Australia: The next step is today's Parliamentary vote on how they will implement the spending and tax cuts.

While markets were expecting the Greek austerity package to pass, the relief rally following the announcement saw equity's and commodities rise across the board as investor's re-gained some confidence and switched out of safe haven USD's.

[Join us on the Forex Traders Community]

Crude oil is higher, trading at US$94.77a barrel while Gold rose by $10.20 to be trading at US$1,510.40 an ounce. Base metals were also firmer with copper gaining 2.85, nickel up 1.7% and aluminium up 0.5%.

Yesterday's release of the DEEWR Skilled Vacancy report for May showed that the internet vacancies rose by 0.3% seasonally adjusted.

Today will see the release of House Prices data and the ABS June Job vacancies.

Majors: As mentioned above equities rose across the globe overnight with the Dow up 0.6% while the S&P and Nasdaq rose 0.8% & 0.45 respectively.

While the markets positive moves were due to the relief from the Greek Parliament decision, some positive housing data was released in the US.

The US Pending home sales reported a rise of 8.2% for May was well above the market expectations of a rise of 3%. Meanwhile in Japan yesterday the Industrial Production for the month of May reported a rise of 5.7%, with a 36% increase in motor car production.

Given the recent natural disaster and the slowdown affects it caused in supply chain issues, these figures show that manufacturing in Japan is returning to normal much faster than expected.

On the day, we expect the AUD to hold its overnight gains with support to continue from firmer commodities and
equities.

More from IBT Markets:
Follow us on Facebook.
Follow us on Twitter.
Subscribe to get this delivered to your inbox daily