The local market will likely trade in a tight range today as investors wait for the rate decision from RBA this afternoon as well as announcement from the remaining three independents to decide which party might lead the next Australian Government.

Though there seems to be a consensus that the RBA will hold off on interest rates today, it would be interesting to see what they have to say about their near-term reading of the markets and the economy in general.

Among individual stocks, AWB said today that there's increasing interest on Australian wheat from offshore buyers due to the drought in Russia and poor weather conditions in Europe, which might lift company profits from the wheat export.

St Barbara today proposed to consolidate its share in order to attract more funds from international investors, the company share price fell more than 5% after the announcement.

The Aussie dollar retreated from its one month high of 0.9181 against the green back ahead the RBA rate decision. The Aussie dollar might be under pressure today partly ahead of the election results.