He Reserve Bank of Australia in a meeting later in the day is expected to hold its cash rate at a record low of 0.1 per cent even as a massive monetary stimulus and fiscal support has led to a speedier economic recovery and boosted the jobs market and consumer spending. Australian energy stocks jumped as much as 1.9 per cent, marking their biggest intraday percentage gain since April 15. Australia's sub-index for energy stocks takes cues from oil prices that rose on Tuesday, as more U.S. states eased lockdowns and the European Union sought to attract more travellers.
In New Zealand, the benchmark S&P/NZX 50 index rose as much as 0.3 per cent to 12 thousand 806.39, marking their fifth consecutive session of gains. Energy stocks also gained on the back of higher oil prices. Moving on to updates from the currency markets, the dollar fell after an unexpected slowdown in U.S. manufacturing growth prompted investors to trim bets that a booming U.S. economy could boost the greenback.