The Australian dollar dropped to a more than two-year low overnight, while Wall Street is expected to weigh on the local market amid lingering trade concerns, with Facebook and Nike shares dragging the major indexes.
In futures trading, the SPI200 futures contract was down 18 points, or 0.29 per cent, to 6,262 points at 0800 AEST, pointing to a lower open for the Australian stock market on Wednesday.
The Australian dollar fell to a 27-month low of $US71.57 overnight after earlier climbing above 72 cents , following Tuesday's decision by the Reserve Bank to maintain the cash rate.
Nickel and copper also felt the pressure of the US dollar to drop by as much as 2.5 per cent.
Locally, investors are awaiting the release second quarter GDP data from the Australian Bureau of Statistics later on Wedneday morning.
On Wall Street the Dow Jones Industrial Average is down 12.34 points, or 0.05 per cent at 25,952 points, dragged by sporting manufacturer Nike which dropped 2.1 per cent
The S&P500 is down 4.8 points or 0.17 per cent at 2,896 points, whe tech-heavy NASDAQ index is down 18.29 points or 0.23 per cent at 8,091 points.
Nike dropped 2.1 per cent, top drag on the Dow Jones Industrial Average, as calls for a boycott of the sportswear giant gained traction on social media after it chose Colin Kaepernick as a face for adverts marking the 30th anniversary of its "Just Do It" slogan.
Facebook fell three per cent after brokerage MoffettNathanson downgraded the social media giant to "neutral" from "buy" citing revenue growth deceleration.
More to come