The Australian dollar has fallen more than 2 per cent in about a 24-hour period and downward momentum is accelerating.

• Sponsored

The Australian sharemarket is poised to rebound at the open but it looks like a tough day ahead for the miners.

The ASX closed at its lowest since February and the Aussie dollar slumped after the Federal Reserve flagged an end to the easy money era.

The Australian dollar gave back all of its pre-US Federal Reserve decision gains, slumping lower still despite upbeat RBA comments.

• Sponsored

Markets push higher late after the Fed's hawkish update, but the local sharemarket is set for a flattish start.

The Federal Reserve left its benchmark interest rate unchanged and said Wednesday that it would begin to withdraw some of the trillions of dollars that it invested in the US economy after the 2008 financial crisis.