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1.Market Observations, 8.Was Sticky

19 Mar 2016 (AFR) – ASX inches higher as Fed-fuelled rally fades

(19 March 2016, AFR, p41, by Jens Meyer)

‘A rally in Australian shares sparked by the US Federal Reserve’s decision to slow its rate rise pace ran out of steam Friday afternoon, but the local market still managed to eke out a gain for the week. The benchmark S&P/ASX 200 index rose 0.3 per cent to 5183.1, after earlier in the session climbing to 5216.2, while the broader All Ordinaries index gained 0.25 per cent to 5239.3. After rising four sessions out of five, the ASX 200 also added 0.3 per cent for the week, chalking up its third straight weekly gain.’

‘A surprisingly dovish tilt by the US central bank early on Thursday, halving the number of expected rate rises in 2016 to two, triggered a two-day rally on Wall Street as well as on the local market on Thursday and in early trade on Friday.  The shift in rate expectations also weighed heavily on the greenback against most major currencies, including the Aussie, which rose to an eight-month high just below US77¢.’

Read the full story at AFR.com (might need AFR login access, or try: AFR.com/trial)

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