Australian shares are set to open slightly higher on Tuesday following a long weekend break, with investors closely watching US President Donald Trump's increasing pressure on the Fed to bring interest rates down amid recession fears.

Trump lambasted US Federal Reserve Chair Jerome Powell and called the latter "a major loser" for refusing to cut the interest rates amid fears of recession as global markets grapple with the impact of the trade war.

"There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW," Trump said in a social media post.

Meanwhile, gold continued to smash its own record after soaring past $3,400 on early Tuesday as investors flocked to safe-haven assets amid heightened global uncertainties. Gold futures were trading $3,424 per ounce around 7 am Sydney time.

In corporate news, ASX (ASX:ASX) delayed the launch of key changes to its trade services due to "a non-functional defect," the Australian Financial Review reported on April 21, citing a company spokesman. The changes are now targeted to be rolled out before June 30 instead of May 12.

Elsewhere, Tower (ASX:TWR, NZE:TWR) upgraded its guidance for fiscal 2025 underlying net profit after tax to a range of NZ$70 million to NZ$80 million, from a previous guidance of NZ$60 million to NZ$70 million, according to a Tuesday filing with the Australian and New Zealand bourses.

Australia's benchmark index rose 0.8%, or 60.20 points, to close at 7,819.10 on April 17.