Australian shares were slightly higher at noon as investors took a breather from the market's five-day run of losses.
The US and UK markets were closed overnight, meaning investors had few leads to follow.
CommSec market analyst Tom Piotrowski said he thought they were instead looking at the performance of the US dollar, which continues to strengthen.
"It is driving the entire landscape," he told AAP.
Many Australian companies operate in the US and benefit if the US dollar rises in value.
Money has moved back into the greenback, as the prospect of an end to the quantitative easing stimulus program in the US grows.
Locally, most bank stocks were firmer after being belted in recent days.
Commonwealth Bank added 34 cents to $68.53, Westpac gained 35 cents to $29.57 and ANZ put on 20 cents to $28.05.
National Australia Bank, however, had lost half of one cent to $31.235.
Resources stocks were down, with commodity prices lower on the US currency's rise.
Rio Tinto was down 24 cents at $52.87, BHP was five cents lower at $33.96 and Fortescue Metals had dropped one cent to $3.42.
Telstra was up four cents at $4.94.
* At 1230 AEST on Tuesday, the benchmark S&P/ASX200 index was up 5.8 points, or 0.12 per cent, at 4,965.7 points.
* The broader All Ordinaries index was up 6.1 points, or 0.12 per cent, at 4,944.7.
* On the ASX 24, the June share price index futures contract was 18 points stronger at 4,969 points with 13,376 contracts traded.
* National turnover was 719.4 million securities worth $1.15 billion.