Aussie dollar floats

dollar11The Australian share market is expected to open higher after the major US stock indices hit record highs overnight.

At 0700 AEDT on Wednesday, the share price futures index was up nine points, or 0.16 per cent, at 5727.

The US S&P 500 and the Dow Jones index closed up 0.31 per cent and 0.23 per cent respectively, after they got a boost from retail giant Wal-Mart.

Shares in Wal-Mart jumped more than four per cent to a two-year high after it forecast that US online sales would rise by about 40 per cent in the next fiscal year.

Locally in economic news on Wednesday, Westpac releases its consumer confidence Index, and in equity news BlueScope Steel holds its annual general meeting. The Australian share market was steady on Tuesday, as the energy sector weakened and AMP and poker machine maker Aristocrat Leisure were among the best performers. The benchmark S&P/ASX200 dropped 1.2 points, or 0.02 per cent, to 5,738.1 points, while the broader All Ordinaries index gained two points, or 0.03 per cent, to 5,807.1 points.

On Wednesday morning, the Australian dollar was steady, after a positive US stock market and tensions over North Korea pulled it in opposite directions. At 0700 AEDT on Wednesday, the Australian dollar was worth 77.82 US cents, down slightly from 77.86 US cents on Tuesday.

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