The local bourse has given up gains and finished unchanged overall after a hotter-than-expected inflation readout diminished expectations that the Reserve Bank would cut interest rates this year.
The ASX200 had been up as much as 0.5 per cent in mid-morning trading but plunged 30 points in the space of five minutes after the inflation readout and finished near the lows of the day, down 0.5 points at 7,683.0, while the broader All Ordinaries dropped 0.4 points at 7,937.5.
The Australian dollar meanwhile rose above 65 US cents for the first time in 12 days after the consumer price index report, reflecting expectations that it meant rates would stay unchanged for longer.Â
The Aussie was buying 65.22 US cents, from 64.53 US cents at Tuesday's ASX close.