The Australian share market is expected to open flat despite Wall Street gaining overnight.

The SPI200 futures contract was up 5 points, or 0.08 per cent, at 6,635.0 at 0800 AEST, suggesting a steady start for the benchmark S&P/ASX200 on Thursday.

On Wall Street, the Dow Jones Industrial Average finished up 0.29 per cent, the S&P 500 was up 0.45 per cent and the tech-heavy Nasdaq Composite was up 0.75 per cent.

The Australian dollar jumped overnight after US Federal Reserve Chairman Jerome Powell indicated that the US central bank would cut interest rates later this month.

The Aussie dollar is buying 69.65 US cents from 69.16 US cents on Wednesday.