Local Event Risk Eyed

AUD/USD sits comfortably off of Monday's peak, last dealing little changed around the $0.7345 marker. Initial support is located at the Nov 25 low of $0.7325, with any break there set to expose the 20-day EMA. To the upside, key resistance is located at $0.7414, the Sep 1 high and bull trigger.

• As we have flagged elsewhere, locally, Sino-Aussie tensions continue to steal the headlines, although the ultimate impact of the current sources of tension is seen as limited at best (given the relative safety of iron ore exports, at least for now).
• Tuesday will see the latest round of local GDP partial data hit, in addition to the final RBA decision of 2020 (where no moves are expected, please see our full preview for further details). Elsewhere, the monthly building approvals reading and latest ABS payrolls dataset are due to be released.
• The local m'fing PMIs have already hit, failing to generate any notable response from the markets, while the latest ANZ-Roy Morgan weekly consumer confidence reading hit the highest level seen since February. The collators of the ANZ-Roy Morgan consumer confidence survey noted that "perceptions of economic conditions, both current and future, are the highest in more than a year. This could bode well for economic activity and spending over the coming weeks."