The Reserve Bank is widely expected to deliver another interest rate hike this afternoon, with economists almost unanimously tipping a further tightening as inflation pressures persist.
The ASX opened higher after a strong rally on Wall Street but has since flattened as investors await the RBA’s decision.
Global oil markets remain volatile. Brent crude briefly fell to around $US100 a barrel after US President Donald Trump again urged international partners to help clear the Strait of Hormuz, where some vessels have managed to pass through. Prices later rebounded, reflecting ongoing uncertainty in the region.
We’ll continue tracking market movements, rate reactions and global developments throughout the day in our live blog.
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