THE Australian dollar has bounced back after plunging to near six-year lows following the Reserve Bank’s decision to cut rates.
At 0645 AEDT on Wednesday, the March share price index futures contract was up 95 points at 5,738.
Consumers are waiting to find out whether their lenders will pass on a quarter of a percentage point rate cut after the RBA cut the cash rate to 2.25 per cent on Tuesday.
And oil prices have risen more than five per cent overnight on hopes of rebounding global energy demand, with Brent and WTI striking $57.23 and $51.56 respectively at one point.
In local news on Wednesday, the Australian Industry Group releases its Performance of Services Index for January.
In equities news, Echo Entertainment is expected to post half year earnings results.
The Australian sharemarket on Tuesday hit its highest level since the global financial crisis after the RBA rate cut.
The market rose by more than 1.4 per cent in its ninth straight day of gains, to close at its highest level since June 2008. The benchmark S&P/ASX200 index was up 82.1 points, or 1.46 per cent, at 5,707.4, while the broader All Ordinaries index was up 79.7 points, or 1.43 per cent, at 5,666.2.
At 0630 AEDT on Wednesday, the local currency was trading at 77.86 US cents, up from 76.63 cents on Tuesday.
The Australian dollar fell as low as 76.26 US cents overnight, its lowest level since May 2009, after the RBA cut the cash rate 25 basis points to 2.25 per cent on Tuesday, its lowest ever level.
Consumers are waiting to find out whether their lenders will pass on a quarter of a percentage point rate cut after the RBA cut the cash rate to 2.25 per cent on Tuesday.
And oil prices have risen more than five per cent overnight on hopes of rebounding global energy demand, with Brent and WTI striking $57.23 and $51.56 respectively at one point.
In local news on Wednesday, the Australian Industry Group releases its Performance of Services Index for January.In equities news, Echo Entertainment is expected to post half year earnings results.
The Australian sharemarket on Tuesday hit its highest level since the global financial crisis after the RBA rate cut.
The market rose by more than 1.4 per cent in its ninth straight day of gains, to close at its highest level since June 2008. The benchmark S&P/ASX200 index was up 82.1 points, or 1.46 per cent, at 5,707.4, while the broader All Ordinaries index was up 79.7 points, or 1.43 per cent, at 5,666.2.
At 0630 AEDT on Wednesday, the local currency was trading at 77.86 US cents, up from 76.63 cents on Tuesday.
The Australian dollar fell as low as 76.26 US cents overnight, its lowest level since May 2009, after the RBA cut the cash rate 25 basis points to 2.25 per cent on Tuesday, its lowest ever level.
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