The Australian share market has closed lower as investors move their attention from Greece to Spain and upcoming meetings of the US central bank and leaders of the European Union.
Instability in the euro zone, and its impact on global markets and commodity prices, encouraged the central bank to cut the cash rate again, earlier in June.
Wall Street stocks have ended mixed as traders rapidly digested the victory of pro-euro parties in Greece's election and focus on the next hurdle in Europe's marathon economic crisis.
The outcome of the elections in Greece shows that Greeks are in favour of the deep economic and fiscal reforms required to pull the country out of crisis, German Finance Minister Wolfgang Schaeuble
The Australian share market has closed slightly higher, but trading volumes were low as investors remained cautious ahead of the weekend elections in Greece.
The Australian share market has opened marginally lower on a weak US lead, with local investors treading water until the outcome of Sunday's Greek elections.
The Australian dollar has moved to within half a US cent of parity with its US counterpart and could move higher in the coming days, even as markets remain nervous about upcoming Greek elections.
Volatility on European markets has created short-term opportunities for investors while the local sharemarket flounders around six month lows, analysts say.
The Australian dollar has slipped following Europe's decision to bailout Spain's banking system, but it is likely to fall during the week as markets brace for the fallout from Greek elections.
Six of the world's 30 most pricey cities for expatriate workers are in Australia, a survey has found, with Perth jumping 11 spots in the global ranking.
