Global markets put in a mixed performance overnight, with trading activity subdued ahead of some major economic data due out later this week.

There were lacklustre moves on both sides of the Atlantic, with most major indices logging moves of less than half a percent.

The quiet performance was put down to caution ahead of key developments this week, including the ECB monetary policy meeting and May's US non-farm payrolls numbers.

Last night's economic data had little impact on markets, with the US ISM manufacturing read for May meeting expectations and signalling ongoing growth in factory output.

The marginal gains on the Dow and S&P500 nonetheless saw both indices claim fresh record closing highs.

It was a mixed bag in commodity markets. Gold extended its losing streak to seven sessions as the rise in US equities dulled the precious metal's safe haven appeal.

Oil also weakened, whilst copper jumped a percent following weekend data that indicated growth in Chinese manufacturing activity last month.

The positive US manufacturing numbers saw the greenback strengthen against other major currencies, including the Aussie.

The local unit came under some pressure ahead of today's RBA rate decision. Expectations are that the central bank will leave rates on hold and signal no change to its policy outlook.

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