The Australian equity market is pointed to a flat start to the trading day after US stocks finished mixed although the S&P Index (see above chart) finished the week on its highest level since June 2008.
The Dow finish the Friday night session down 13 points to finish the trading week at 12961 while the S&P500 index gained 2.28 points and closed at 1365.74
On the economic front, the US consumer sentiment index gained to 75.3 in February, this is its best level in almost a year while new home sales declined 0.9 per cent in January to a seasonally adjusted 321,000-unit annual rate.
The euro has continued to trade to the upside against the majority of its trading counterparts as the agreement on the second bailout for Greece reduces investor's concerns that the regions debt crisis will worsen. The EURUSD traded up from overnight lows of 1.3358 to as high as 1.3490.
The AUDJPY rose for the eight consecutive weeks as RBA Glenn Steven's commented that the monetary policy is about right reducing speculation that there will be further interest rate cuts in the near future. AUDJPY traded up from overnight lows of 86.09 to recent highs of 87.08.
WTI crude oil traded up from overnight lows of 107.98 to settle at 109.77 a barrel, recording its fifth weekly gain as investors fear that the cuts in Iranian supply will have an ongoing effect in Europe.
The Volatility Index, widely considered the best gauge of fear in the market finished the week at 17.31.
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