The local share market has finished marginally lower, dragged by several major retailers trading ex-dividend.
But it still finished just below its record high set five weeks ago, mostly thanks to the strength of Australia's big four banks.
The benchmark S&P/ASX200 index on Tuesday dropped 6.7 points, or 0.08 per cent, to 8,103.2, while the broader All Ordinaries dropped 8.1 points, or 0.1 per cent, at 8,322.7.
In the US, Wall Street was closed overnight for a public holiday, but traders might have been treading cautiously ahead of Friday's US jobs figures, with a worse-than-expected readout possibly opening the door for a super-sized US rate cut in a fortnight.
The Australian dollar slid to an 11-day low on Tuesday afternoon.
IG analyst Tony Sycamore said the Aussie was under pressure against its US counterpart on weaker Chinese economic data and lower iron ore prices and ahead of Wednesday's readout on Australia's second-quarter gross domestic product.
Six of the ASX's 11 sectors finished lower on Tuesday, four closed higher and property was basically unchanged.
Materials was the biggest mover, dropping 1.4 per cent as iron ore futures fell 2.5 per cent to US$94.35 a tonne.
Fortescue retreated 2.6 per cent to $17.70 and BHP and Rio Tinto both lost 1.7 per cent, to $39.63 and $108.12 respectively.
Goldminers were mostly higher as the precious metal changed hands at $US2,496 an ounce, with Evolution up 1.2 per cent and Gold Road Resources climbing 4.0 per cent, although Northern Star dropped 1.5 per cent.
Elsewhere, Woolworths fell 2.8 per cent to $34.83, Coles dropped 2.4 per cent to $18.50 and Wesfarmers dipped 1.4 per cent to $71.39 as all three retailers traded ex-dividend.
In the financial sector, the big four banks gained ground to finish at their highest levels in years.
Commonwealth Bank climbed 1.1 per cent to an all-time high of $143.38, ANZ advanced 1.0 per cent to a seven-year high of $30.95 and Westpac and NAB both added 0.7 per cent, to a seven-year high of $31.81 and a nearly 17-year high of $38.92 respectively.
Capital.com analyst Kyle Rodda said Australia's banks, especially CBA, were continuing to "defy gravity and arguably logic given current economic conditions".
But it was the financial sector keeping the market within touching distance of record highs, Mr Rodda said.
JB Hi-Fi also hit an all-time high of $81.45, up 0.6 per cent from Monday and 53.6 per cent for the year.
The Australian dollar was buying 67.43 US cents, from 67.75 US cents at Monday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Tuesday down 6.7 points, or 0.08 per cent, at 8,103.2
* The All Ordinaries fell 8.1 points, or 0.1 per cent, at 8,322.7
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 67.43 US cents, from 67.75 US cents at Monday's ASX close
* 98.46 Japanese yen, from 99.10 Japanese yen
* 60.95 euro cents, from 61.25 euro cents
* 51.39 British pence, from 51.57 pence
* 108.89 NZ cents, from 108.75 NZ cents
