AAP

The Australian dollar has rallied to an almost one-month high after US Federal Reserve head Janet Yellen said she would maintain policy set under her predecessor, Ben Bernanke.

Bradken shares have tumbled after the engineering firm announced its half yearly profit had dived 18 per cent.

The resignation of David Jones chairman Peter Mason could keep chief executive Paul Zahra in his job and pave the way for merger negotiations with rival Myer.

A double digit jump in ANZ Banking Group's first quarter profit has analysts predicting a sixth consecutive year of record earnings for the major banks.

The sharemarket has closed higher as strong profit growth by ANZ drove gains in the banking sector.

Australian farmers are on target to produce their second largest winter crop on record but the summer crop is heading for a significant decline because of drought and low rainfall, the federal government's commodity forecaster says.

Australian business conditions have risen to close to a three-year high, a private survey shows, while business confidence is up for the first time in four months.

The Australian share market has opened slightly weaker after the lost of manufacturing jobs and mixed earnings reports impacted investor confidence.

Grains marketer GrainCorp will close its Murarrie plant in Brisbane and cut 130 jobs.

Prime Minister Tony Abbott says there is nothing the federal government could have done to prevent the closure of Toyota and the end of car manufacturing in Australia.

US stocks have edged higher the day before new Federal Reserve chief Janet Yellen gives her premier testimony to Congress, with attention focused on how she views recent employment weakness.

Gold futures have risen to their highest level in 12 weeks amid strong appetite from Chinese buyers and as concern about US economic health fanned demand for a haven.

The Australian dollar is slightly higher in quiet trade as investors wait for events later in the week before making any significant moves.

Australia's consumer watchdog says it would investigate the impact of a potential tie-up of David Jones and Myer on competition if the department store chains decided to pursue a merger.

Fortescue Metals Group chairman Andrew Forrest has lost a fight to prevent mining on his cattle station in the Pilbara.

Toyota will stop building cars in Australia by the end of 2017 in a decision which is expected to cause more than 2,000 workers to lose their jobs.

The Australian share market has closed higher in the wake of a positive lead from US markets, but investor focus is set to shift more towards the domestic company reporting season.

Rumour and innuendo is causing grief in Australia's renewable energy sector, an industry that craves certainty yet has found little in recent times.

Australian stocks have opened higher following a positive lead from Wall Street on Friday.

Prime Minister Tony Abbott has announced the terms of reference for a royal commission into union corruption.

US stocks have recovered from an early-week swoon to close the week with net gains, picking up enough momentum mid-week to override Friday's disappointing US jobs report.

Gold prices have risen as a mixed US employment report forced investors to recalibrate their assumptions about the Federal Reserve's future monetary policy.

The Australian dollar hit a new four-week high after the US posted a solid fall in its unemployment rate.

The Australian sharemarket has closed higher after the central bank lifted its forecasts for economic growth.

Australia's economic growth is expected to pick up pace this year thanks to a lower exchange rate and stronger activity in the housing and retail sectors, according to the latest forecasts from the Reserve Bank of Australia.

Australian stocks have opened higher following strong gains on international markets overnight.

US stocks have surged amid optimism that the January jobs market report out on Friday will point to firm economic growth.

Gold futures have eked out a slight gain with some traders reluctant to place large bets on the precious metal ahead of a closely watched reading on US employment.

The Australian dollar is firmer as surprisingly positive trade figures continue to give it a boost.

The share market has bounced back after three straight days of losses, rising by more than one per cent as international investors were encouraged by a rising Australian dollar.

Woolworths achieved an additional $1.8 billion in sales during the final six months of 2013, as its supermarkets continued to attract more customers.

Virgin Australia has gone further into the red, making a $49 million loss for the first half of the financial year.