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Live: ASX and Aussie dollar up ahead of expected rate hike
The Reserve Bank has hiked the cash rate 0.25 percentage points to 3.85 per cent, in its first rate rise in more than two years.
The Australian dollar has rallied on the rate hike, while the ASX 200 has come off its highs but remains positive.
We'll bring you the latest on what's happening on the markets throughout the day in our live blog.
Betashares chief economist David Bassanese has issued a note with his take on today.
"The Reserve Bank has today bared its teeth by re-asserting its determination to bring down inflation," he says.
His reading is the RBA board "judges that solid demand in the face of limited spare economic capacity is also playing an important role" to push up inflation.
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The Australian sharemarket rose on Tuesday, but finished softly after the Reserve Bank of Australia delivered its first interest rate hike since 2023 – the first by a major economy this cycle.
The S&P/ASX 200 Index rose 78.5 points, or 0.9 per cent, to 8,870.60, with 10 of 11 sectors in positive territory, rebounding from Monday’s 90-point loss. The RBA’s 25-basis-point riseto 3.85 per cent briefly cooled the rally, which had peaked at 8,896.60 and was shaping up to be the index’s biggest gain since November. The unanimous decision pushed the dollar up 0.8 per cent to US70.09c.
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The Australian sharemarket has given up some of its earlier gains after the Reserve Bank raised official interest rates for the first time since 2023, saying inflation would remain outside its target band.
The S&P/ASX 200 was up 0.8 per cent or 73.4 points at 3.25 pm, after trading 1.2 per cent higher earlier in the day. All sectors were in the green except for utilities, with miners and technology the strongest performing sectors.
The Reserve Bank raised interest rates by 0.25 percentage points to 3.85 per cent, in a move that prompted a small retreat in the ASX200 and also sent the Australian dollar above US70¢ shortly after the decision.
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