Global markets continued to fall under the weight of Euro-Zone concerns overnight with both Greece and Spain in the firing line. After a period of relative calm, concerns of further deterioration of the Spanish banking system crept back into the spotlight with debt yields spiking above the 6 percent region and Spanish stocks falling to 9-year lows.  The Greek election impasse also remains a primary market moving theme as investors consider the repercussions of the nation's failure to form government. Naturally, negativity from the Euro-region placed pressure on U.S markets with stocks starting the session significantly lower before claiming back ground throughout the session. U.S equities finished in the red with the DOW and S&P falling 0.75 and 0.67 percent respectively.

Risk currencies remained out of favour overnight with the perceived safety of the Yen and Greenback both making significant ground against major counterparts. The Euro was a major casualty with the EURUSD pair making a convincing break to the downside of the 1.30-handle to lows of $US1.2911.

The Australian dollar fell to lows of 100.2 US cents before regaining some ground throughout the U.S session; nonetheless it's clear the local unit remains vulnerable to further downside with local unemployment data the next major directive at 11.30am this morning. The Australian economy is expected to have lost 5,000 jobs in April from a previous gain of 4,000 with the official unemployment rate likely to edge up from 5.2 to 5.3 percent. This data clearly has a propensity to materially shift price action - should we see significant deviation to the downside of estimate, we anticipate a break to the downside of US dollar parity in the domestic session with a squeezing out of stops below the figure to promote further selling pressure. Importantly, we also expect China's trade numbers to remain a primary driver throughout the domestic session.