Feb 1 (Reuters) - Australian shares are expected to edge up on Wednesday as basic material stocks may get some support from the weakening U.S. dollar and higher oil prices may boost energy stocks.
The U.S. dollar nose-dived against key rivals on Tuesday after U.S. President Donald Trump criticised currency devaluation by other countries and his trade adviser accused Germany of using a "grossly undervalued" euro to gain a competitive advantage. The dollar movement aided oil prices, which were further boosted by an output cut by OPEC. FRX/ O/R
The local share price index futures YAPcm1 rose 0.4 percent, or 20 points, to 5575, a 45.9 point discount to the underlying S&P/ASX 200 index .AXJO close. The S&P/ASX 200 index .AXJO fell 0.72 percent in the previous session.
New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.077 percent or 5.44 points, to 7045.31 at 2110 GMT.
For a summary of overnight action across global markets, double click on AU/CALL
For a digest of the day's business stories in Australian newspapers, double click on PRESS/AUB