ASX LIVE: ASX to rise, S&P 500 advances in broad rally

Australian shares are poised to open higher. S&P 500 rises 1 per cent. $A steady after shock RBA rate rise. Follow updates here.

Traders have moved to price in larger interest rate increases by the Reserve Bank after the central bank lifted the cash rate by more than expected on Tuesday.

The implied terminal cash rate increased by a quarter of a per cent to just above 3.75 per cent, from near 3.5 per cent leading into the Reserve Bank’s announcement. Markets have been quick to assume there will likely be another 50-basis-point rate rise in July and potentially in August.

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