Australian shares are set to open in the green, following a sixth straight night of gains on Wall Street.
The S&P and NASDAQ logged 14-month highs. The New York Stock Exchange also climbed more than one per cent.
All 11 US sectors advanced overnight, with communication and tech stocks winning the day. Tech giants Microsoft and Oracle both gained an uptick of more than three per cent. Apple increased just one per cent.
While US jobless claims surpassed expectations, sales unexpectedly rose in May, with data showing consumers increased spending on vehicles and building materials. The news could help stave off a recession in the near term.
Turning to foreign exchange, and the Australian dollar climbed to its highest point since February. One Aussie dollar is buying 69 US cents and 54 British pence.
The euro hit a 15-year peak against the Japanese yen and a five-week-high against the dollar. It comes as the European Central Bank lifted interest rates to a two-decade high of 3.5 per cent, with the bank warning of more hikes to come.
Iron ore sailed up to an 11-week high of US$114.50 per tonne. China is still considering a stimulus package for its real estate sector, with the commodity considered a key material to the building and construction industry.