Forex
Bullock Dampens Rate Hike Expectations Before Melbourne Cup Day
Australian shares rose on Tuesday after Reserve Bank governor Michele Bullock downplayed expectations of a rate hike before Melbourne Cup Day on November 3.
The S&P/ASX200 index gained 29.6 points, or 0.34 per cent, to close at 8,709.3, while the All Ordinaries index added 35.9 points, or 0.41 per cent, to finish at 8,886.6.
Bullock said the central bank would wait and observe how recent interest rate rises affect the economy before making any further decisions.
The Australian dollar weakened in response to the comments, falling to 69.90 US cents from 70.18 US cents at Monday's close.