Australia shares tepid after Fed keeps rates on hold

Shares in Australia traded cautiously in early trade on Monday morning after the U.S. Federal Reserve announced overnight that it was keeping interest rates on hold, and indicated that no more rate hikes would be coming in 2019.

That announcement sent the 10-year Treasury yield to its lowest in a year, with the Dow Jones Industrial Average and S&P 500 also taking a knock as bank stocks sold off. "Markets were geared up for a relatively dovish Fed and in the event got something even more dovish than they expecting," Ray Attrill, head of foreign exchange strategy at National Australia Bank, wrote in a morning note.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 95.761, slipping sharply from highs above 96.4 seen in the previous session.

I think you mean Thursday morning....

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