The Australian equity market is pointed to a mixed start to the trading day after US stocks finished flat after Moody downgrades during the European session.
The Dow finish the session up 8 points at 12969 while the S&P500 index gained 1.85 points to settle at 1367.59.
On the economic front US home sales gained over 2 per cent to 97.0, surging to a two year high in January.
The euro was weak against the majority of its trading counterparts as Moody's Investors said that the Greek default risk remains high after the nation formally asked investors to exchange their holdings of government debt for new securities last week. EURUSD traded down from overnight highs of 1.3468 to as low as 1.3365.
WTI crude oil (see above chart) has traded down from overnight highs of 109.43 to as low as 107.31 as investors look to profit take on the 15 per cent rally over the past month.
Gold has declined for the second session in a row as the rising US dollar curbed demand for the metal as an alternative investment.
The Volatility Index which is widely considered the best gauge of fear in the market, closed above 18.
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