A quiet night last night for most markets, commodities steady, iron ore higher, ASX futures up 11 points

Markets were fairly quiet last night, apart from the continued Greek bluffing taking place at the high-stakes poker match in Europe. I appreciate the philosophical argument that the new Greek government puts forward and I understand their position in arguing their point, but they have to play ball in order to survive - the market knows this, Greek government bond yields remain just below 9.65% and the Greek stock market is little changed since the beginning of this year.

Commodity prices remain buoyed at the same time as the US dollar is being held at bay, but this will be largely determined by the intentions of the US Federal Reserve. There's little doubt that FX and commodity markets priced in US dollars are sitting and waiting for news that might sway investors into making a judgement about rate policy in the United States. Minutes from the last Federal Open Markets Committee will be released tomorrow night Sydney time but we've still got a whole month to wait until the next FOMC meeting, on March 18. The sideways trade of the AUDUSD (black) and US dollar index (orange) in today's last chart shows this.

Today's first chart shows the ASX 200 cash index futures taking a breather last night while staring down the 1,000-point march toward the 2007 all time highs. Copper is illustrated in today's second chart, an important commodity to watch in terms of global economic health, and it is sitting at short-term resistance levels - a break above US 263c per pound would likely trigger buying in this commodity by those looking for a bounce off its medium-term lows, while many would be looking for another sell-off down to January lows before flushing out sellers and seeing higher levels. A nice little 3% pop in the iron ore price will help boost our mining sector today.

Today‚Äôs charts are taken from the Rivkin Trader platform. 30,000 global instruments available to trade including FX, commodities, index, ETFs and international shares. Trade Australian share CFDs from just $8 or 0.10%. Click here or phone 1300 748 546 to get your free $100,000 demo account.

Upcoming economic announcements: RBA minutes released at 11:30am, UK CPI at 8:30pm, German ZEW survey at 9pm, all Sydney time.

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