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The June index futures contract ended the night session one point or less than 0.1% ahead at 6542. 

U.S. stocks moved higher overnight but surrendered much of their gains by the close as traders held off adding to positions ahead of a Federal Reserve policy update on Thursday morning Australian time. The S&P 500 and Dow both inched ahead 0.09 per cent. Solid gains in Facebook and Netflix helped the Nasdaq rise 0.62 per cent. 

Australian stocks ended last week at an 11-year high, but hit reverse yesterday as softening iron ore prices weighed on the big miners. The benchmark index, the S&P/ASX 200, eased 23 points or 0.4 per cent to 6531. Iron ore declined again overnight, falling $1.20 or 1.1 per cent to US$108.20 a tonne after Friday’s soft Chinese factory data muddied the demand outlook. That helped pull both BHP and Rio Tinto down 0.2 per cent in U.S. action. 

The dollar has been under pressure since the RBA cut rates earlier this month. Overnight it eased from 68.8 US cents to 68.5 cents.

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