Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar has bounced back above 78 US cents ahead of Tuesday's highly anticipated Reserve Bank board meeting.

At 0630 AEDT on Tuesday, the local currency was trading at 78.16 US cents, up from 77.81 cents on Monday.

And the Australian share market looks set to open higher after Wall Street moved mainly slightly higher following US President Barack Obama's proposed $US4.0 trillion budget loaded with spending and tax reforms.

At 0645 AEST on Tuesday, the March share price index futures contract was up 17 points at 5,588.

ELSEWHERE:

BRUSSELS - EU Commission chief Jean-Claude Juncker backs a change to the "troika" mission, the widely-loathed team tasked with enforcing Greece's international bailout, his spokesman says.

LONDON - Britain's Treasury chief has warned that the standoff between Greece and the eurozone over the country's bailout is endangering the global economy.

LONDON - Greece's new leaders have embarked on a diplomatic campaign to win backing for a renegotiation of a 240 billion euro ($A350 billion) bailout, winning support from US President Barack Obama but a stark warning from Britain.

WASHINGTON - US President Barack Obama has put forward a $US4 trillion ($A5.16 trillion) budget loaded with Democrat-championed spending and tax reforms that will likely be dead on arrival at the Republican-controlled Congress.

WASHINGTON - US consumer spending fell in December in the midst of the key year-end holiday shopping season, while their incomes continued to grow, Commerce Department data shows.

Consumer spending, which accounts for about 70 per cent of the economy's activity, fell 0.3

WASHINGTON - US spending on construction rose modestly in December, led by a jump in the public sector such as highway projects, the Commerce Department reports.

NEW YORK - ExxonMobil has reported a fall in quarterly earnings on lower oil and gas production and a weak US refining performance.

DUBLIN - Irish no-frills airline Ryanair has raised its annual earnings forecast as it swung into a quarterly profit thanks to falling fuel costs and higher passenger growth.

NEW YORK - Chip Wilson, founder of Lululemon Athletica Inc, has resigned from the yoga apparel company's board.