The local bourse has dropped for a second day in a row as markets adjust to the reality that a “Fed pivot” may not be coming any time soon from the US central bank.

The ASX200 fell 61.9 points to 7229.4 on Wednesday, a 0.85 per cent drop and the benchmark index’s worst loss since November 3. The broader All Ordinaries retreated 64.5 points, or 0.86 per cent, to 7423.2.

In currency, the Australian dollar was buying 66.97 US cents, from 67.21 at Tuesday’s ASX close.

Derek Rose
(Australian Associated Press)