The Australian equity market is set for a small drop today after a reasonably muted overnight trading session with investors awaiting the vote form Slovakian lawmakers.
The Dow dropped 16.88 points to finish the session at 11416.30 while the S&P500 index closed the day up 0.65 points at 1195.54.
US Stocks opened the session in negative territory as investors awaited Slovakia bailout vote for the euro zone rescue fund, they are the last of the 17 nations to vote and were expected to reject the plan but late in the session the Slovakian finance minister said he expects it to pass sometime this week.
The EURUSD (see above chart) rallied from overnight lows of 1.3566 to as high as 1.3688 on positive sentiment that the lawmakers in Slovakia will pass the bailout fund later this week.
GBPUSD traded off from highs of 1.5660 to recent lows of 1.5575 after UK manufacturing production contracted for a third month.
Gold fell from a two week high of 1685.40 to lows of 1654.20 as traders await the vote from Slovakia.
WTI crude traded up from lows of 84.00 to highs of 86.75 in the US session, this is the fifth consecutive gaining day in a row on the back of positive equity markets.
The volatility index has calmed right down and continued to drop to three week lows of 32.86.
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Bloomberg, Dow Jones News