Investors have erased gains from the previous day on the ASX after the Reserve Bank flagged an earlier rate hike.

The market on Tuesday only had a short-lived rise after the central bank revealed a modest fast-tracking of its forecast of the next rate rise to late 2023.

The Aussie dollar dipped from 75 US cents to 74 US cents.

The heavyweight share categories of materials and financials fared worst.

The benchmark S&P/ASX200 index closed lower by 46.5 points, or 0.63 per cent, to 7324.3.

The All Ordinaries closed down 45.6 points, or 0.59 per cent, to 7646.6.

The Australian dollar was buying 74.90 US cents at 1623 AEDT, lower from 75.06 cents at Monday’s close.

ASX lower before RBA rates forecast
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