Australian shares - and the Australian dollar - have rallied amid hopes of US rate cuts. -AAP Image
The local share market has rallied after US government data showed inflation cooled more than expected in December, raising hopes the Federal Reserve will continue cutting interest rates.
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The benchmark S&P/ASX200 index on Thursday gained 113.7 points, or 1.38 per cent, to 8,327.0, while the broader All Ordinaries climbed 112.3 points, or 1.33 per cent, to 8,569.1.
The Australian dollar meanwhile approached a one-week high against the greenback, buying 62.01 US cents, from 61.88 US cents at the close of business on Wednesday.
