Sharemarket poised for a subdued opening ahead of RBA’s cash decision on Cup Day. The Australian dollar rallies as the greenback weakens. Follow here for more.
The Australian sharemarket is poised for a subdued opening on Monday, as bond and equity traders tread water ahead of the Reserve Bank of Australia’s cash rate decision on Tuesday. ASX futures finished up just 14 points, or 0.2 per cent higher, in US trading on Friday despite a strong finish on Wall Street with S&P 500 climbing 0.9 per cent to cap its best weekly performance this year.
25 percentage points from the present 4.1 per cent. On Friday, the Australian dollar also closed above US65¢ for the first time since August 10. Investors continue to pile into the US sharemarket after the latest batch of economic data bolstered hopes that the Fed might be done raising interest rates to bring inflation under control.
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