ASX to drop, $A plunges amid rethink on US interest rates

News Snapshot:

Pinned post – 7.34AM Australian shares are poised to drop, in line with losses in New York, after the latest US inflation data renewed bets that the Federal Reserve is not yet done lifting interest rates. ASX futures were tilting 58 points down, or 0.8 per cent, to 7067 near 7am AEDT. The local currency has plunged 1.6 per cent overnight; the Bloomberg dollar spot index leapt 0.7 per cent. The US dollar was set to post its best session in five weeks, and snap a six-day losing streak. Looking ahead, CPI and PPI from China is set to be...