services) data from China not likely to have a profound impact on price action. The next major risk event for the Aussie dollar will no doubt be tonight's US non-farm payrolls which is expected to show 142,000 new jobs created in the month of November from a previous 151,000. At the time of writing the Aussie dollar is buying 97.6 US cents.