Aust market tipped to open higher The Australian market is expected to start strongly this week after Wall Street reached record highs. AMP Capital chief economist Shane Oliver says he expects the Australian market to bounce higher on Monday after it underperformed last week in comparison to the US. "I think we'll open fairly solidly," he said. Given the positive lead from Wall Street and the fact that we underperformed quite a bit last week, I think we'll see a bit of a bounce. US stocks closed out another week of record highs on Friday as investors focused on the positive side of mixed economic news and corporate earnings. On the ASX 24, the June share price index futures contract is indicating the market will open 19 points higher at 5,212. Locally this week the market will be focused on the Reserve Bank of Australia's release on Tuesday of the minutes of its last board meeting where it cut the cash rate to a record low of 2.75 per cent. "We'll look closely at the minutes to see how much more scope the Reserve Bank has to cut rates," Mr Oliver said. However, he said the fall of the Australian dollar since the meeting may lower the chance of another rate reduction in the near future. At Friday's close, the Australian dollar was worth 97.37 US cents. Mr Oliver said the market will also be looking to the Westpac/Melbourne Institute Survey of Consumer Sentiment, which is due out on Wednesday. However, he said he did not expect to see much of a change as the interest rate cut would be offset by the release of the federal budget last week. Internationally this week, the US Federal Reserve will release the minutes of its last meeting. The market will be looking for any signs the Federal Reserve is considering quantitative easing. US housing and durable goods data are also due out this week, which should give an indication of consumer and capital spending respectively.