Aussie shares resume their winning ways, dollar surges

The broader All Ordinaries gained 62.4 points, or 0.76 per cent to 8,311.5.

The gains come after Fed chairman Jerome Powell told a symposium of central bankers in Wyoming early Saturday that given fading inflation, "the time had come for policy to adjust" and reduce US interest rates. 

"The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks," Mr Powell said.

The US dollar dropped against other currencies following Mr Powell's remarks, with the Aussie rising to its highest level since the start of 2024 against the greenback.

The Australian dollar was buying 67.74 US cents, from 67.27 US cents at Friday's ASX close.