"Positivity about risk that drove the rally from late December and early January could be bookended by Wednesday's FOMC meeting being a little less dovish than folks think," said Greg McKenna, strategist at McKenna Macro in a note.
The financial index eased 0.3 per cent, after it slipped to a near 4-week trough during the session, with the Commonwealth Bank of Australia down 0.7 per cent. Financial services company Eclipx Group was the top percentage loser on the index, tanking more than 50 per cent, after its peer McMillan Shakespeare withdrew its offer for Eclipx.
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