10 things you need to know this morning in Australia

Well, that was easy. Picture: Getty Images

It’s 1-1. Now to business.

1. The US Federal Reserve kept rates on hold. At least for now, but its “dot plot” showed rates are projected to rise sometime later this year, perhaps even twice. Federal Reserve chair Janet Yellen said what’s most important is not the first rate hike, but what happens next.

2. That saw the US dollar come under heavy selling pressure with the euro up toward the top of the current range. Sterling was up almost 2 cents against the US dollar after breaking a one-year downtrend on the back of stronger than expected wages growth. The Aussie ripped higher as well and is looking like a test toward 78 cents might be back on the cards.

3. The local market finally broke up and through the 200-day moving average yesterday with the ASX 200s rise of 1.1% fueled by strong rallies in the major banks. The debate about value continues with one prominent fund manager sitting on a cash haul of 43% of his fund. On the other hand, Warren Buffett is buying.

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4. In Asia, it was another wild ride for traders in Shanghai. Down at 4,767 in morning trade, the market then commenced to rally ending at 4,968 up 1.65%. Amazing price action. But without any fundamental drivers, traders defer to technicals and you can see exactly why the buyers came back into the market in the chart right.

5. You might think Greek Finance Minister Yanis Varoufakis is keen for Grexit. But in 2011, he wrote about the alarming scenario that would unfold if Greece started its own currency, and in that, there’s hope he’ll hold out for a sensible solution. Among other things:

  • In 20 minutes all cash machines would be empty
  • Until such time as the state printed a new currency, utter darkness would cover the country, and;
  • 80% of households would become poverty-stricken

There’s more here.

6. Facebook is officially for idiots. There’s a general rule in digital media that goes something like “if it’s been shared a million times on Facebook, it’s wrong”. Sadly, a recent study found 48% of people get their news from Facebook these days. Thousands of them in the past couple of days believe this one chap with his Caps Lock stuck on got served this Kentucky Fried Rat:

We’d love to convince you otherwise, but there’s only so much we can do to save humans from themselves.

7. It’s actually really easy to get rich. It helps if you start young (25), but even on a regular wage, if you can tuck $100 a week away (aka a smoking habit), you’ll retire with a million. If you’re a cynic, you won’t believe that, and here’s why that kind of thinking means you better get to like soup, pronto.

8. Volcanoes. We don’t want to alarm you, but they’re just built to erupt. They also make for spectacular aerial images, so here’s 16 amazing pictures of volcanoes which could blow their top any day now, and wreak havoc.

9. Kids in Hong Kong can solve this logic puzzle in 20 seconds. Adults, not so much.

(The answer’s at the bottom of the post.)

10. The Warriors won the NBA finals and a 23-year-old guard Harrison Barnes promised he’d try alcohol for the first time if they did. Here’s the result. Meanwhile in Australia, where such behaviour is downright unAustralian, Olympic swimming gold medalist Kylie Palmer was suspended after testing positive for a banned substance. Oops.

BONUS ITEM: Sydney had a double rainbow yesterday and the city went nuts. Here’s all the pics of the incredible display. And seeing as it’s Throwback Thursday, let’s once again enjoy the rapture of the original Double Rainbow Guy:

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