The Australian stock market has opened flat following a soft lead from Wall Street and ahead of the release of key economic figures in the US and China.
The Australian dollar is a little bit higher, trading in a tight range ahead of the release of US employment figures early on Saturday morning, Australian time.
Australian shares have finished flat as cautious investors worry about a slowdown in China following the release of lower-than-expected inflation figures.
US stocks have closed mostly lower after US Federal Reserve meeting minutes showed most Fed policy makers thought the US economy could withstand reduced monetary stimulus.
The price of oil rose to near $94 a barrel Tuesday as unusually cold weather in the U.S. was expected to fuel demand in the world's largest market for energy.
The Australian dollar rose past 90 US cents for the first time in almost a month after the Federal Reserve chairman Ben Bernanke called for more action to stimulate the American economy.
Shares have continued to rally as the banks benefit from the US Federal Reserve's decision to dilute its stimulus measures, and Telstra hits a near nine-year high.
The Australian share market has enjoyed a welcome lift after the US Federal Reserve decided to start winding back its stimulus program for the US economy.
Australia's long-run prosperity depends on federal government support for productive industries and more flexible workplaces rather than cheaper loans, the central bank says.
The Reserve Bank of Australia is keeping an open mind on further interest rate cuts, but says monetary policy can't do all the heavy lifting in the economy.
