The Australian share market opened lower this morning but moved into positive territory on thin volumes.

The market is expected to trade in a tight range as investors will be very cautious ahead of some major global economic data and US company earnings report due to be released later this week.

The Resources sector showed some strength and took the lead on the back of rises in gold and commodity prices, with Rio Tinto up 0.97% to $68.74. Some gold stocks also showed some glitter including Oceana Gold and Lihir Gold.

The Aussie dollar retreated from its three week high of US$0.8792 and was trading at US$0.8746 around noon.

There was some profit taking happening in the early trading session after the Aussie's rally from last week. Daily trading range is expected to be around US$0.88 and the US$0.8720. The movement of Aussie dollar will be largely guided by economic data and reporting results this week.

Provided by CityIndex