Status quo has been maintained in the US, following President Barack Obama’s re-election.
The market still has other events to keep an eye on, particularly the Greek austerity vote, the leadership change in the emerging superpower China, and key economic announcements from US, Canada, and the central banks of Europe and the UK.
Australia's Employment Change data released earlier today was much better than expected, with more than 10,000 jobs reportedly added last October. The unemployment rate also came in better at 5.4 percent, slightly better than the analysts' estimate of 5.5 percent.
A raft of key economic news will be keeping the market on its toes later today. UK's Bank of England will release its Asset Purchase Facility data, followed by BOE's rate announcement and statement. ECB follows next with its own rate announcement and press conference. According to a survey, ECB and BOE are expected to leave their rates unchanged today.
Canada and the US are also active today with releases of Trade Balance (both countries) and Unemployment Claims, respectively.
Oil dropped yesterday after a report from the US Energy Department said US oil production has gained to its highest since late 1994. The US reportedly met around 83 percent of the nation's energy requirement for the first half of this year, and is on track to attain its highest annual production level in 21 years. The drop in oil yesterday erased all of Tuesday's gains. Oil is poised to test the 77.00 to 81.00 area soon if 85.00 fails to support and the negative momentum continues.
Meanwhile, gold fell nearly $30 yesterday but ended up nearly unchanged when New York closed. Price is currently hovering around yesterday’s close at $1,715.