Australian shares are expected to open higher after Wall Street, which cast away its US-China trade anxiety, rebounded for its third straight day.
AUD: 68.9 US cents, 53.82 British pence, 61.63 euro cents, 75.7 Japanese yen, $NZ1.05Europe: FTSE 100 +0.8pc at 7,353, DAX +1.7pc 12,310, CAC +1.4pc at 5,448, Euro Stoxx 50 +1.6pc at 3,439At 7:16am , ASX futures were up 46 points or 0.7 per cent.
However, the Australian dollar had fallen substantially to 68.9 US cents, its lowest level in more than three years — on growing anticipation that the Reserve Bank would cut interest rates in the next few months.Australia's unemployment rate lifted to 5.2 per cent"We anticipate downward pressure will remain on Australian dollar as the chances the RBA cuts interest rates continue to firm," said the Commonwealth Bank's chief currency strategist, Richard Grace.
Another report showed the number of Americans seeking unemployment benefits fell more than expected last week, pointing to sustained labour market strength, amid slowing economic growth. European markets also staged a strong recovery, with London's FTSE adding 0.8 per cent and Germany's DAX rising 1.7 per cent.
The price of spot gold — the traditional safe haven asset — fell sharply to $US1,286 an ounce as investors poured back into riskier investments.
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