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The Australian dollar has slipped against its US counterpart with the greenback rising after the European Central Bank extended its quantitative easing program by nine months.

Major US stock indexes climbed again on Thursday and set fresh record highs as a month-long rally following the presidential election of Donald Trump rolled on.

Gold retreated into the red on Thursday after the dollar rebounded on the back of a decision by the European Central Bank to extend monthly asset purchases until next December albeit at a lower monthly level.

Oil rebounded from the week's lows to close above $US50 a barrel on Thursday, on growing optimism that non-OPEC producers might agree to cut output following a cartel agreement to limit production.

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Strong investor support for financial and mining stocks has driven a third straight day of gains and taken the market to a near four month high.

The Australian share market has opened broadly higher with banks and miners leading a year-end "Santa Claus rally".

Wall Street surged on Wednesday, with the S&P 500 and Dow hitting fresh record intraday highs, as equities continued their march upward after the presidential election of Donald Trump, even as his comments on prescription drug pricing wounded the healthcare sector.

The Australian dollar has strengthened against its US counterpart and is once again heading toward 75 US cents.

Oil prices eased overnight on bearish US petroleum inventory data and doubts that production cuts promised by OPEC and Russia would be deep enough to end a supply overhang that has weighed on markets for more than two years.

Gold rose further from this week's 10-month low overnight as the US dollar eased against the euro ahead of a European Central Bank meeting, and on the view that a US rate rise next week was already reflected in prices.

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The share market closed nearly 1 per cent higher, boosted by a positive session on Wall Street and confidence the resources sector will continue to improve.

The Australian share market has opened more than half a per cent higher in the wake of a positive lead from US markets and confidence among investors.

Wall Street has climbed as telecom stalwarts AT&T and Verizon gained and bank shares added to their torrid post-election rally, helping the Dow set another record closing high.

The Australian dollar is nearly flat with traders taking a breather ahead of the release of Australian GDP figures and next week's US interest rates meeting.

Oil prices overnight ended lower for the first time in a week since OPEC agreed to cut output on growing scepticism that the cartel would be able to reduce supplies as data showed record high production in most major export regions.

Gold hovered near 10-month lows on Tuesday as the market braced for an increase in US interest rates this month and anticipated more monetary tightening next year.

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Australian shares have held on to positive territory on Tuesday after riding an early boost from a record close on Wall Street.

The Australian share market is higher in early trade, bouncing back from Monday's losses as investors follow the lead in European and US markets overnight.

The Australian dollar has risen against its US counterpart as investors await the Reserve Bank of Australia's rate announcement and economic outlook commentary.

US crude futures strengthened Monday before retreating in post-settlement trade as the market lost confidence OPEC cuts would be sufficient to reduce oversupply given increased US drilling.

Gold fell to its lowest price in 10 months as global equities strengthened and investors shrugged off worries of political instability in Italy, while US Treasury yields rose after US economic data.

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The share market has closed lower with most sectors in negative territory led by a heavy sell-off among the big four banks.

The Australian share market has slipped lower in early trade as investors brace for fresh uncertainty sparked by exit poll results from the Italian referendum on constitutional reforms.

Gold edged higher on Friday, climbing for the first time in four sessions as it shrugged off data showing rising US job numbers, with analysts saying that an expected rise in interest rates had already been priced in.

The Australian dollar has risen against the US dollar as the greenback gives up some of its post-election gains.

Oil prices rallied for their best week in at least five years on Friday, steadying above $US51 a barrel, following OPEC's decision to cut crude output to rein in a global glut that has weighed on prices for more than two years.

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The share market ended the week with a fall of 1 per cent, with investors cautious ahead of the release of US jobs data and Sunday's Italian constitutional referendum.