With Australia's largest investment bank, Macquarie Group, announcing profit warning for some sections of its business, the local market opened lower and stayed on the red for most of the morning trade. The pull from the oil and gas sector also proved a weight on the market today.

All eyes will be on the US GDP data that will be released tonight. The market needs a clear indication from tonight's US figures to confirm if its recent rally is sustainable.

The Aussie dollar traded steadily against US dollar overnight swinging around US$0.90cents level in the early trading session.

Risk-aversion on the back of overall weakness in equity market has put the Aussie dollar under pressure from its Japanese Yen cross. With no lead from market news or economic data, the Aussie dollar is likely to maintain its current trading level. The trading range in Asian session is likely to be capped between US$0.9020 and US$0.8940.