The market chose to look on the bright side overnight, with a host of figures suggesting economic recovery is gathering pace, albeit slowly.
Data out of the UK overnight saw the number of people claiming unemployment benefits rise by 20,800 for the month of September. Although the data suggest continued deterioration in the employment sector, the figures beat expectations of 24,500 Jobless Claims and declined from July's 24,400 claims.
The US dollar continued to weaken on the back of key data overnight and the release of the FOMC minutes for September which revealed some Fed policy makers were open to expanding purchases of mortgage-backed securities.
Retail Sales fell 1.5 percent for the month of September, beating expectations of a 2.1 percent drop, although this showed a decline from the August increase of 2.2 percent, the latest figures suggest US consumers are less reluctant to spend.
The import price index which tracks prices paid for goods imported to the US, increased 0.1 percent in September, in line with Market expectation.
Business Inventories for August signalled a rise in consumer spending with the index falling 1.5 percent, beating analysts' expectations. These figures suggest the US economy is turning the corner with as a decrease in inventories implying that the economy is in a growth phase.
The Aussie Dollar's window of opportunity is far from closed as global markets continue to show signs of recovery. The local currency is currently buying US$.9156 representing fresh 14 month highs. The Aussie's latest burst of momentum was triggered from positive local data yesterday. From a technical perspective the .9100 level is a key breakthrough and the Aussie dollar has taken strength on the back of commodity demand which saw gold hit all time high yesterday.