SYDNEY, AAP – Shares had their biggest loss on the Australian market in more than two weeks as investors brace for key US Federal Reserve decisions.

A fall of 0.7 per cent on Wednesday had almost all share categories lower and technology stocks fared worst.

The benchmark S&P/ASX200 index closed down 51.3 points, or 0.7 per cent, to 7327.1 points.

The All Ordinaries closed lower by 62.1 points, or 0.81 per cent, to 7636.2 points.

The US Federal Reserve will on Thursday reveal its plan to ease bond-buying, which has helped prop up the economy during the pandemic.

The dollar was buying 71.16 US cents at 1620 AEDT, higher from 71.00 US cents at Tuesday’s close.