ASX poised to edge higher ahead of expected RBA interest rate hike

The Australian share market is poised to open slightly higher in morning trading ahead of the Reserve Bank's interest rate decision. This comes as US bonds surged while Wall Street closed in the red.

At 7:05am AEST, ASX 200 futures were up 0.1% to 8,727 points, and the Australian dollar was up 0.03% to 70.16 US cents. Meanwhile, the price of oil was trading above $US106 a barrel.

Market snapshot

• ASX 200 futures: +0.1% to 8,727 points
• Australian dollar: +0.03% to 70.16 US cents
• Wall Street: S&P 500 -0.8%, Dow -0.7% Nasdaq -1.1%
• Europe: Dax -0.1%, FTSE -0.1%, Eurostoxx 600 flat
• Spot gold: -4.0% to $US4,114/ounce
• Oil: Brent crude +1.7% to $US106.10/barrel
• Iron ore: -0.4% to $US94.90/tonne
• Bitcoin: +0.1% to $US83,623
• 10-year bonds: US 5.24% Australia 5.44%

Wall Street close indicates fresh pressure on yields

All major US exchanges on Wall Street closed down on Monday afternoon. The S&P 500 closed down -0.8% to 7,684 points, the Dow Jones Industrial Average closed down -0.7% to 51,482 points, and the Nasdaq closed down -1.1% to 30,277 points.

Senior financial market analyst at capital.com Kyle Rodda says Wall Street's