The rally we have spoken of in the Australian share market in recent weeks has continued. Importantly the benchmark index has found buying support at the 6,000 level, where previously this had been a point of resistance that saw the index retreat. The gains have been broad based with all but one of the underlying industry sectors advancing over the week. There were no surprises when the Reserve Bank of Australia left interest rates on hold this week, and expectations continue to be that it will be well into 2018 before a rate rise is a realistic probability. We will get a signal on whether recent strength in the labour market continues with jobs data out next week, and more importantly the release of the quarterly wage price index will be keenly anticipated for signs of improvement.
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