Oct 31 (Reuters) - Australian shares are set to open marginally higher on Thursday, after the U.S. Federal Reserve cut interest rates as expected but dashed hopes for further reductions. The Fed dropped a previous reference in its statement to "act as appropriate" to sustain the economic expansion, which could signal the Fed may hold off on future rate cuts. The local share price index futures rose 6 points or 0.1%, a 13.5-point discount to the underlying S&P/ASX 200 index close. The benchmark fell 0.8% on Wednesday, snapping a seven-day winning streak. New Zealand's benchmark S&P/NZX 50 index was little changed, up 0.1 points to 10,789.65 by 2104 GMT. (Reporting by Rashmi Ashok in Bengaluru; Editing by Sandra Maler)
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