ASX stunned by $A's breakneck rally
Shares inched higher, buoyed by another rally in the big miners, but a surprise surge in the Aussie dollar kept a cap on gains.
Jens is the markets and breaking news editor, based in Sydney.
Shares inched higher, buoyed by another rally in the big miners, but a surprise surge in the Aussie dollar kept a cap on gains.
The sharemarket enjoyed a rousing mid-week session, as climbing commodity prices boosted mining stocks.
Consumer price growth is likely to remain subdued, quietening rate rise talk, while a spike in the Aussie dollar could push out the Reserve Bank's timeline for a lift in inflation.
Bank stocks lost steam on Friday as investors booked profits after two days of strong gains, weighing on the overall market.
Banks again led the ASX higher in a session full of corporate action, while solid job numbers briefly lifted the Aussie dollar to a fresh high.
Big banks shares enjoyed their best day in eight months, gaining $14 billion in value on relief that new capital requirements weren't as tough as many had feared.
Shares in the big banks rocket higher as investors bet they won't need to raise capital to meet APRA's new requirements.
Losses on the ASX accelerate, pulling the index below 5700 points, while the Aussie rallies to a fresh two-year high.
Strong data out of China failed to motivate the local sharemarket, with Telstra's worst day in three months weighing on the ASX.
Shares trade flat and the Aussie dollar trades close to two year highs, supported by better-than-expected Chinese economic data.
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