The benchmark S&P/ASX200 index on Friday finished 11.4 points lower at 7,770.6, a drop of 0.15 per cent, while the broader All Ordinaries fell 18.3 points, or 0.23 per cent, to 8,026.3.
For the week the ASX200 rose 1.3 per cent, after dropping 2.3 per cent the previous week in its worst weekly performance in a little over a year.
The week saw meetings by the Reserve Bank, the Federal Reserve, the Bank of England, the Bank of Japan and others.
The Swiss National Bank overnight surprised observers by becoming the first major central bank to trim interest rates, while Taiwan's central bank also did the unexpected and raised them.
AMP chief economist Shane Oliver said that while Taiwan's hike was a reminder that nothing was guaranteed, "the overall picture remains one of major central banks heading towards normalising interest rates, which for most means rate cuts:"
For Australia, Dr Oliver said rate cuts could begin as soon as June, although there was a high risk they could get delayed until August or September.
Other observers predict the RBA will be more hawkish, with HSBC's Paul Bloxham forecasting domestic rate cuts won't come until early 2025.
The Australian Bureau of Statistics' consumer price index report for February will be closely watched when it is released on Wednesday for some clues into how quickly the RBA will act to trim borrowing costs.
On Friday six of the ASX's 11 sectors finished lower and five finished higher.
Energy was the biggest mover, dropping 1.3 per cent as Woodside fell 1.8 per cent and Whitehaven Coal retreated 3.0 per cent.
The heavyweight mining sector dropped 0.9 per cent despite a rebound in the price of iron ore, which was up $US2.75 to $US111.50 a tonne.
BHP dipped 0.8 per cent to $43.79, Fortescue fell 2.1 per cent to $24.64 and Rio Tinto was 0.5 per cent lower at $120.56.
The Big Four banks were mixed, with Westpac down 0.8 per cent to $26.47 and CBA dipping 0.4 per cent to $117.48, while NAB was basically flat at $34.76 and ANZ was 0.1 per cent higher at $29.04.
Fisher & Paykel Healthcare was the biggest gainer in the ASX200, rising 7.7 per cent to a nine-month high of $24.18 after the Kiwi respiratory care company announced it now expects to make around $NZ262.5 million in net profit for the 12 months to March 31, from the roughly $NZ$255 million previously forecast.
"There has been a continuation of solid demand from our hospital consumables across the product portfolio throughout the second half, which is towards the upper end of our expectations from November," said managing director and chief executive Lewis Gradon, adding that the company's CPAP sleep apnoea masks were also performing well.
Australian Unity Office Fund rose 10.3 per cent to a five-month high of $1.18 after its management announced they were in talks to sell 150 Charlotte Street, Brisbane, an office tower it bought in 2017 for $105.7 million.
The Australian dollar was buying 65.24 US cents, from 66.29 US cents at Thursday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Friday down 11.4 points, or 0.15 per cent, to 7,770.6
* The broader All Ordinaries dipped 18.3 points, or 0.23 per cent, to 8,026.3
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 65.24 US cents, from 66.29 US cents at Thursday's ASX close
* 98.87 Japanese yen, from 100.02 yen
* 60.27 Euro cents, from 60.61 Euro cents
* 51.67 British pence, from 51.81 pence
* 108.54 NZ cents, from 108.73 NZ cents
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