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Australian market set to open flat

The Australian market looks set to open flat following a negative lead from Wall Street after data showed that the US services sector activity had slowed in May as new orders tumbled.

At 0700 AEST on Tuesday, the share price futures index was down four points, or 0.07 per cent, at 5,760.

In the US, Wall Street's three key indexes all closed in the red, as figures also showed an April fall in orders for manufactured goods and worker productivity was unchanged in the first quarter - data suggesting limited scope for faster economic growth.

Locally, in economic news on Tuesday, the Reserve Bank of Australia holds its monthly board meeting and makes its interest rate decision.

The Australian Bureau of Statistics releases the March quarter current account balance.

The ANZ consumer confidence figures are also due out.

No major equities news is expected on Tuesday, but ride sharing app Uber is set to unveil new products and partnerships.

The Australian market on Monday closed lower with weakness in the major banks undercutting any gains from surprisingly strong company profits data.

The benchmark S&P/ASX200 index fell 33.2 points, or 0.57 per cent, to 5,754.9 points, while the broader All Ordinaries index lost 29 points, or 0.5 per cent, to 5,792.1 points.

Meanwhile, the Australian dollar has outperformed its major peers and continued to rise against its US counterpart, even as the US dollar index rose 0.1 per cent.

The local currency was trading at 74.87 US cents at 0700 AEST on Tuesday, from 74.67 US cents on Monday.

CURRENCY SNAPSHOT AT 0700 AEST:

One Australian dollar buys:

* 74.87 US cents, from 74.67 on Monday

* 82.70 Japanese yen, from 82.55 yen

* 66.53 euro cents, from 66.30 cents

* 58.02 British pence, unchanged

* 104.87 New Zealand cents, from 104.78 NZ cents

BOND SNAPSHOT AT 0700 AEST:

* CGS 4.50 per cent April 2020, 1.6622pct, unchanged

* CGS 4.75pct April 2027, 2.3955pct, unchanged

Sydney Futures Exchange prices:

* June 2017 10-year bond futures contract at 97.555 (implying a yield of 2.445pct), from 97.58 (2.42pct) on Monday

* June 2017 3-year bond futures contract at 98.29 (1.71pct), from 98.30 (1.70pct).

(*Currency closes taken at 1700 AEST previous local session, bond market closes taken at 1630 AEST previous local session)