Most of the major global markets rebounded overnight, buoyed by the latest comments from Janet Yellen on US central bank stimulus.
Wall Street had opened the session weaker, with the Nasdaq again coming under pressure amid a sell-off in internet shares.
The tech-related volatility has been fuelled by disappointing earnings from the likes of Twitter and LinkedIn, stoking concerns valuations in the sector have become too stretched.
However those initial losses were followed by a recovery, which was sparked by Janet Yellen, who reiterated her desire to keep interest rates very low, even after employment and inflation return to healthy levels.
Across the Atlantic, European markets held onto earlier gains that were driven by reports of Russian troops pulling back from the Ukraine border, easing tensions between the two nations.
Yellen’s comments didn’t have the expected impact on gold, which was instead pressured by her upbeat comments on the US economy, dulling the yellow metal’s safe haven appeal.
Oil reclaimed the $100 handle after data showed US crude stockpiles surprisingly fell back from record levels this week.
Elsewhere, nickel climbed towards a 15-month high amid ongoing speculation Indonesia’s export ban on the metal will tighten global supplies.
The US dollar rose only slightly against other major currencies, with Yellen’s dovish comments handicapping the greenback’s gains.
The Aussie extended its run higher versus its US counterpart, as traders continued to price out the possibility of another RBA rate cut in light of Tuesday’s meeting.