Australian shares are set to open higher, bolstered by gains in oil and iron ore. US markets will be closed for Labor Day.
Australian shares are poised to start the week higher, bolstered by oil’s rally and spot iron ore’s resilience. The week ahead appears set to be dominated by the Reserve Bank and governor Philip Lowe’s farewell.The local currency slid 0.4 per cent; the Bloomberg dollar spot index was 0.4 per cent higher.The yield on the US 10-year note rose 7 basis points to 4.18 per cent in New York.
As for the RBA, it’s set to hold a policy meeting on Tuesday and Mr Lowe to speak early Thursday afternoon.
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