Today, the RBA left interest rates on hold at 4.75% where they have been since last Melbourne cup day, eleven months ago. This seemed to hurt the Australian Dollar a little which has been under plenty of pressure lately and is trading at 0.9515 at the time of writing. Our market had to back up after a poor day yesterday from more declines in the US and Europe overnight. Losses on major US indices included the Dow Jones at -2.4% and Nasdaq -3.3%. Subsequently the XJO was down on the open and in early morning trade. It did however, manage to trim back some of the losses over the course of an erratic trading session to close well off the lows, posting a 24.9 point or 0.6% decline. Sectors were all in the red except for Gold, which climbed 0.9% after the precious metal put on more than 2% overnight. Small caps fared better than the large caps which made a change from recent days, the Small Ordinaries closing 0.3% lower. US futures have been all over the place in the night session – currently up 0.57% for the S&P 500.

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