AAP

The Australian dollar has crept a little higher against its US counterpart amid falls in oil and iron ore prices and ahead of several key political and monetary events.

Oil prices have plunged five per cent to a one-month low, after an unexpected increase in US inventories of crude and petrol fanned fears that output cuts by major world oil producers have not done much to drain a global glut.

Gold prices have fallen from near seven-month highs on a stronger US dollar and after a written testimony by a former FBI director to the US Senate was seen as containing few surprises, but declines were limited as uncertainty from the UK election remained.

Australia's economy grew by 0.3 per cent in the March quarter as consumer spending slowed and a fall in exports weighed on activity.

Better-than-expected economic growth has boosted the Australian dollar, while the share market was steady as gains by banks and healthcare companies offset falls by the supermarket giants.

Australia's food and grocery prices have to come down further because they are "crazy" compared to the rest of the world, Coles managing director John Durkan says.

Vocus Communications has received a $3.3 billion takeover proposal from US private equity firm Kohlberg Kravis Roberts.

The Australian share market has seesawed in a narrow range in early trade, with investors wary of taking positions ahead of local gross domestic product data and key international developments.

Oil prices have edged up, finding technical support after sliding below $US47 a barrel on pressure from a diplomatic rift in the Middle East and sustained high crude inventories in the United States.

Gold has risen to the highest in seven months on a slump in the US dollar to a seven-month low and on safe-haven demand driven by a rift in the Middle East, an upcoming European Central Bank meeting and the British election.

The share market has dropped to a four-month low as all sectors lost ground and the heavyweight banking and mining sectors suffered steep falls.

The Reserve Bank of Australia has held its benchmark interest rate at 1.5 per cent as expected, while indicating it believes east coast housing markets may be starting to cool.

Adani has given the green light to start work on the controversial $16 billion Carmichael coal mine in Queensland's Galilee Basin.

Weaker commodity prices and nervousness surrounding the major banks have pushed the Australian share market into negative territory.

The Australian dollar is outperforming its major peers and has continued to rise against the US dollar.

Oil prices have fallen nearly one per cent on concerns that the cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states could hamper a global deal to reduce oil production.

Gold prices have steadied after rising to a fresh six-week high as disappointing jobs data dims the prospects for aggressive US interest rate increases, even though it is unlikely to deter a rate rise at June's Federal Reserve policy meeting.

Australian shares have ended the week on a high note, posting their best day since March as strong overseas markets added a tailwind and traders bought back into banks and miners.

Downer has again extended its offer for takeover target Spotless Group, with the hostile bid now stretched to June 29.

The Australian share market has opened strongly, with positive economic data in the US helping bolster optimism among local investors.

The Australian dollar is sharply lower against its US counterpart, dropping below 74 US cents after local and Chinese economic data disappointed.

Oil prices are lower despite finishing mixed on Thursday.

Gold prices have eased as the US dollar has rallied after a report showed that the US economy created more private-sector jobs than expected in May, further strengthening expectations for a June interest rate.

Five Exmouth councillors have quit, leaving commissioner Ian Fletcher to continue to oversee the troubled Western Australia local government until the election in October.

The Australian share market has closed higher after a choppy day of trade on the back of upbeat local data and negative Chinese factory figures.

Amazon poses the biggest threat to Wesfarmers' discount department stores Kmart and Target rather than specialty retailers like JB Hi-Fi, investment bank Morgan Stanley warns.

The Australian share market has slipped in early trade, following a benign lead from Wall street, with investors waiting on the sidelines for a clear signal about the direction.

Gold prices have risen as the US dollar has dipped and simmering geopolitical tensions lent support, though the metal was little changed for the month amid an increased chance of a US interest rate rise in June.

The Australian dollar is lower against its US counterpart after crude oil and iron ore fell three per cent.

Oil prices have sunk three per cent to a three-week low as an increase in Libyan output helped boost monthly OPEC crude production for the first time this year.

The share market has endured its worst month since January 2016, due to significant falls by the major banks and weaker iron ore prices.

The ASX has opened 6.6 points, or 0.1 per cent, higher to 5724.5 points this morning.