The Australian share market is expected to fall slightly after a volatile session on Wall Street, consumer inflation in Britain surges to its highest level in 40 years and the Australian dollar tumbles ahead of the official ABS unemployment figures being released.
Australian shares are expected to fall slightly after a volatile session on Wall Street, while consumer inflation in Britain is at its highest level in 40 years.The Australian dollar was trading at 69.35 US cents after dropping 1.2 per cent overnight.
Oil prices rebounded after hitting a six-month low overnight as markets weighed a steeper-than-expected drawdown in US crude inventories against rising output and exports from Russia.Spot gold dropped 0.7 per cent to $US1,762.45 an ounce.It was a volatile session on US markets overnight after the US Federal Reserve published its July meeting minutes, which suggested policymakers may be less aggressive than previously thought when they raise interest rates in September.
After the release of the minutes, traders of futures tied to the Fed's policy rate saw a 0.5 percentage point rate hike as more likely in September. Data showed British consumer price inflation rose to 10.1 per cent in July, its highest since February 1982. Despite warning this month that a recession was likely, the BoE raised its key rate by 0.5 percentage points , its first half-point rise since 1995.
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