The local share market has closed slightly in the red, hovering just under its all-time peak ahead of Wednesday's gross domestic product report.
The benchmark S&P/ASX200 index on Tuesday finished down 11.6 points, or 0.15 per cent, to 7,724.2, while the broader All Ordinaries gained 8.2 points, or 0.1 per cent, to 7,988.3.
While equities were having a quiet day there was high excitement in the cryptocurrency market, where Bitcoin had jumped more than 5.6 per cent in the past 24 hours and had hit an all-time high against numerous fiat currencies, including the Australian dollar and the euro.
Late Tuesday afternoon Bitcoin was trading for $103,000 on Australian exchanges and $66,900 against the greenback. Earlier in the day it came within around $US600 from its all-time high set 28 months ago.
Gold had also surged overnight, changing hands for a $US2,116 an ounce, just $US35 from its all-time high set in December.
Capital.com analyst Kyle Rodda said that in both markets there were signs of slight irrational exuberance and perhaps a squeeze of long-suffering short traders., meaning those who had bet on the price declining and were now having to cover those bad bets.
As far as the sharemarket, IG analyst Tony Sycamore said it had been a cagey session, with neither bulls nor bears willing put their stamp on the proceedings ahead of Wednesday's fourth-quarter Australian GDP readout.
RBC Capital Markets macro rates strategist Robert Thompson said there had been two largely offsetting surprises in the release of economic data Monday and Tuesday that are inputs into GDP, with weaker-than-expected company inventories balanced by stronger-than expected net exports.
That pared back the risk of negative quarterly economic growth, but it's still mathematically possible, depending on the household consumption data that makes up around 49 per cent of GDP, said Mr Thompson, who is expecting the report to show Australia's economy grew by a modest 0.2 per cent in the fourth quarter.
The ASX's 11 sectors finished mixed on Tuesday, with seven lower and four higher.
Consumer discretionaries were the biggest mover, falling 1.2 per cent as Wesfarmers dropped 1.8 per cent and Super Retail Group retreated 4.6 per cent.
The heavyweight mining sector rose 0.6 per cent, with BHP adding 0.9 per cent to $44.63, Fortescue climbing 1.9 per cent to $25.84 and Rio Tinto advancing 1.1 per cent to $124.77.
Goldminer Newmont advanced 5.5 per cent, Northern Star finished up 3.0 per cent and Evolution grew 3.6 per cent.
In health care, Healius rose 14.7 per cent to a one-week high of $1.29 after the underperforming pathology and diagnostic imaging chain said it would conduct a wide-ranging strategic review of its structure.
It also announced the departure of chief executive and managing director Maxine Jaquet, who will be replaced by chief financial officer Paul Anderson.
Also in the sector, Paragon Care soared 41.5 per cent to 29c after shares in the medical equipment company resumed trading following last week's announcement of its merger with CH2 Holdings Pty.
The Big Four banks all finished lower, with CBA down 1.0 per cent to $116.94, NAB dropping 1.1 per cent to $33.76, ANZ dipping 0.3 per cent to $28.73 and Westpac edging 0.1 per cent lower at $26.65.
The Australian dollar had dropped to a more than two-week low against its US counterpart, buying 64.98 US cents, from 65.17 US cents at Monday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Tuesday down 11.6 points, or 0.15 per cent, to 7,724.2
* The broader All Ordinaries fell 8.2 points, or 0.1 per cent, to 7,988.3.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.80 US cents, from 65.17 US cents at Monday's ASX close
* 97.51 Japanese yen, from 97.94 yen
* 59.74 Euro cents, from 60.10 Euro cents
* 51.10 British pence, from 51.47 pence
* 106.66 NZ cents, from 106.89 NZ cents.
