Our market lost more ground in early morning trade, before finally rallying in the afternoon after the RBA left interest rates on hold, to close near its highs for the day. The decision saw the Australian Dollar lose about half a cent against the Greenback, however. The XJO still finished the day down, albeit just 2.8 points lower. It remains in a support zone most recently visited by the lows of March this year and November 2010 and the trend remains down. Sectors were mixed; the best gainer being the Telecommunications sector, up 1.9%, after Telstra put on almost 2%. The softest were the Materials and IT sectors, down 0.4%. Overnight, the US market lost further ground – the Dow down 0.5%. Ben Bernanke gives his assessment on the US economy tonight which will be his first public assessment since April. US futures are up around half a percent at time of writing.

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