SYDNEY: The Australian sharemarket opened largely flat as concerns about the looming deadline for a Greek bailout and anticipation of the Reserve Bank’s interest rate decision this afternoon left investors in a cautious mood.
At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index was down 3 points, or 0.05 per cent, at 5,732.4 points while the broader All Ordinaries index was down 1.3 points, or 0.02 per cent, at 5,732.7 points.
CMC chief market strategist Michael McCarthy said a strengthening US dollar and subsequent pressure on commodity prices may take the gloss off the positive momentum, although the dominant influence on the session will likely be the RBA’s interest rate decision and accompanying statement this afternoon.
The central bank will hand down its rates decision at 2.30pm (AEST) and is widely expected to keep the cash rate unchanged after cutting it to a new record low of two per cent in May.
